How to do your Hyperliquid taxes with Koinly
Hyperliquid is a unique blockchain, in that it's a decentralized exchange with a focus on perpetual trading, built on its own layer 1 chain. Whatever your transactions, if you have profits from your Hyperliquid transactions, you likely have a tax bill. Koinly can help, all you need to do is import your Hyperliquid transaction data. Here's how.
Follow these steps to sync your Hyperliquid data automatically to Koinly:
- Open your Hyperliquid wallet app
- Locate and copy your public address or key
On Koinly:
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find Hyperliquid in the list
- Select API > Paste the public address/key you copied above in the appropriate box
- Hit Import and wait for Koinly to sync your data. This can take a few minutes
- Review your transactions on the Transactions page to ensure everything is tagged correctly and no missing data
- Go to the Tax Reports page to view your tax liability!
This integration can sync up to 10,000 transactions per wallet
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- Hit up our discussion boards - we might have already answered your question
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FAQs
What is Hyperliquid?
Hyperliquid is a decentralized exchange built on its own Layer 1 blockchain, offering fast transactions, low fees, and deep on-chain liquidity. It uses a custom consensus mechanism, HyperBFT, to achieve sub-second finality and high throughput. The platform supports advanced trading tools, including perpetual futures, and has a native token, HYPE, used for governance, transaction fees, and staking. Hyperliquid also introduces innovative token standards to enhance liquidity and functionality, aiming to combine the efficiency of centralized exchanges with the transparency of decentralized finance.
Is Hyperliquid safe?
Hyperliquid uses a custom consensus mechanism (HyperBFT) for security, but as a newer platform, it hasn’t been fully battle-tested. While users retain custody of their assets, smart contract risks and regulatory uncertainties exist. No major hacks have been reported, but caution is advised when using any DeFi platform.
Does Hyperliquid provide tax documents?
No, but you can use a crypto tax calculator like Koinly to get your Hyperliquid taxes calculated and your tax documents generated. Just add your Hyperliquid address and Koinly will automatically import your transaction data, calculate your profits, and generate your tax documents.
