# Impermanent loss, worked through with one pool and one price move

URL: https://www.caijing188.com/impermanent-loss-one-pool/
Published: 2026-10-27T18:09:39+08:00 | Updated: 2026-10-27T22:09:40+08:00
Verified: 2026-10-27

## Quick answer
Impermanent loss is the gap between a pool position and simply holding, not a loss against your deposit. In a 50/50 pool where one asset doubles, the position ends 5.72% below holding, as of October 2026. Fees must beat that gap, and the quoted fee APR is trailing rather than forward.

## Summary
A 50/50 pool holding 1 ETH and 2,000 USDC ends at 5,656.85 USDC after ETH doubles to 4,000, against 6,000 for holding, a 5.72% gap. Divergence is symmetric and accelerative: 2.02% at a 50% move, 5.72% at a double, 13.40% at a triple. Fees are the only offset, and the fee APR on the page is trailing and usually computed on a TVL that just fell. Compare documented fee income against divergence at your entry size before depositing.

## Key takeaways
- A double in one asset costs a 50/50 pool 5.72% against holding, on a worked example dated October 2026
- Divergence reaches 13.40% at a triple and is symmetric, so a 50% drop costs the same 5.72%
- Covering 5.72% at a 10% fee APR takes about 6.9 months of fees
- Fee APR on a pool page is trailing and is usually divided by a TVL that already fell

## FAQ
Q: Is impermanent loss a real loss if the position is still up in dollars?
A: It is real in the only sense that matters for comparison: you finish with fewer dollars than the same assets held outside the pool. In the worked example the position rose 41.4% while holding rose 50%. The gap is 343.15 USDC, and it becomes permanent when you withdraw at that price.
Q: Why does a 50% drop cost the same as a double?
A: Because divergence depends on the ratio between the two assets, and a ratio of 2 and a ratio of 0.5 are mirror images on the same curve. Both leave the pool holding 0.7071 of the volatile asset, so both produce a 5.72% gap against holding.
Q: Do fees always cover impermanent loss?
A: No, and no pool page can tell you in advance. Fees accrue with volume, volume follows volatility, and volatility is the condition that produces divergence. The two tend to peak together, so a high trailing fee APR is often measured during the period that generated the loss.