Cover

Alex Walch · SnuggleFi

Cover Value

The metric that asks whether an LP is actually out-earning realized impermanent loss. For Robinhood stock LPs on MaxFi, use the Sheet or the Pools lab — range, APR, depeg vs Yahoo, and a historical fee test. Open a MaxFi book when Cover is the reason to size in.

Realized calculator

3.37×
Exceptional

Fees crush realized IL. This is an accumulator.

Covered IL
$608.00
Uncovered IL
$0.00
Net after IL
$1,442.00

How to read it

  • Uncapped / exceptional — fees with little or no realized IL. Accumulators.
  • Covering (≥ 1×) — every dollar of IL was more than paid by fees.
  • Partial — some offset, still leaking units.
  • Leaking — IL larger than the fee book. APR can still look pretty.
Forward cover on the right is not realized. It is APY divided by a pair-type IL drag (stable 0.4, correlated 4.5, volatile 14, exotic 28). Use it to rank pools. Use the calculator for a book you already ran.

Forward cover

Live DefiLlama yields, ranked by estimated cover.

PoolKindAPYTVLFwd cover
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