Does Hyperliquid Issue a 1099?
No 1099 arrives from Hyperliquid. What you do get is three CSV exports from the Portfolio page, and you're the one who has to turn them into numbers for a US tax return.
No. Hyperliquid doesn’t send a 1099 — not 1099-B, not 1099-MISC, not the newer 1099-DA. If you used the exchange last year, nothing arrives in the mail in January and nothing from them shows up in your IRS wage and income transcript.
That throws people who came over from Coinbase, where the form just turns up. On a non-custodial exchange there is no broker in the middle. Hyperliquid never verifies your identity, never holds your funds, and has no account with your name on it to report against. There’s nobody in a position to fill in a form with your SSN.
The rule that almost changed this
Treasury finalized a DeFi broker rule in December 2024. It would have pulled decentralized platforms into 1099-DA reporting. Congress overturned it under the Congressional Review Act, and the resolution was signed on April 10, 2025 as Public Law 119-5. It never took effect.
1099-DA itself is still a real form. Custodial exchanges are issuing it for 2025 transactions. What disappeared was the extension to non-custodial front ends — the part that would have covered Hyperliquid.
No form, same tax bill
What changes is who does the arithmetic. Realized gains and losses, funding payments received or paid, and income from vaults or staking still belong on your return. You just don’t get a pre-filled number to copy over.
The awkward part is that perps rarely produce one clean number. Funding settles every hour. A moderately active year can leave you with 8,000-odd funding rows before you’ve counted a single fill, and most of them are tiny. Whether you net those into a summary or carry them line by line is a decision you have to make, and be able to explain later.
What Hyperliquid actually gives you
The Portfolio page has three exports: Trade History, Funding History, and Deposits and Withdrawals. Plain CSV, no cost basis attached. Those three files are the whole starting point. You don’t need an API key and you don’t connect a wallet — the history belongs to a public 0x address.
Pull them early. Exports can be regenerated, but if you stop using an address and lose track of it, rebuilding a year of hourly funding from chain data is miserable.
Getting from those files to a return
A spreadsheet is fine if you had a handful of moves and already know your cost basis method. Most people running perpetuals don’t fit that description.
General crypto tax software — Koinly, CoinLedger, CoinTracker — imports Hyperliquid data and folds it in with your other exchanges and wallets. That’s the sensible route when most of your activity isn’t on Hyperliquid. The tradeoff is that a general importer tends to see an hourly funding stream as thousands of separate events, so you spend time checking what it produced.
If Hyperliquid is most of your year, Hyperliquid Tax Helper is narrower and quicker. It’s a Chrome extension that reads a public wallet address, works out PnL and hourly funding, applies FIFO, LIFO or HIFO, and exports a CSV your tax software can read. It’s read-only: no wallet connection, no private keys, and the calculations happen locally in the browser rather than on a server. The free tier covers 50 trades; paid tiers go to 1,000 and 5,000. It’s in the Chrome Web Store.
Save the original CSVs. Save a note of which cost basis method you used, too. If a notice arrives, or you hand everything to a CPA in March, those files are the record.
Questions that come up
Do I still report a year where I only lost money? Yes. Losses go on the return as well, and they’re often the useful part.
What about moving funds between my own wallets? Usually not a disposal. It’s easy to misread a Hyperliquid deposit or withdrawal as a trade, though, which is why the third export is worth keeping.
Is funding income or a capital gain? Treatment varies and the guidance isn’t clean. This is the one in this article worth putting to an actual professional instead of a blog post.
General information for US filers, not tax advice. Rules differ by jurisdiction and change often. Check with a qualified professional before you file.