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A General Framework for Impermanent Loss in Automated Market Makers

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arxiv 2203.11352 v1 pith:7LJN5TLT submitted 2022-03-21 q-fin.TR

Neelesh Tiruviluamala , Alexander Port , Erik Lewis This is my paper · ORCID
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keywords impermanentlossmakersmarketammsautomatedframeworkgeneral
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We provide a framework for analyzing impermanent loss for general Automated Market Makers (AMMs) and show that Geometric Mean Market Makers (G3Ms) are in a rigorous sense the simplest class of AMMs from an impermanent loss viewpoint. In this context, it becomes clear why automated market makers like Curve ([Ego19]) require more parameters in order to specify impermanent loss. We suggest the proper parameter space on which impermanent loss should be considered and prove results that help in understanding the impermanent loss characteristics of different AMMs.

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Cited by 1 Pith paper

Reviewed papers in the Pith corpus that reference this work. Sorted by Pith novelty score. Full citation record

  1. Dynamic Exponent Market Maker: Personalized Portfolio Manager and One Pool to Trade Them All

    cs.IT 2025-07 conditional novelty 6.0 of 10

    A dynamic exponent market maker that lets users deposit any token amounts, with an exponent that shifts to keep each user's portfolio balanced.

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