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Liquidity Providers on Automated Market Makers generate millions of USD intransaction fees daily. However, the net value of a Liquidity Position isvulnerable to price changes in the underlying assets in the pool. The dominantmeasure of loss in a Liquidity Position is Impermanent Loss. Impermanent Lossfor Constant Function Market Makers has been widely studied. We propose a newmetric to measure Liquidity Position PNL based on price movement from theunderlying assets. We show how this new metric more appropriately measures thechange in the net value of a Liquidity Position as a function of price movementin the underlying assets. Our second contribution is an algorithm to deltahedge arbitrary Liquidity Positions on both uniform liquidity Automated MarketMakers (such as Uniswap v2) and concentrated liquidity Automated Market Makers(such as Uniswap v3) via a combination of derivatives.

Delta Hedging Liquidity Positions on Automated Market Makers