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This article analytically characterizes the impermanent loss of concentratedliquidity provision for automatic market makers in decentralised markets suchas Uniswap. We propose two static replication formulas for the impermanent lossby a combination of European calls or puts with strike prices supported on theliquidity provision price interval. It facilitates liquidity providers to hedgepermanent loss by trading crypto options in more liquid centralised exchangessuch as Deribit. Numerical examples illustrate the astonishing accuracy of thestatic replication.

Static Replication of Impermanent Loss for Concentrated Liquidity Provision in Decentralised Markets