Impermanent loss

An automated market maker sells whichever token is rising and buys whichever is falling. A provider therefore ends up holding more of the weaker asset and less of the stronger one than they started with, and the difference against having held both is the loss. It is called impermanent because it reverses if the price returns — and does not if the position is closed first.

It is usually the largest term in what a liquidity provider actually ends up with, which is why fee figures alone cannot answer whether providing was worthwhile.

Sato Hub does not model it anywhere. Every fee reading published here says so explicitly, and states its own null for it, rather than letting a fee number be read as a yield.