How Does Impermanent Loss Relate to Providing Liquidity for Derivative Trading on an AMM?

Impermanent loss occurs when the price of the deposited assets changes compared to when they were deposited. In a standard spot AMM, this is due to arbitrage.

In a derivative AMM, the pool assets might be exposed to the risk of the underlying contract's movement. For example, if a futures pool becomes imbalanced due to many long positions, the liquidity providers face a loss relative to simply holding the underlying assets.