Question 1

How is impermanent loss calculated for an LP position?

Accepted Answer

Impermanent loss compares the value of holding two tokens in a constant-product pool against simply holding them in your wallet. It grows non-linearly with the price ratio change: roughly -0.6% at a 25% price move, -5.72% at a 2x price move, and -25.46% at a 5x price move. It's called 'impermanent' because the loss only becomes permanent if you withdraw while the price ratio is still skewed; it disappears if the ratio returns to where you entered.

Question 2

Do trading fees earned as an LP outweigh impermanent loss?

Accepted Answer

It depends on pool volume relative to your share of liquidity and how far the price ratio moves. High-volume pools with a stable or lightly-correlated pair (e.g. stablecoin-stablecoin on Curve) tend to generate enough fee income to outpace IL, while volatile, low-volume pairs can rack up double-digit IL that fee income never recovers. This calculator lets you plug in your own volume, fee tier, and price-change assumptions to check the breakeven for your specific pool.

Question 3

Which DEX has the best LP fees — Uniswap, PancakeSwap, or Curve?

Accepted Answer

It depends on the pair and chain. Uniswap V3 and PancakeSwap V3 give LPs 100% of trading fees across multiple fee tiers (0.01%-1%) and support concentrated liquidity for capital efficiency. Curve splits fees roughly 50/50 with veCRV holders but specializes in low-slippage stable pairs at 0.01%-0.04% fees. Raydium on Solana gives LPs about 84% of fees. The 'best' choice depends on whether you're providing a volatile pair (favor concentrated V3-style liquidity) or a stable pair (favor Curve's low-fee, low-IL design).

Variazione del prezzo	Perdita impermanente	Nota
±10%	−0,11%	Trascurabile
±25%	−0,60%	Basso
±50%	−2,02%	Gestibile
±100% (2×)	−5,72%	Significativo
±200% (3×)	−13,40%	Alto
±400% (5×)	−25,46%	Molto alto
±900% (10×)	−42,46%	Grave: tieni premuto > fornisci LP

Protocollo	Catena	Livelli tariffari	Condividi LP	Ideale per
Uniswap V3	ETH/ARB/OP/BASE	0,01% / 0,05% / 0,30% / 1%	100%	LP attivi, concentrati
Uniswap V2	ETH	0,30%	100%	Passivo, semplice
Pancake Swap V3	BSC/ETH	0,01% / 0,05% / 0,25% / 1%	100%	Coppie BSC
Finanza curva	ETH/ARB	0,01%–0,04%	50% (dal 50% a veCRV)	Coppie stabili
Raydio	Solana	0,01% / 0,05% / 0,25% / 1%	84%	Le coppie di Solana

Calcolatore delle tariffe LP

Calcolatore dei guadagni delle commissioni

Calcolatore delle perdite impermanenti

Tabella di riferimento IL vs variazione di prezzo

Confronto delle tariffe DEX LP