Impermanent loss calculator

The table pairs the 5 largest non stablecoin assets by market capitalisation with each other and with the largest stablecoin. Each cell is the constant product loss implied by the two real percentage moves over that window, so nothing on this page depends on a price change anyone made up.

Read the numbers as the gap between an equal weight liquidity position and the same two balances left alone. A pair that moved together shows a loss near zero even when both assets fell hard, because impermanent loss measures divergence rather than direction. A stablecoin paired with a volatile asset shows the full effect of a one sided move.

Impermanent loss on its own does not decide anything. A pool that gave up two percent to divergence while paying twenty percent a year in fees was still ahead. The build pulled the DeFiLlama pool snapshot, kept the pools it flags with impermanent loss risk, and matched both legs of each pool to a token in the market universe.

For every matched pool the table shows the reported APY, the measured loss over the last 30 days, the fee yield the same APY would have produced over that period, the net of the two, and the break even holding period. Break even is the number of days of fee accrual at that APY needed to offset the measured loss. It assumes the APY holds, that fees accrue evenly with no compounding, and that the divergence stops where it is.

The build took the 40 largest non stablecoin tokens by market capitalisation and measured every distinct pair over the last 30 days. It considered 780 pairs, measured 780 of them, and excluded 0 because one side carries no change for that window. Flagged stablecoins are left out of this set on purpose, since a pair of two of them sits at zero by construction and would fill the narrowest list without saying anything.

The widest list is where two assets pulled apart hardest, and it is usually one asset running while the other sat still. The narrowest list is where two assets moved by almost the same percentage over the same month, so an equal weight liquidity position ended up worth close to what holding would have been worth. That is the structural argument for pairing assets that move together, and the numbers put a size on it rather than leaving it as a claim.

The formula describes a constant product two asset pool with equal starting weights. It does not describe concentrated liquidity. Inside a chosen range the loss is larger than this figure because the same capital backs a narrower slice of the curve, and once price leaves the range the position sits entirely in one asset and stops earning fees until price returns. Weighted pools that start at something other than fifty fifty follow a different curve as well.

The figure ignores trading fees unless they are added explicitly, which is what the pool section does. It ignores gas, both to enter and to exit, and it ignores reward emissions, which can dominate a headline APY and can stop without notice. It says nothing about the credit risk of the pool contract or the bridge that issued either token.

The loss is only realised on withdrawal, which is why it is called impermanent. A position whose price ratio returns to where it started carries no loss at all. The numbers here are a snapshot of a ratio at one moment, not a settled outcome.

Reported APY is the pool operator figure as DeFiLlama recorded it, and a headline APY on a small or new pool is often a short lived reading. Read it next to the TVL in the same row. Our methodology page covers how the research engine treats reported yields, and the token scorecard covers the fundamentals of the assets that sit inside these pairs. If you want entry and exit fee math on a spot position instead, the crypto profit calculator handles that case.