How to do your Hyperliquid taxes

Start with the records

This is a country-neutral guide to preparing records. It is not tax advice. It does not decide how any amount is treated for tax in any country. Those decisions stay with you, your tax tool and your accountant.

Why Hyperliquid records need a closer look

Fills are trades that execute an order. Perpetual futures, or perps, have separate records for fills and funding payments. A file of fills alone does not cover every account event.

• Older fills: the public API stops returning older trades for active wallets. Funding can remain visible before the oldest returned fill.
• TWAP orders: a time-weighted average price order executes in smaller slices over time. Those slice fills have a separate endpoint that keeps only the latest 2,000.
• Vaults and transfers: these appear as ledger events rather than fills. They need a separate review.

1. Check your history coverage

Run the free history coverage check with your public wallet address. It compares the oldest returned fills with funding history. Funding on an open position before the oldest fill shows that earlier fills are no longer returned.

A result of no gap found does not prove the history is complete. Use the free record check to see counts of TWAP slices, recent funding and ledger events. That check uses capped reads, so its counts are not a full account history.

In our small 40-wallet sample, we tested 10 wallets per volume band. All 10 in the $1B-and-above band had older fills no longer returned. The medians for that band were 36 days returned and 378 days not returned. These are results for that sample, not estimates for every wallet. See the method and limits.

2. Collect and convert the available records

The free Hyperliquid to Koinly converter accepts a public address or a CSV or JSON fills file. It runs in your browser. It converts the available perp fills and funding into Koinly's universal CSV format.

For an address, funding starts at the first returned fill. For a file, funding is added only if you also enter the address. Deposits, withdrawals, transfers, vault activity, staking and spot fills are not included. Review those separately.

The converter cannot restore older rows that the API no longer returns. Read the trade history export guide for other sources and their limits. Full-record exports and statements require accounts and open with early access.

3. Understand the Koinly futures rows

Koinly's custom CSV guide says to import futures as a deposit or withdrawal equal to the outcome of a closed position. It says not to import the opening or closing trade itself. These are file-format instructions, not a tax decision.

The converter writes realized results in USDC with the realized gain tag. It writes trading fees with futures fee and funding with funding fee. The row mapping explains each case. Review the result after importing it into Koinly.

4. Review the gaps with your accountant

• Compare the period you need with the period each source covers. Keep track of dates the API no longer returns.
• Review funding, trading fees and realized results separately. An empty fee or realized result in a source is not zero.
• Review unexplained position changes. These are breaks between returned fills, not proof of a particular cause.
• Include the separate records for transfers, deposits, withdrawals and vault activity. Check for overlap when combining sources.
• Ask your accountant how to use the records under the rules that apply to you. A successful CSV import does not settle that question.