ETH/USDC
Liquidity Simulator
Compare the returns of a full-range Uniswap V2 ETH/USDC position with a 50/50 split of staked ETH and USD earning lending yield, based on daily onchain data.
Results assume a marginal position. Pool TVL at exit was $16.26m; a deployment large relative to that would dilute its own fee share and move the entry price. This window ends at the last day in the dataset, so the position is still open, not a closed result. See methodology and sources.
Methodology and sources
A full-range Uniswap V2 position holds equal value of ETH and USDC. With k = exit price / entry price, the price leg is worth sqrt(k), which already contains impermanent loss. Fees compound daily as fees / TVL: net return = (sqrt(k) - 1) + cumulative fee return. Impermanent loss vs holding the tokens is 2*sqrt(k)/(1+k) - 1.
The LP holds half ETH and half USD, so the fair comparison is the same mix earning passive yield: 50% ETH staked (Lido stETH rate) plus 50% USD lent (Aave USDC supply rate), compounded daily, or your fixed rates on the Custom flat rates tab. The 100% staked ETH line is a directional reference, not a like-for-like benchmark.
Entries need pool TVL of at least $5m. Picked dates snap to the nearest trading day at or before the target. Annualised return is (1 + r)^(365/days) - 1; annualised alpha is the difference of the two annualised returns.
Marginal position sizing, daily closes, no gas or execution costs, fees left to compound. Results are historical measurement, not a forecast.
Daily price, volume, fees and TVL for the WETH/USDC pair (0xB4e16d...C9Dc) from Dune query 7452986; Aave USDC supply rate from 7866533; Lido stETH staking rate from 7866537. Coverage: 5 May 2020 to 1 Jul 2026, refreshed 2 Jul 2026.
The engine mirrors the open backtest at kpk-labs/market-making-research. Every figure on this page is computed in your browser from the daily series.