什么是无常损失？
无常损失是指在 流动性池 中持有代币与仅将代币存放在钱包中之间的价值差异。当池中两种代币的价格比率与您存入时的比率发生变化时，就会发生这种情况。价格差异越大，无常损失就越大。
当您向 自动做市商（AMM） （如Uniswap或Balancer）提供流动性时，您需要按固定比例存入两种代币。AMM使用公式（通常为x * y = k）为交易定价。随着市场价格变化，套利者会与资金池进行交易，直到其内部价格与市场价格一致。这种再平衡会导致无常损失：资金池会卖出您上涨的代币，并买入更多下跌的代币。
The word "impermanent" matters. The loss exists only on paper while your liquidity stays in the pool. If both token prices return to their original ratio, the impermanent loss disappears. If you withdraw while the price ratio differs from your entry, the loss is realized and becomes permanent.
Impermanent loss is not a loss of your deposited capital in absolute terms. You always get back your proportional share of the pool. The "loss" is relative: you end up with fewer dollars than you would have by doing nothing and holding the original tokens in your wallet.
价格分歧
当价格比率偏离您的入场点时，IL 会增加。方向无关紧要；2 倍的上涨和 50% 的下跌会产生相同的 IL。.
可逆，直至提现
该损失是 "impermanent"，因为如果价格回到原始比例，它会逆转。只有在您提现时才会变为永久性。.
通过费用抵消
LP 获得的交易费用可以抵消甚至超过暂时性损失，使整体仓位盈利。.
暂时性损失的工作原理
Here is a worked example using an ETH/USDC liquidity pool on a standard constant-product AMM (such as Uniswap v2). The prices are illustrative, chosen for easy arithmetic.
初始存款
当ETH交易价格为$2,000时，您将1 ETH和2,000 USDC存入ETH/USDC池。您的总存款价值为$4,000（1 ETH按$2,000计算 + 2,000 USDC）。AMM设定恒定乘积：k = 1 * 2,000 = 2,000。.
如果您仅将这些代币保存在钱包中，无论 ETH 价格如何变化，您始终拥有 1 ETH + 2,000 USDC。这个 "hold" 场景是衡量非永久性损失的基准。.
价格变动：ETH 翻倍至 $4,000
ETH 在外部市场从 $2,000 上涨至 $4,000。套利者注意到池子的内部价格已滞后，便以低价从池中购买 ETH，并注入 USDC，直至池子的价格与市场匹配。由于恒定乘积公式 (x * y = k)，池子会重新平衡。.
再平衡后，你在资金池中的份额现在包含大约 0.707 ETH 和 2,828 USDC。计算过程：在新价格下，池中的 ETH = sqrt(k / new_price) = sqrt(2000 / 4000) = 0.707，池中的 USDC = sqrt(k * new_price) = sqrt(2000 * 4000) = 2,828。.
你的资金池头寸现在价值：0.707 * $4,000 + $2,828 = $5,656。.
比较流动性提供者（LP）与持有
如果您只是简单地持有最初的 1 ETH + 2,000 USDC，您的投资组合价值将为：1 * $4,000 + $2,000 = $6,000。.
The difference: $6,000 - $5,656 = $344. That is your impermanent loss, equal to 5.72% of the hold value (the Uniswap documentation rounds this to 5.7%). You still gained compared with your initial $4,000 deposit (a $1,656 gain), but you made $344 less than by simply holding.
This is the core insight: the AMM sold your ETH on the way up. As ETH rose, the pool gradually converted part of your ETH into USDC, so you missed part of the upside of holding ETH.
Yield without a liquidity pool
通过 Coinstancy Dollar Savings，在 USDC 上赚取 7.50% 的年化收益率。利息每秒累计并自动复投。无锁定期，随时可提取。.
暂时性损失计算器
The formula for impermanent loss in a standard 50/50 constant-product pool, as given in the Uniswap documentation, is: IL = 2 * sqrt(r) / (1 + r) - 1, where r is the price ratio (new price / original price). This table shows the result for common price movements.
| 价格变动 | 价格比率 (r) | 无常损失 | 示例 (ETH 来自 $2,000) |
|---|---|---|---|
| +10% 价格上涨 | 1.10 | -0.11% | ETH 在 $2,200 |
| +25% 价格上涨 | 1.25 | -0.60% | ETH 在 $2,500 |
| +50% 价格上涨 | 1.50 | -2.02% | ETH 在 $3,000 |
| +100% 价格上涨 (2x) | 2.00 | -5.72% | ETH 在 $4,000 |
| +200% 价格上涨 (3倍) | 3.00 | -13.40% | ETH 在 $6,000 |
| +500% 价格上涨 (6倍) | 6.00 | -30.00% | ETH 在 $12,000 |
| -50% 价格下降 | 0.50 | -5.72% | ETH 在 $1,000 |
| -75% 价格下降 | 0.25 | -20.00% | ETH 在 $500 |
关键要点
价格上涨2倍和价格下跌50%会产生相同的无常损失（5.72%）。无常损失仅取决于价格比率变化的幅度，而非其方向。无常损失还会加速增长：价格翻倍的成本为5.72%，但价格变为三倍的成本为13.40%，是前者的两倍多。这种非线性关系意味着在极端价格波动时，无常损失会不成比例地增长。.
IL 何时变为永久？
当您以与存入时不同的价格比率提取流动性时，无常损失就会变成已实现的永久性损失。在此之前，损失仅存在于纸面上。决定 何时 提取是流动性提供者（LP）做出的最重要的选择之一。
提款时机很重要
If ETH moves from $2,000 to $4,000, your IL is 5.72%. If ETH later drops back to $2,000, your IL returns to zero. The worst time to withdraw is at the point of maximum price divergence. Many LPs set price alerts and withdraw only when the ratio is favourable, or when accumulated fees clearly exceed the IL.
In volatile markets, prices can swing sharply within hours. A position showing 10% IL today might show 2% tomorrow. Waiting is often a reasonable option, as long as you are comfortable holding both tokens.
费用累积与无常损失对比
通过您的资金池进行的每笔兑换都会为您产生费用。根据 Uniswap 文档，在 Uniswap v2 上，流动性提供者可从每笔交易中赚取 0.30% 的费用。在 Uniswap v3 上，标准费率等级为 0.05%、0.30% 和 1%，治理机制还可以添加其他等级（稳定币对存在 0.01% 的费率等级）。在 v2 上，费用在资金池内累积并复利计入您的头寸。.
The critical question is whether cumulative fees exceed the IL. Fee income depends on trading volume relative to the pool's liquidity. As an illustration, a pool with $10M in liquidity and $10M of daily volume at a 0.30% fee generates $30,000 a day for LPs, or 0.3% of the pool per day. Over weeks, that can offset a meaningful IL. Live volume and fee data for each pool are on DefiLlama (see Sources).
当无常损失真正永久时
IL can become effectively permanent even without withdrawing: if one token in the pool goes to zero (rug pull, protocol failure), or if a token permanently loses its peg (as happened with the algorithmic stablecoin UST in May 2022). In these cases, the AMM has rebalanced your position almost entirely into the failing token, and no recovery is possible. This is why choosing established token pairs matters so much for LPs.
最小化无常损失的策略
Impermanent loss cannot be removed entirely in a standard AMM, but several strategies reduce its impact on your returns.
1. 稳定币配对
Providing liquidity to pools where both tokens are stablecoins (for example USDC/USDT or USDC/DAI) keeps impermanent loss close to zero. Both tokens target $1, so the price ratio stays near 1:1 as long as both hold their peg. Fees are then almost pure gain, but a depeg of either token remains a real risk.
代价是较低的 APY。稳定币池通常赚取的手续费较少，因为它们使用最低的费用等级，并且吸引的套利较少。请在 DefiLlama 上比较实时池收益率，而不是依赖固定数字。
2. 相关资产对
代币价格走势一致的池子相比不相关的交易对，其无常损失更小。例如 stETH/ETH（Lido 质押 ETH 对 ETH）、WBTC/tBTC（比特币的两种代币化形式）或 rETH/ETH（Rocket Pool ETH 对 ETH）。当两种资产追踪相同的标的资产价格时，价格偏离较小。.
Similarly, ETH/BTC pools tend to have lower IL than ETH/USDC pools because ETH and BTC prices have historically been positively correlated. When crypto markets rally, both tend to rise together, which keeps the price ratio more stable. Correlation can break down, so this is a reduction, not a removal, of IL.
3. 集中流动性
Uniswap v3 及类似协议允许流动性提供者（LP）将流动性集中在选定的价格区间内。区间越窄，每投入一美元所赚取的手续费就越多，因为你的流动性被更密集地使用。缺点在于：根据 Uniswap 文档，一旦价格离开你的区间，该头寸将停止赚取手续费，并且此时会完全以单一代币（即相对价值下跌的那种代币）的形式持有。.
为了限制无常损失，在波动性较大的交易对上使用较宽的区间，在稳定交易对上使用较窄的区间。一个区间为0.99-1.01的USDC/USDT头寸几乎可以捕获所有交易量，且无常损失风险极低。一个ETH/USDC头寸可能会在當前价格附近使用较宽的区间，以在手续费效率和超出区间的风险之间取得平衡。.
4. 单向存款
Some protocols allow single-sided liquidity provision, where you deposit only one token. Bancor v3, THORChain and some Balancer pools support this. Single-sided deposits change your exposure because you are not forced to hold a 50/50 balance. However, the protocol usually still exposes you to IL internally by pairing your deposit against protocol-owned liquidity, and that IL shows up in your withdrawal value.
在USDC上赚取7.50%年化收益率
Lending-based yield, not a liquidity pool, so no impermanent loss. No lock-up. Interest accrues every second and is automatically reinvested. Withdraw anytime.
IL 保护机制
Several DeFi protocols have designed mechanisms to shield liquidity providers from impermanent loss. Each takes a different approach, and none removes the risk completely.
Bancor 风格的 IL 保护
Bancor introduced protocol-level IL protection: the protocol committed to compensate impermanent loss by minting its own token (BNT). Under Bancor v2.1, protection built up over time and reached full coverage after 100 days. If you withdrew with IL, Bancor minted BNT to make up the difference in the value of your original deposit.
The model held up while markets rose but strained in downturns, because minting BNT to cover IL added sell pressure on the token. In June 2022, Bancor paused IL protection during the bear market. The episode shows that protocol-funded IL protection may not be sustainable in prolonged market stress.
Balancer 加权池
Balancer allows pools with custom weights beyond the standard 50/50. An 80/20 pool (for example 80% ETH / 20% USDC) reduces IL compared with a 50/50 pool because the higher-weighted token dominates the position. If ETH doubles in price, an 80/20 ETH/USDC pool loses about 3.3% relative to holding, compared with 5.72% for a 50/50 pool (weighted-pool formula: r^w / (w * r + 1 - w) - 1).
The trade-off is that a lopsided pool usually attracts less trading volume, so fee income tends to be lower. For LPs who want to keep most of their exposure to one token while still earning fees, weighted pools are a useful way to reduce IL.
CowSwap AMM (CoW AMM)
CoW AMM 针对的是另一种 LP 损失来源：利用池中过时价格进行套利，这是一种最大可提取价值（MEV）。在标准 AMM 中，套利者会捕获池价格与市场价格之间的差额。CoW AMM 通过批量拍卖处理交易，由求解器相互竞争，因此池会以更接近市场的价格进行再平衡。
The aim is to keep the "loss-versus-rebalancing" (LVR) that would otherwise go to arbitrage bots inside the pool for LPs. CoW's documentation describes this design (see Sources). How much it improves LP returns in practice varies by pool and market conditions; it does not remove the price-divergence component of IL.
暂时性损失 vs 持有：何时流动性提供者仍然有利可图？
无常损失并非全貌。真正的问题在于，你的LP总回报（赚取的手续费减去无常损失）是否胜过单纯持有。在许多情况下，即使存在无常损失，提供流动性仍然更胜一筹；而在其他情况下，持有则更优。.
盈亏平衡分析
The breakeven point is where cumulative trading fees equal the impermanent loss. Here is an illustrative example with round numbers:
您向一个ETH/USDC资金池提供10,000美元，该资金池对每笔交易收取0.30%的费用。该资金池持有5000万美元的流动性，每日处理2000万美元的交易量，因此流动性提供者每天赚取约资金池的0.12%。在30天内，您大约赚取360美元的费用（占您10,000美元头寸的3.6%）。.
During those 30 days, ETH rises 50%. Your IL is 2.02%, roughly $250 on the hold value of $12,500. Fees of $360 minus IL of about $250 leave you around $110 ahead of holding. If ETH had risen 200% instead, IL would be 13.4% and fees would not cover it.
The general rule: LP beats holding when fee income over your holding period exceeds the IL over the same period. High-volume, moderate-volatility pairs with deep liquidity tend to be the sweet spot.
持有时胜过LP
在特定情形下，持有优于LP：
- 大幅单向波动：如果代币快速上涨5倍或10倍，无常损失（5倍时为25.5%，6倍时为30%）通常超过手续费收入。在强劲上涨行情中，持有波动性代币更有利。.
- 低交易量池子：如果池子的交易活动相对于其 TVL 较为稀少，手续费收入就太小，无法抵消即使是不大的无常损失。.
- 短时间范围：当价格变动时，无常损失会立即产生，而费用则是逐渐累积的。在几小时或几天内，剧烈的价格波动可能导致无常损失超过所赚取的费用。.
The practical takeaway: if you expect a large one-way move, holding tends to win. If you expect the token to trade within a range with high activity, providing liquidity tends to win.
收益比较：LP 与 持有 与 稳定币收益
考虑在一年内对10,000美元采用三种策略。LP一行假设费用等于初始存款的20%，这是一个用于说明的假设数字；实际费用收入会随交易量而变化。USDC一行使用当前的Coinstancy美元储蓄利率，该利率可能会被调整。.
| 策略 | 如果 ETH +50% | 如果 ETH 持平 | 如果 ETH -30% |
|---|---|---|---|
| 持有 ETH/USDC（50/50） | $12,500 | $10,000 | $8,500 |
| LP in ETH/USDC (hypothetical 20% in fees) | $14,247 | $12,000 | $10,367 |
| USDC in Dollar Savings (7.50% APY) | $10,750 | $10,750 | $10,750 |
The USDC row does not move with the ETH price: there is no impermanent loss, no ETH exposure and no withdrawal-timing decision. It carries different risks instead, mainly stablecoin, protocol and liquidity risk. For investors who do not want ETH price exposure, a simple stablecoin yield strategy is the more predictable of the three, but it still carries risk.
常见问题
什么是暂时性损失的简要解释？
我会因无常损失而失去所有钱吗？
无常损失真的会是无常的吗？
交易费用能抵消暂时性损失吗？
哪些池子的无常损失最低？
我该如何计算我的永久损失？
继续学习
探索更多关于 DeFi 协议、流动性和收益策略的指南。.
什么是流动性池？
了解流动性池的运作方式、LP 如何赚取费用以及提供流动性所涉及的风险。.
阅读指南Balancer 指南
加权池、自定义比例，以及 Balancer 如何通过 80/20 池配置降低无常损失。.
阅读指南CowSwap 指南
How CoW AMM uses batch auctions to reduce the arbitrage losses that liquidity providers face.
阅读指南在无常损失下赚取收益
跳过LP仓位和无常损失的复杂性。通过Coinstancy美元储蓄，在USDC上赚取7.50%的年化收益率。利息每秒累计并自动复投。无锁定期，随时可提现。.
在Coinstancy开始赚取收益来源与延伸阅读
本页面中的数字和声明均基于以下文档。具有时效性的数字（利率、收益率、费用、市场数据）会变动：在据此行动之前，请在来源处核实实时数值。.
- Uniswap documentation, Understanding returns (v2)developers.uniswap.org
The impermanent loss formula and the 0.6%, 2.0%, 5.7%, 13.4% and 25.5% figures used in the calculator table.
- Uniswap documentation, Pools (v2)developers.uniswap.org
The 0.30% swap fee paid to liquidity providers on Uniswap v2.
- Uniswap documentation, Feesdevelopers.uniswap.org
The Uniswap v3 fee tiers (0.05%, 0.30%, 1%) and the governance process for adding tiers.
- Uniswap 文档，集中流动性developers.uniswap.org
How range positions work and why a position outside its range stops earning fees.
- CoW Protocol 文档docs.cow.fi
Batch auctions and the CoW AMM design described in the protection section.
- Bancor documentationdocs.bancor.network
Single-sided liquidity and the liquidity protection design discussed in the protection section.
- DefiLlama，收益defillama.com
Live fee income and yields for liquidity pools; use it instead of any fixed APY figure.
最后审核：2026年9月。外部链接在新标签页中打开；Coinstancy 对其内容不承担责任。.