How to do your dYdX taxes with Koinly
dYdX is a decentralized exchange specializing in perpetual futures contracts for 60+ cryptocurrencies, allowing deep liquidity and low fees. But your dYdX transactions may be taxable. Don't worry, Koinly can help you calculate your dYdX taxes. Here's how.
Follow these steps to sync your dYdX data automatically to Koinly:
- Open your dYdX 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 dYdX 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 does not yet handle PNL settlements from futures trading. These need to be added manually
- Head over to our help center
- Hit up our discussion boards - we might have already answered your question
- Ask us on social media - we're on Twitter and Reddit
- Contact us on email or live chat
- Got a feature request? Give us feedback on Canny
FAQs
What is dYdX?
dYdX is a decentralized exchange specializing in perpetual futures contracts for 60+ cryptocurrencies.
What are dYdX tokens?
Holders of the DYDX token can utilize their tokens to operate a Validator or stake their tokens with a Validator to help secure and govern the dYdX Chain network. dYdX tokens can also be traded on centralized and decentralized exchanges like any other cryptocurrency.
Do I have to pay tax on my dYdX transactions?
Yes. Your dYdX transactions including futures trades and staking are taxable. The precise tax varies on where you live, but crypto is usually subject to Capital Gains Tax or Income Tax depending on the specific transaction. Learn more in our crypto tax guides for 20+ countries.
How do I calculate my dYdX taxes?
The easiest way to calculate your dYdX taxes is with a crypto tax calculator like Koinly. With Koinly, just add your public address to automatically import your transaction history and calculate your gains, losses, income, and more.
