In Options Trading, What Is a Comparable Concept to Impermanent Loss in Terms of Unrealized Risk?

A comparable concept is the unrealized loss on a short option position when the underlying asset moves sharply against the position, specifically the risk associated with being short gamma. Short gamma means that as the underlying asset moves, the delta of the option changes rapidly, requiring the option seller to constantly rebalance their hedge at unfavorable prices.

This continuous, forced rebalancing mirrors the forced rebalancing by arbitrage in a liquidity pool.