Today we are looking at impermanent loss on Uniswap through the eyes of the largest WBTC/ETH LP. This user owns 15% of the pool for a total value of $49M. The chart below shows that the users' actual value as a LP in this pair is 1.75% better than HODL on average.

There are some points where the actual and the HODL value diverge rather significantly (max. 17% and -12%) but this is likely just due to rapid price swings or large/rapid transactions. They even out quite rapidly after the fact as they should and hence the term "impermanent".