Assuming you have 1 synthetic ETH position and 700 USDC position as a liquidity provider and ETH/USDC = 700 when you supply liquidity, and separately, you have sufficient margin to safely cover your ETH SHORT hedging position.

The impermanent loss would be calculated as below

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Note that for simplicity, we use the term ETH/USDC price to represent futures fair price and spot price: the two might be different but if as LP you wait until settlement to withdraw LP token, settlement price and spot price would convert.

Everything else equals, the potential impermanent loss is the same as supplying to other CFMM such as Uniswap.

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