How to do your Hyperliquid taxes

Updated October 2026 · 9 min read · Not tax advice

Hyperliquid is now the largest decentralized perpetuals exchange by volume, with more than 260,000 monthly active traders — and none of them receive a tax form from the platform. No 1099-B, no 1099-DA, no year-end summary email. If you traded perps there, the entire job of reconstructing your year falls on you.

This guide walks through the whole process: getting your data out, understanding which numbers matter, and handing something clean to your tax software or CPA. It reflects how Hyperliquid reports data as of late 2026; verify current rules with a qualified professional before filing.

Step 1 — Export your full trade history

Everything you need lives in Hyperliquid's public API, keyed to your wallet address:

• Fills — every trade with price, size, direction, fees, and the exchange-computed closedPnl.
• Funding payments — every hourly funding debit or credit per position.
• Ledger updates — deposits, withdrawals, and transfers.

The fastest route is the free scanner on this site: paste your address and it totals your realized PnL, fees, and funding per tax year, directly from the API. One known limit: the fills endpoint only exposes the 10,000 most recent trades — if you are a high-frequency trader, request your full archive from Hyperliquid support as well.

Step 2 — Know which numbers are tax-relevant

Four fields do most of the work in a perp tax file:

• Realized PnL (closedPnl) — crystallized gain or loss each time a position (partially) closes. Unrealized PnL on open positions is generally not a reportable number until closed.
• Fees — taker/maker fees per fill.
• Funding — recurring payments received or paid while holding. Funding received and funding paid usually need separate treatment.
• Liquidations — forced closes are still closes: they realize PnL and can produce deductible losses depending on your jurisdiction.

See realized vs. unrealized PnL and funding tax treatment for details.

Step 3 — Classify your activity (the part software can't do)

Derivative activity can be taxed very differently depending on jurisdiction and facts: capital treatment per-trade, Section 1256 mark-to-market in the US, business income for professional traders, or something else entirely. No tool — including ours — decides this for you. What a tool must do is preserve every number so your classification can be applied consistently. Get the classification right first, then worry about formats.

Step 4 — Reconcile before you file

Cross-check at least three totals against what Hyperliquid shows in-app: total realized PnL, total fees, and net funding. If your tax software shows materially different numbers, the usual suspects are: spot positions mixed into perp PnL, funding dropped on import, or duplicate imports across wallets and CSVs. Our article on importing Hyperliquid into Koinly covers the common breakages.

Step 5 — File

In the US, capital treatment means each close goes on Form 8949 and flows into Schedule D — the 2025 form introduced dedicated digital-asset boxes (G–I for short-term, J–L for long-term). Without a 1099-DA, you self-report everything. Keep your export and this reconciliation in your records.