# Hyperliquid Tax Reporting - Export PnL & Trade History

> Learn how to export your Hyperliquid trade history for tax reporting. Covers PnL exports, CSV downloads, compatible tax software, and crypto futures tax classification.

*Source: https://hyperliquidguide.com/guides/trading/hyperliquid-tax-reporting-guide*

> **Warning:** This guide is for informational purposes only and does not constitute tax, legal, or financial advice. Tax laws vary by jurisdiction and change frequently. Always consult a qualified tax professional for advice specific to your situation.

> **Note:** **Quick Summary - Hyperliquid Tax Reporting**
> - Hyperliquid **does not issue 1099s** or any tax forms - you must track your own records
> - Export trade history via the **Portfolio page** or the **Hyperliquid Info API** (`userFills`, `userFunding` endpoints)
> - **Funding rate payments** are taxable events - Hyperliquid settles **8,760 funding events per year** per open position
> - The **HYPE airdrop** is taxable as ordinary income at fair market value on the date received
> - Compatible tax software: **Koinly** and **Awaken** now sync a Hyperliquid wallet directly; **CoinLedger**, **CoinTracking**, **CoinTracker**, **TokenTax** and **TaxBit** take CSV
> - All trades settle in **USDC** - simplifies cost basis since USDC tracks the US dollar

## Why Crypto Tax Reporting Matters

Crypto trading profits are taxable in virtually every major jurisdiction. The IRS, HMRC, ATO, and tax authorities across the EU have made it clear: cryptocurrency gains are not invisible, and failing to report them carries real consequences.

The penalties for non-compliance are severe. In the US, failure to report crypto income can result in fines up to $100,000 for individuals, and willful tax evasion carries up to five years in prison. The IRS has invested heavily in blockchain analytics tools and has sent warning letters to hundreds of thousands of crypto holders. Other countries have taken similar enforcement action.

The decentralized nature of Hyperliquid does not exempt you from tax obligations. While the exchange itself does not issue tax forms like centralized platforms (no 1099s), the blockchain is a public ledger. Your wallet address, deposits, withdrawals, and trading activity are all permanently recorded and traceable.

> **Key takeaway:** The absence of KYC or tax forms from Hyperliquid does not mean your trades are untaxed. Tax obligations exist regardless of whether the platform reports to authorities. Maintaining your own accurate records is both a legal requirement and your best protection in the event of an audit.

The good news: if you stay organized, crypto tax reporting is straightforward. Start by familiarizing yourself with the [portfolio tracking dashboard](/guides/trading/portfolio-tracking), which gives you a clear view of your positions, PnL, and trade history. This guide walks you through exactly what data Hyperliquid provides, how to export it, and which tools make the process painless.

---

## What Trade Data Hyperliquid Provides

Hyperliquid records comprehensive data for every action on your account. Understanding what is available helps you ensure nothing is missed when reporting. Here is what the platform tracks:

### Trade History

Every perpetual futures trade you execute - entries, exits, partial closes - is logged with timestamp, asset, direction (long/short), size, price, and realized PnL. This covers all markets including crypto perpetuals, [equity perpetuals](/guides/trading/equity-perps-guide), and [commodity perpetuals](/guides/trading/commodities-trading-guide).

### Funding Rate Payments

Hyperliquid charges [funding rates](/guides/trading/leverage-trading-guide) hourly on all open perpetual positions. Every funding payment - whether you paid or received it - is recorded. These micro-transactions accumulate over time and are individually taxable events in most jurisdictions.

### Liquidation Events

If a position was [liquidated](/guides/trading/leverage-trading-guide), the event is logged with the loss amount. Liquidation losses are typically deductible, but you need the records to prove it.

### Deposits and Withdrawals

All [USDC deposits](/guides/getting-started/deposit-usdc-to-hyperliquid) and withdrawals are tracked on-chain. These are not taxable events themselves (moving your own funds), but they establish the flow of capital in and out of the exchange - essential context for any audit.

### Spot Trading

If you use Hyperliquid's [spot trading](/guides/trading/spot-trading-guide) features, those transactions are recorded separately. Spot trades involve actual asset purchases and sales, which are treated differently from derivatives in some jurisdictions.

---

## How to Export Your Hyperliquid Trade History

Hyperliquid offers two primary methods for accessing your trade data: the web interface and the API.

### Method 1: Export via the Web Interface

> **Tip:** If you trade across multiple wallets, you will need to export data from each wallet address separately. Consider consolidating to a single trading wallet for simpler record-keeping going forward. Hyperliquid's [unified accounts](/guides/trading/unified-accounts-guide) feature can help simplify multi-market tracking.

### Method 2: Export via the Hyperliquid API

For complete, machine-readable trade history, the Hyperliquid Info API is the most reliable method. It returns your full history in JSON format, which can be converted to CSV for tax software import.

The key API endpoints for tax reporting:

- **`userFills`** - Returns all trade fills (entries, exits, partial closes) with timestamps, prices, sizes, fees, and realized PnL
- **`userFunding`** - Returns all funding rate payments made and received
- **`userNonFundingLedgerUpdates`** - Returns deposits, withdrawals, liquidations, and other non-trade account changes

```bash
# Example: Fetch all trade fills for your address
curl -X POST https://api.hyperliquid.xyz/info \
 -H "Content-Type: application/json" \
 -d '{"type": "userFills", "user": "0xYourWalletAddress"}'
```

The response includes every field you need: timestamp, asset, side, size, price, fee, closed PnL, and more. You can write a simple script to convert the JSON output to CSV format compatible with your tax software.

> **Note:** Several open-source tools and community scripts exist for converting Hyperliquid API data to CSV. Check the Hyperliquid Discord and GitHub for maintained export scripts. Always verify the output against your on-chain records before filing.

**Track Your Trades from Day One** — Start with accurate records from your first trade. Sign up through our referral link for a 4% lifetime fee discount - lower fees also mean less taxable activity to report. [Get Your 4% Fee Discount](https://app.hyperliquid.xyz/join/Concept211)

---

## Compatible Tax Software

The landscape shifted in the last year. Several platforms now read your Hyperliquid wallet address directly instead of asking you to hand-build a CSV, which removes the step where most reporting errors are introduced. Here is where the major options stand:

| Platform | Hyperliquid Support | Perps & Funding | Price (approx.) | Best For |
|---|---|---|---|---|
| **[Koinly](https://koinly.io/integrations/hyperliquid/)** | Direct wallet sync | Yes | Free - $279/yr | Most traders, and anyone filing outside the US |
| **[CoinLedger](https://coinledger.io/)** | Wallet sync + CSV | Yes | $49 - $299/yr | US filers exporting to TurboTax |
| **[CoinTracking](https://cointracking.info/)** | CSV / API import | Yes | Free - $65/mo | Very high trade counts and bot operators |
| **[Awaken Tax](https://awaken.tax/integrations/how-to-pay-taxes-on-your-hyperliquid-assets)** | Direct wallet sync | Yes | $99 - $999/yr | Heavy DeFi and HyperEVM activity alongside perps |
| **CoinTracker** | CSV import | Yes | Free - $599/yr | US-focused, CPA hand-off |
| **TokenTax** | CSV import / API | Yes | $65 - $3,499/yr | Traders who want a human accountant attached |
| **TaxBit** | CSV import | Partial | Free (consumer) | US users who mostly hold spot |

![Koinly's Hyperliquid integration page showing direct wallet sync for trades and funding payments](/images/shared/partners/koinly-hyperliquid-integration.webp)

Two notes on that table, because the differences matter more than the price column suggests.

**Direct sync is not a convenience feature.** A CSV export captures your fills. It does not necessarily capture the 8,760 hourly funding settlements attached to a position you left open, and those are a separate income line in most jurisdictions. Platforms that read the chain directly pull `userFunding` alongside `userFills`, so the funding side reconciles without you assembling it by hand.

**Partial futures support is a real limitation.** Tools built primarily for spot holders tend to model a perp close as a disposal of an asset you never held, which produces cost-basis errors that compound across a year of trading. If perps are the bulk of your activity, weight the perps column above everything else - we go through the failure modes in detail in our comparison of [the best crypto tax software for perps traders](/guides/trading/best-crypto-tax-software-perps-traders).

> **Tip:** If you only want one recommendation: [Koinly](https://koinly.io/integrations/hyperliquid/) covers the widest set of countries and syncs Hyperliquid directly, and [Awaken](https://awaken.tax/integrations/how-to-pay-taxes-on-your-hyperliquid-assets) reconciles messy HyperEVM activity better than anything else we have tested. We earn a commission on the first and nothing on the second.

### How to Import Hyperliquid Data

The general workflow for any tax platform:

1. **Connect your wallet address** if the platform supports direct Hyperliquid sync, or **export your data** using the API method above and convert it to the platform's required CSV format
2. **Import the CSV** if you went the manual route
3. **Review flagged transactions** - the software will highlight any trades it cannot classify or match
4. **Check that funding appears as its own line** - this is the single most common gap, and an empty funding column usually means the import only captured fills
5. **Add missing cost basis** for any tokens received outside Hyperliquid (e.g., HYPE airdrop tokens you transferred in)
6. **Generate your tax report** - most platforms produce IRS Form 8949, Schedule D, or equivalent reports for your jurisdiction

> **Warning:** No tax software is perfect. Always review the generated report against your own records. Common issues include miscategorized funding payments, missing liquidation losses, and incorrect cost basis on transferred tokens. Spending 30 minutes reviewing can save you thousands in overpaid taxes or audit headaches.

---

## How Perpetual Futures Are Taxed

The tax treatment of perpetual futures varies significantly by jurisdiction. Here are the general principles - but always confirm with a local tax professional.

### United States (IRS)

The IRS has not issued specific guidance on crypto perpetual futures. In practice, most tax professionals treat them as follows:

- **Realized PnL** from closing positions is treated as **capital gains or losses**. The holding period (short-term vs long-term) depends on how long the position was open, though most perp trades are short-term (held less than one year) and taxed at ordinary income rates.
- **Funding payments received** are generally treated as **ordinary income**, taxable at the time of receipt.
- **Funding payments made** may be deductible as investment expenses, though the 2017 Tax Cuts and Jobs Act suspended miscellaneous itemized deductions - consult your CPA.
- **Liquidation losses** are typically deductible as capital losses, subject to the $3,000 annual net capital loss limit (excess carries forward).

> **Note:** Some tax professionals argue that crypto perpetual futures should fall under Section 1256 contracts (60/40 long-term/short-term split), similar to regulated futures. However, this classification is not established for crypto perpetuals and claiming it without professional guidance is risky.

### United Kingdom (HMRC)

HMRC treats crypto derivatives trading as follows:

- For **occasional traders**, gains may fall under Capital Gains Tax with the annual exempt amount
- For **frequent traders**, HMRC may classify your activity as **trading income**, subject to Income Tax - which can mean a higher rate but also allows loss deductions against other income
- Funding payments are generally treated as trading income or expense

### General Principles (Other Jurisdictions)

- **[Australia (ATO)](/guides/getting-started/hyperliquid-australia):** Crypto trading profits are generally subject to Capital Gains Tax; active traders may be classified as carrying on a business
- **Canada (CRA):** Typically treated as business income or capital gains depending on frequency and intent
- **EU (varies by country):** Most EU nations tax crypto gains; rates and classifications differ significantly between member states

> **Key takeaway:** The classification of your trading activity - investor vs trader - can dramatically affect your tax rate and deduction eligibility. If you trade frequently on Hyperliquid, you may be classified as a trader rather than an investor, which changes how your gains are taxed. Discuss this distinction with your tax professional.

---

## Hyperliquid-Specific Tax Considerations

Several aspects of Hyperliquid's design create unique tax situations you need to be aware of.

### USDC Settlement

All Hyperliquid perpetual trades are settled in USDC. Since USDC is pegged to the US dollar, this simplifies tax calculations compared to exchanges that settle in volatile tokens. Your realized PnL in USDC is effectively your PnL in dollar terms - no additional currency conversion step is needed.

However, note that USDC itself can technically deviate from its $1 peg (as happened briefly in March 2023). If you deposited or withdrew USDC during a de-peg event, the actual dollar value may differ from the USDC amount.

### Cross-Margin PnL Tracking

If you use [cross margin](/guides/trading/leverage-trading-guide), your PnL from multiple positions is interconnected. A gain on one position can offset margin requirements for another, and a liquidation in cross mode can affect your entire account. For tax purposes, each position close is still a separate taxable event - you cannot net them together unless you are reporting aggregate trading income.

### Funding Rate Income

Hyperliquid charges funding every hour - that is 8,760 potential funding events per year per open position. If you held positions for extended periods, you may have thousands of funding micro-transactions to report. This is where tax software becomes essential, as manually tracking hourly funding payments is impractical.

Your total net funding received is ordinary income. Total net funding paid may be deductible depending on your jurisdiction. The Hyperliquid API's `userFunding` endpoint provides the complete record.

### HYPE Token Airdrop

If you received [HYPE tokens](/ecosystem/what-is-hype-token) through the [Hyperliquid airdrop](/ecosystem/hype-airdrop-guide), this is a taxable event in most jurisdictions. The key points:

- **At receipt:** The fair market value of HYPE at the time you received it is taxable as ordinary income. If HYPE was trading at $25 when you received 1,000 tokens, you have $25,000 in ordinary income to report.
- **At sale:** When you sell or trade your HYPE tokens, any difference between the sale price and your cost basis (the value at receipt) is a capital gain or loss.
- **Staking rewards:** If you stake HYPE and receive additional rewards, those rewards are also taxable as ordinary income at receipt.

> **Warning:** The HYPE airdrop created significant tax liabilities for many recipients. If you received a large airdrop and did not set aside funds for taxes, plan accordingly. Some traders sell a portion of airdropped tokens immediately to cover the estimated tax bill - a prudent strategy regardless of your price outlook.

### HIP-3 and Builder Market Trades

Trades on HIP-3 builder markets (such as equity or commodity perpetuals) follow the same tax principles as native Hyperliquid perps. However, if you trade equity perpetuals like NVDA or TSLA, be aware that some jurisdictions may apply different tax rules to equity derivatives versus crypto derivatives. The [fee structure](/guides/fees/fees-explained) on builder markets also differs (0.09% taker / 0.03% maker), which affects your net realized PnL.

**Lower Fees, Lower Tax Bill** — Every dollar saved on trading fees is a dollar less in taxable gains. Sign up with our referral link for a permanent 4% fee reduction on all your Hyperliquid trades. [Start Saving on Fees](https://app.hyperliquid.xyz/join/Concept211)

---

## Record-Keeping Best Practices

Good record-keeping is the single most important thing you can do for tax compliance. Here is a system that works:

### Export Monthly, Not Annually

Do not wait until tax season to pull your records. Export your trade history monthly and store the files in an organized folder structure. This protects you if the Hyperliquid interface changes or if you lose wallet access.

### Track Every Wallet

If you trade from multiple wallet addresses, maintain a master list of all addresses used with Hyperliquid. Each address needs its own export. Missing even one wallet can lead to incomplete reporting.

### Document Your Cost Basis

For any tokens you transfer into Hyperliquid (not USDC), document where they came from and what you paid for them. If you received tokens from an airdrop, DeFi yield, or another exchange, record the fair market value at the time of receipt.

### Save Supporting Evidence

Beyond trade history, save:

- **Deposit and withdrawal records** - including blockchain transaction hashes
- **Screenshots of positions** - especially large trades or unusual events
- **Funding rate summaries** - monthly or quarterly totals
- **Airdrop receipts** - token amounts and market prices at time of claim
- **Fee receipts** - total [trading fees](/guides/fees/fees-explained) paid (these may be deductible)

### Use Consistent Accounting Methods

Choose a cost basis method (FIFO, LIFO, or specific identification) and apply it consistently across all your crypto activity. Switching methods between years can raise red flags with tax authorities. Most tax software defaults to FIFO (First In, First Out), which is the most widely accepted method.

> **Key takeaway:** The best time to set up your tax tracking system is before your first trade. The second-best time is right now. Export your Hyperliquid history today, import it into a tax platform, and review it while the details are still fresh. Catching errors now is infinitely easier than reconstructing records during an audit.

## Summary

Tax reporting on Hyperliquid requires more self-management than centralized exchanges, but the data is all there - you just need to extract and organize it. The key steps:

1. **Export your complete trade history** via the Hyperliquid API or web interface
2. **Connect or import into tax software** - [Koinly](https://koinly.io/integrations/hyperliquid/) and [Awaken](https://awaken.tax/integrations/how-to-pay-taxes-on-your-hyperliquid-assets) read your wallet directly, [CoinLedger](https://coinledger.io/) and [CoinTracking](https://cointracking.info/) take a CSV
3. **Account for all taxable events** - realized PnL, funding payments, airdrops, and liquidations
4. **Review the generated report** before filing - no software gets it 100% right
5. **Consult a tax professional** if you have significant activity or complex situations

If you are still choosing a platform, our breakdown of [the best crypto tax software for perps traders](/guides/trading/best-crypto-tax-software-perps-traders) tests each one against the specific things perps do to a tax engine. For tools to help monitor your trading activity in real-time, check our [Hyperliquid trading tools](/guides/trading/hyperliquid-trading-tools) guide, or the full [trader's stack](/tools/toolkit). And if you are just getting started, sign up with our [referral link](https://app.hyperliquid.xyz/join/Concept211) for a 4% lifetime fee discount - lower fees mean smaller taxable gains and less to report.