diff --git a/docs/impermanent-loss.md b/docs/impermanent-loss.md
new file mode 100644
index 00000000..9805e579
--- /dev/null
+++ b/docs/impermanent-loss.md
@@ -0,0 +1,19 @@
+# Pool return estimates
+
+`GET /pools` reports fee APR and impermanent loss together for a 24-hour
+window. `netReturn24hPct` adds the estimated 24-hour fee return to the
+divergence loss for the same window; all values are estimates, not a prediction
+of future returns.
+
+The divergence estimate assumes a constant-product 50/50 pool and compares the
+first stored spot price in the last 24 hours with the latest stored spot price.
+It does not include deposits, withdrawals, rewards, or gas. A two-point example
+with a price moving from 1 to 2 has an estimated divergence loss of
+`(2 * sqrt(2) / (1 + 2) - 1) * 100`, or about -5.72%.
+
+Fee APR annualizes the last 24 hours of stored AMM counter-asset volume, applies
+the pool's fee basis points, and divides by twice the current counter-asset
+reserve (the pool's estimated value in that asset). This assumes the two
+reserves have equal value at the stored spot price. If the pool has no 24-hour
+opening snapshot or no usable reserve value, the corresponding net figure is
+`null` rather than a fabricated zero.
diff --git a/openapi.json b/openapi.json
index 94cb0a74..15c34176 100644
--- a/openapi.json
+++ b/openapi.json
@@ -445,6 +445,25 @@
                           "timestamp": {
                             "type": "string",
                             "format": "date-time"
+                          },
+                          "window": {
+                            "type": "string",
+                            "enum": ["24h"]
+                          },
+                          "feeAprPct": {
+                            "type": "number",
+                            "nullable": true
+                          },
+                          "impermanentLossPct": {
+                            "type": "number",
+                            "nullable": true
+                          },
+                          "netReturn24hPct": {
+                            "type": "number",
+                            "nullable": true
+                          },
+                          "estimate": {
+                            "type": "boolean"
                           }
                         }
                       }
diff --git a/openapi.yaml b/openapi.yaml
index eb49b630..b6970117 100644
--- a/openapi.yaml
+++ b/openapi.yaml
@@ -292,6 +292,20 @@ paths:
                         timestamp:
                           type: string
                           format: date-time
+                        window:
+                          type: string
+                          enum: [24h]
+                        feeAprPct:
+                          type: number
+                          nullable: true
+                        impermanentLossPct:
+                          type: number
+                          nullable: true
+                        netReturn24hPct:
+                          type: number
+                          nullable: true
+                        estimate:
+                          type: boolean
         '402':
           $ref: '#/components/responses/PaymentRequired'
         '429':
diff --git a/src/api/rest.ts b/src/api/rest.ts
index 2f5fbdce..bcd5e41d 100644
--- a/src/api/rest.ts
+++ b/src/api/rest.ts
@@ -16,6 +16,7 @@ import {
   installResponseValidation,
 } from './schemas'
 import { getDepth } from '../pricing/depth'
+import { impermanentLossPct } from '../pricing/impermanentLoss'
 
 function makePairKey(a: string, b: string): string {
   return [a, b].sort().join('/')
@@ -225,7 +226,9 @@ export async function registerRESTRoutes(app: FastifyInstance) {
           WHERE ids.pool_id IS NOT NULL
        )
        SELECT l.pool_id, l.asset_a, l.asset_b,
-              l.reserve_a::float, l.reserve_b::float, l.spot_price::float, l.fee_bp, l.timestamp
+              l.reserve_a::float, l.reserve_b::float, l.spot_price::float, l.fee_bp, l.timestamp,
+              opening.spot_price::float AS window_start_price,
+              COALESCE(activity.counter_volume, 0)::float AS window_counter_volume
          FROM ids
         CROSS JOIN LATERAL (
               SELECT * FROM pool_snapshots s
@@ -233,10 +236,41 @@ export async function registerRESTRoutes(app: FastifyInstance) {
                ORDER BY s.timestamp DESC
                LIMIT 1
              ) l
+        LEFT JOIN LATERAL (
+              SELECT s.spot_price FROM pool_snapshots s
+               WHERE s.network = $1 AND s.pool_id = ids.pool_id
+                 AND s.timestamp >= NOW() - INTERVAL '24 hours'
+               ORDER BY s.timestamp ASC LIMIT 1
+             ) opening ON true
+        LEFT JOIN LATERAL (
+              SELECT SUM(p.counter_volume) AS counter_volume FROM price_points p
+               WHERE p.network = $1 AND p.pool_id = ids.pool_id AND p.source = 'AMM'
+                 AND p.timestamp >= NOW() - INTERVAL '24 hours'
+             ) activity ON true
         WHERE ids.pool_id IS NOT NULL`,
       [network]
     )
-    return { pools: result.rows }
+    const pools = result.rows.map(row => {
+      const startPrice = row.window_start_price == null ? null : Number(row.window_start_price)
+      const endPrice = Number(row.spot_price)
+      const divergenceLossPct = startPrice === null ? null : impermanentLossPct(startPrice, endPrice)
+      const reserveB = Number(row.reserve_b)
+      const poolValueB = Number.isFinite(reserveB) ? 2 * reserveB : 0
+      const feeBp = Number(row.fee_bp) || 0
+      const volumeB = Number(row.window_counter_volume) || 0
+      const feeReturn24hPct = poolValueB > 0 ? (volumeB * feeBp / 10_000 / poolValueB) * 100 : null
+      return {
+        ...row,
+        window: '24h',
+        feeAprPct: feeReturn24hPct === null ? null : feeReturn24hPct * 365,
+        impermanentLossPct: divergenceLossPct,
+        netReturn24hPct: divergenceLossPct === null || feeReturn24hPct === null
+          ? null
+          : feeReturn24hPct + divergenceLossPct,
+        estimate: true,
+      }
+    })
+    return { pools }
   })
 
   // GET /price/:assetA/:assetB/depth?amount=1000
diff --git a/src/api/schemas.ts b/src/api/schemas.ts
index c7db8496..50195a9e 100644
--- a/src/api/schemas.ts
+++ b/src/api/schemas.ts
@@ -178,6 +178,11 @@ export const poolsResponseSchema = {
           reserve_b: { type: ['number', 'null'] },
           spot_price: { type: ['number', 'null'] },
           fee_bp: { type: ['integer', 'null'] },
+          window: { type: 'string', enum: ['24h'] },
+          feeAprPct: { type: ['number', 'null'] },
+          impermanentLossPct: { type: ['number', 'null'] },
+          netReturn24hPct: { type: ['number', 'null'] },
+          estimate: { type: 'boolean' },
         },
       },
     },
diff --git a/src/pricing/impermanentLoss.ts b/src/pricing/impermanentLoss.ts
new file mode 100644
index 00000000..6077764c
--- /dev/null
+++ b/src/pricing/impermanentLoss.ts
@@ -0,0 +1,8 @@
+/** Constant-product 50/50 LP divergence loss, as a percent of initial value. */
+export function impermanentLossPct(startPrice: number, endPrice: number): number | null {
+  if (!Number.isFinite(startPrice) || !Number.isFinite(endPrice) || startPrice <= 0 || endPrice <= 0) {
+    return null
+  }
+  const ratio = endPrice / startPrice
+  return (2 * Math.sqrt(ratio) / (1 + ratio) - 1) * 100
+}