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Uniswap Calculator

Crypto TradingPortfolio and Tax
Your position

Total dollar value added, split 50/50 between the two tokens.

Change since you deposited, e.g. 100 for a doubling.

Use 0 for a stablecoin such as USDC.

Pool activity
Pool fee tier
Impermanent loss vs holding —
Value if held
—
LP value before fees
—
Fees earned
—
LP value with fees
—
Gain or loss vs holding
—
Days of fees to break even
—
Holding vs providing liquidity
The chart appears with your result

A Uniswap liquidity position loses value against simply holding when the two token prices drift apart: the loss is 1 − 2√r ÷ (1 + r), where r is the change in the price ratio. If ETH doubles against USDC, r = 2 and the loss is 5.72%. Trading fees, set by the pool's fee tier and volume, can offset it.

About this tool

Liquidity providers on Uniswap and similar constant-product exchanges earn a cut of every trade, but the pool rebalances their tokens as prices move. This calculator compares three numbers for a 50/50 deposit: what the tokens would be worth left in a wallet, what the pool position is worth before fees, and what it is worth after your share of trading fees. It also shows how many days of fees at the current volume would cancel the impermanent loss, and a bar chart puts the three values side by side. The fee estimate assumes your share of the pool and the daily volume stay constant, which they rarely do in practice. It models full-range (v2-style) liquidity; concentrated v3 positions amplify both the fees and the loss inside their price range.

How to use it

  1. Enter your deposit

    Type the total dollar value you added to the pool, counting both tokens together.

  2. Set the price changes

    Enter how far each token's price has moved since you deposited, in percent. Use 0 for a stablecoin side.

  3. Describe the pool

    Pick the fee tier and enter the pool's total liquidity, its average daily volume and the days you stayed in.

  4. Read the comparison

    The headline is the impermanent loss; the stats and bar chart show hold value, LP value, fees and the break-even day count.

Examples

ETH doubles, 30 days at 0.30%

Deposit value (both tokens)
10000
Token A price change
100
Token B price change
0
Pool fee tier
0.30%
Total pool liquidity
10000000
Average daily volume
1000000
Days in the pool
30

Result Impermanent loss vs holding: 5.72%
Value if held: $15,000.00
LP value before fees: $14,142.14
Fees earned: $90.00
LP value with fees: $14,232.14
Gain or loss vs holding: -$767.86
Days of fees to break even: 286 days

  1. Price ratio r = (1 + 100%) ÷ (1 + 0%) = 2 ÷ 1 = 2
  2. Hold value = $10,000.00 × (2 + 1) ÷ 2 = $15,000.00
  3. LP value = $10,000.00 × √(2 × 1) = $14,142.14
  4. Impermanent loss = 1 − 2√r ÷ (1 + r) = 5.72%
  5. Fees = ($10,000.00 ÷ $10,000,000.00) × $1,000,000.00 × 0.3% × 30 days = $90.00
  6. Net vs holding = $14,142.14 + $90.00 − $15,000.00 = -$767.86

A $10,000 deposit into a $10M pool with $1M daily volume. Doubling the price costs 5.72% against holding, and 30 days of fees do not close that gap.

Token rises 5x

Deposit value (both tokens)
10000
Token A price change
400
Token B price change
0
Pool fee tier
0.30%
Total pool liquidity
10000000
Average daily volume
1000000
Days in the pool
30

Result Impermanent loss vs holding: 25.46%
Value if held: $30,000.00
LP value before fees: $22,360.68
Fees earned: $90.00
LP value with fees: $22,450.68
Gain or loss vs holding: -$7,549.32
Days of fees to break even: 2546.4 days

  1. Price ratio r = (1 + 400%) ÷ (1 + 0%) = 5 ÷ 1 = 5
  2. Hold value = $10,000.00 × (5 + 1) ÷ 2 = $30,000.00
  3. LP value = $10,000.00 × √(5 × 1) = $22,360.68
  4. Impermanent loss = 1 − 2√r ÷ (1 + r) = 25.46%
  5. Fees = ($10,000.00 ÷ $10,000,000.00) × $1,000,000.00 × 0.3% × 30 days = $90.00
  6. Net vs holding = $22,360.68 + $90.00 − $30,000.00 = -$7,549.32

Large one-sided moves hurt LPs most: at 5x the pool position is worth about a quarter less than holding.

Both tokens up 50%, 0.05% tier

Deposit value (both tokens)
5000
Token A price change
50
Token B price change
50
Pool fee tier
0.05%
Total pool liquidity
50000000
Average daily volume
20000000
Days in the pool
90

Result Impermanent loss vs holding: 0%
Value if held: $7,500.00
LP value before fees: $7,500.00
Fees earned: $90.00
LP value with fees: $7,590.00
Gain or loss vs holding: $90.00
Days of fees to break even: 0 days

  1. Price ratio r = (1 + 50%) ÷ (1 + 50%) = 1.5 ÷ 1.5 = 1
  2. Hold value = $5,000.00 × (1.5 + 1.5) ÷ 2 = $7,500.00
  3. LP value = $5,000.00 × √(1.5 × 1.5) = $7,500.00
  4. Impermanent loss = 1 − 2√r ÷ (1 + r) = 0%
  5. Fees = ($5,000.00 ÷ $50,000,000.00) × $20,000,000.00 × 0.05% × 90 days = $90.00
  6. Net vs holding = $7,500.00 + $90.00 − $7,500.00 = $90.00

When the price ratio does not change there is no impermanent loss, so every dollar of fees is a gain over holding.

How it is calculated

IL = 1 − 2√r ÷ (1 + r); LP value = D × √(pA × pB); Fees = (D ÷ L) × V × f × t

r
price ratio change, pA ÷ pB
pA, pB
each token's new price as a multiple of its deposit price
D
deposit value in dollars
L
total pool liquidity
V
average daily trading volume
f
fee tier
t
days in the pool

A constant-product pool keeps the product of its two reserves fixed, so arbitrage sells the token that rises and buys the one that falls. For a 50/50 deposit the position ends up worth D × √(pA × pB), the geometric mean of the price moves, while holding is worth the arithmetic mean D × (pA + pB) ÷ 2. The geometric mean is never larger, and the gap is the impermanent loss. Fees are approximated as your share of liquidity times volume times the fee tier, summed over the days held.

Sources

When not to use it

  • Concentrated Uniswap v3 positions with a narrow price range lose more than this full-range model shows.
  • Pools with uneven weights, such as 80/20 Balancer pools, follow a different curve.
  • Stablecoin pools on Curve's barely move along this curve, so the loss figure overstates them.

Common mistakes

  • Measuring the loss against the deposit amount instead of against what holding the tokens would be worth today.
  • Using one day's volume spike as the average daily volume for a whole quarter.
  • Forgetting that gas costs for adding and removing liquidity come out of the fee earnings.
  • Entering only one token's move when both sides of the pair changed price.

Frequently asked questions

Why is it called impermanent loss?

The loss exists only while prices stay apart from where you deposited. If both tokens return to their original price ratio, the pool position is again worth the same as holding. Once you withdraw at a different ratio, the loss becomes permanent.

Does it matter which direction the price moves?

Only the size of the ratio change matters. A token doubling (r = 2) and a token halving (r = 0.5) both give a 5.72% loss, because the formula is symmetric in r and 1 ÷ r.

Why is there no loss when both tokens rise 50%?

Impermanent loss depends on the ratio between the two prices, not on the market as a whole. If both move by the same percentage, the ratio is unchanged, the pool does no rebalancing, and the LP value equals the hold value.

Which fee tier should I pick?

Pick the tier of the pool you actually joined. Uniswap v3 lists 0.05% for stable or highly correlated pairs, 0.30% for most volatile pairs, and 1% for exotic tokens. Uniswap v2 pools all charge 0.30%.

How accurate is the fee estimate?

It treats your pool share and the daily volume as constant. In reality other providers enter and leave, volume swings with volatility, and your share changes as the pool rebalances. Use a 30 or 90 day average volume to smooth spikes.

Are liquidity pool fees taxable?

In the United States the IRS treats digital assets as property, and rewards received are generally income. How depositing into and withdrawing from a pool is treated is less settled; a tax professional can apply the IRS digital asset guidance to your transactions.

What does the break-even figure mean?

It is the number of days your share of fees, at the volume and fee tier entered, would take to equal the current impermanent loss. If prices keep moving, the loss and the break-even point move with them.