How to Do Your Hyperliquid Taxes

How To Do Your Hyperliquid Taxes

CoinLedger imports Hyperliquid data for easy tax reporting. Create the appropriate tax forms to submit to your tax authority.

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Hyperliquid Tax Reporting

You can generate your gains, losses, and income tax reports from your Hyperliquid investing activity by connecting your account with CoinLedger. Connect your account by importing your data through the method discussed below.

Hyperliquid exports a complete Transaction History file to all users. Simply navigate to your Hyperliquid account and download your transaction history from the platform.
Import your transaction history directly into CoinLedger. Import the file as is. No manual work is required!
CoinLedger automatically generates your gains, losses, and income tax reports based on this data.

File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

Hyperliquid Tax Reporting

Hyperliquid supports importing data via read-only API. This allows automatic import capability so no manual work is required.
Connect CoinLedger to your Hyperliquid account with the read-only API.
Let CoinLedger import your data and automatically generate your gains, losses, and income tax reports.

File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

Hyperliquid Tax Reporting

You can generate your gains, losses, and income tax reports from your Hyperliquid investing activity by connecting your account with CoinLedger. There are a couple different ways to connect your account and import your data:

Automatically sync your Hyperliquid account with CoinLedger via read-only API. This allows your transactions to be imported with the click of a button.
Upload your Hyperliquid Transaction History CSV file to CoinLedger. You can download your Transaction History CSV directly from Hyperliquid and import it into CoinLedger

Both methods will enable you to import your transaction history and generate your necessary crypto tax forms in minutes. File these forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

Hyperliquid Tax Reporting

Automatically sync your Hyperliquid account with CoinLedger by entering your public wallet address. This allows your transactions to be read in directly from the blockchain.
Upload a Hyperliquid Transaction History CSV file to CoinLedger

Hyperliquid Tax Reporting

Navigate to your Hyperliquid account and find the option for downloading your complete transaction history.
Import your transaction history directly into CoinLedger by mapping the data into the preferred CSV file format.
CoinLedger automatically generates your gains, losses, and income tax reports based on this data.

File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

How Cryptocurrency Taxes Work

Cryptocurrencies like bitcoin are treated as property by many governments around the world—including the U.S. Other forms of property that you may be familiar with include stocks, bonds, and real-estate.

Just like these other forms of property, cryptocurrencies are subject to capital gains and losses rules, and you need to report your gains, losses, and income generated from your crypto investments on your taxes.

For a complete and in-depth overview, please refer to our Complete Guide to Cryptocurrency Taxes.

How To Do Your Crypto Taxes

To do your cryptocurrency taxes, you need to calculate your gains, losses, and income from your cryptocurrency investments in your home fiat currency (e.g. US Dollar, Australian Dollar, etc.).

Once you have your calculations, you can fill out the necessary tax forms required by your country. If you are in the United States, you can learn which forms you need to fill out with our blog post: How to Report Cryptocurrency On Your Taxes.

Why Can't Hyperliquid Generate My Tax Forms?

Many cryptocurrency investors use additional exchanges, wallets, and platforms outside of Hyperliquid. Perhaps you also trade on Coinbase or earn interest from BlockFi. The trouble with Hyperliquid's reporting is that it only extends as far as the Hyperliquid platform. If you use additional cryptocurrency wallets, exchanges, DeFi protocols, or other platforms outside of Hyperliquid, Hyperliquid can't provide complete gains, losses, and income tax information.

How Does Cryptocurrency Tax Software Help?

By integrating with all of your cryptocurrency platforms and consolidating your crypto data, CoinLedger’s cryptocurrency tax software and crypto portfolio tracker are able to track your profits, losses, income, and generate accurate tax reports in a matter of minutes.

You can test out the software and generate a preview of your gains and losses completely for free by creating an account.

Learn more about how CoinLedger works here.

Hyperliquid is a decentralized, non-custodial exchange, so doing your Hyperliquid taxes works a little differently than on a centralized platform. It comes down to four steps:

Gather your full on-chain Hyperliquid history: every trade, perpetual position, deposit, withdrawal, and reward, reconstructed from the blockchain.
Sort your activity. Moving crypto between your own wallets is not taxable, but disposals, realized profit and loss on perpetuals, and crypto that comes in as income (like staking rewards or the HYPE airdrop) are.
Calculate your capital gain or loss on each disposal, plus the value of any crypto income at the time you received it.
Report it on the right forms. In the US, capital gains go on Form 8949 and Schedule D, and crypto income goes on Schedule 1. These forms get included with your full tax return. Other countries have their own equivalents.

For a detailed explainer on reporting crypto, see our guide on how to report your cryptocurrency on your taxes.

Because Hyperliquid is non-custodial, it gives you no tax forms and no finished tax report. Everything lives on-chain, and you are responsible for reconstructing it. That is where crypto tax software comes in: CoinLedger reads your Hyperliquid wallet address, pulls in your full on-chain history, connects it to every other wallet and exchange you use, and generates your tax forms automatically. More than 700,000 investors use it to file in minutes. Get started with a free account today, or keep reading to do it yourself.

Do you have to pay taxes on Hyperliquid?

Yes. In the US and most other countries, your Hyperliquid activity is subject to two kinds of tax:

Capital gains tax. When you dispose of crypto (selling a spot position, trading one coin for another) or close a perpetual position at a profit or loss, you recognize a capital gain or loss.
Income tax. When you earn crypto (through staking rewards or an airdrop like HYPE), you recognize ordinary income equal to its fair market value at the time you received it.

For a full breakdown, read our complete guide to cryptocurrency taxes.

What tax forms does Hyperliquid provide?

None. Hyperliquid is a decentralized, non-custodial exchange: it performs no identity verification and does not act as a broker, so it does not issue Form 1099-DA, 1099-MISC, or 1099-B. (The IRS rule that would have required decentralized platforms to issue broker forms was repealed in April 2025, so no DeFi reporting requirement applies to front-ends like Hyperliquid.)

This makes accurate record-keeping your responsibility. You need to reconstruct your full history from on-chain data and self-report it.

Does Hyperliquid report to the IRS?

No. Because it is non-custodial and collects no personal information, Hyperliquid does not report your activity to the IRS.

But no reporting does not mean no tax. US persons owe tax on every disposal, every realized gain on a perpetual position, and all staking and airdrop income, and must self-report it. Failing to report taxable crypto is tax evasion, whether or not anyone sent you a form.

How are perpetuals and funding taxed?

This is the hardest part of Hyperliquid taxes, and it is genuinely unsettled. Crypto perpetual futures on an offshore or decentralized venue are generally not treated as Section 1256 contracts (the regime, with its 60/40 split, that covers regulated US futures). The IRS has not issued specific guidance, and tax professionals differ on whether realized perpetual gains and losses are ordinary or capital, and on how the hourly funding payments you pay and receive should be treated.

CoinLedger books your realized perpetual results as a margin gain or margin loss when you close or flip a position. Because the underlying rules are unresolved, this is an area where you may want to work with a crypto tax professional.

Why isn't my Hyperliquid tax report accurate on its own?

Hyperliquid only sees the activity tied to your wallet on Hyperliquid. Because investors move crypto across many wallets, chains, and exchanges, no single platform can see the original cost basis of assets you moved in from somewhere else, so it cannot calculate your gains and losses correctly.

Example: why transfers break your cost basis

Diego buys $5,000 of ETH on a centralized exchange. He bridges it on-chain and eventually uses the proceeds to trade on Hyperliquid, closing a position for $5,600.

Hyperliquid only sees the $5,600 result, not the $5,000 Diego originally paid. Without his full history, his gain cannot be calculated correctly.

The fix is to bring every wallet, chain, and exchange into one place so your cost basis follows your crypto everywhere it goes. That is exactly what crypto tax software like CoinLedger does.

How to file your Hyperliquid taxes in minutes

Because Hyperliquid is on-chain, CoinLedger imports your history directly from your wallet address. No API keys or CSV files are required.

Find the public wallet address you use to trade on Hyperliquid (the EVM address you connected and deposited with).
In CoinLedger, go to Add Account and search for Hyperliquid.
Paste your wallet address and click Connect Wallet. CoinLedger imports your full on-chain history.

This brings in your bridge deposits and withdrawals (Arbitrum to Hyperliquid USDC), vault activity, HYPE staking, liquidations, reward claims, and your perpetual trades, with realized profit and loss booked as a margin gain or loss when a position closes. Transfers between your own spot and perpetual balances are correctly left out, because they are not taxable events. Full steps are in our Hyperliquid blockchain import guide.

Once your transactions are in, CoinLedger matches your activity, calculates your gains, losses, and income, and produces a complete tax report. You can file it yourself, hand it to your tax professional, or import it into TurboTax, TaxAct, or H&R Block.

Get started with CoinLedger today

Take the stress out of tax season. More than 700,000 investors around the world use CoinLedger to track their gains, losses, and income across all of their wallets and exchanges.