Size the loss first.

Inputs

Fees, funding per 8h, and the maintenance rate are fractions. 0.0005 is 5 basis points. A positive 8h rate means longs pay shorts. Hold hours spreads that rate over the hold. Targets are 110:50, 120:50 for a price and a close percent. A bare price is a full exit.

Impermanent loss

Size the deposit

The loss fraction is the quote gap per quote deposited, not the classic IL percent. On a 4x move those are 0.5 and 0.2.

Fee APR vs the loss

20 means 20 percent. This is a flat scenario, not a path of volume.

Perp hedge of the base

Short this many base units to flat the delta at this price. It does not cancel the curve.