A Hyperliquid account rarely stays simple for long. Perpetual fills settle at order-book granularity, often dozens per order, and funding payments post every hour. HYPE staking rewards compound straight into your delegated balance, with no ledger entry marking the day they landed. Vault deposits, sub-account transfers and gas paid in HYPE add more on top.
Recap reads your HyperCore fills, ledger entries, funding payments and staking rewards. Each one is classified by default, giving you a figure ready to file or hand to your accountant. This page covers how Recap classifies Hyperliquid activity and how to get your history in.
Disclaimer
The information provided in this content does not endorse Hyperliquid. Furthermore, it does not constitute tax advice. If anything financial or tax-related is unclear, speak to a qualified tax professional. You can also share your Recap account with your accountant or tax adviser directly.
Why Hyperliquid tax is difficult to work out by hand
HyperCore combines spot trading, perpetual futures, staking and vaults in one account, and Recap reads all of it from a single public address. That breadth is what makes the tax side hard to reconstruct by hand.
Order fills add up fast. Hyperliquid reports perpetual trades at the order-book level, and a single order can generate around 25 fills. Left unaggregated, an active account could produce tens of thousands of rows for one year of trading.
Staking income is easy to miss entirely. HYPE staking rewards auto-compound into your delegated balance and never appear as a normal ledger row. A raw export can look like nothing happened when income was actually accruing.
Sub-accounts and vaults add more accounts to track. Hyperliquid only shows a master account's own activity, so any sub-account needs adding separately. Vault deposits, withdrawals, profit distributions and leader commission all need their own tax treatment too.
How to get your Hyperliquid history into Recap
Hyperliquid does not use API keys. Recap reads your history from your public HyperCore address instead.
Add your Hyperliquid account address
Enter your master account's public address, not an API agent wallet, and Recap validates it against Hyperliquid before importing. We never receive a private key or an API agent credential, only the address itself, and your history stays current as you keep trading. The Hyperliquid (HyperCore) connection is a newer integration, so Recap shows a Beta badge when you add it. If anything looks wrong, let us know through Support.
Sub-accounts and multiple accounts
If your master account has sub-accounts, Recap detects them when you connect. You are then prompted to add each one separately, since Hyperliquid does not expose a sub-account's activity through the master address. Each one then imports independently into your overall position.
Auto Sync with Hyperliquid (HyperCore) How are Hyperliquid transactions taxed?
Recap classifies each Hyperliquid fill and ledger entry by default and applies the rules for your jurisdiction in your report. Where your circumstances differ, you can recategorise any transaction.
Spot trades and dust conversions
Recap treats a spot fill as disposing of what you sell and acquiring what you buy, the same as any crypto-to-crypto trade. Spot dust conversions, which sell small leftover balances into USDC, are treated the same way: a small disposal by default.
Perpetuals, funding and liquidations
Recap treats each closed perpetual position as realising a gain or loss, aggregating the fills that make it up into a single trade. Funding payments are not treated as income. Recap folds them into a separate net margin gains and losses figure, alongside realised profits, losses and fees, and a liquidation is treated the same as any other closed position.
The UK has no dedicated guidance for crypto derivatives and points to its general rules instead. The US usually treats an individual trader's futures gains as capital gains. Its 60/40 rule for regulated futures does not apply to Hyperliquid's unregulated contracts. It is worth an adviser's view if perpetuals make up a meaningful part of your trading.
Staking rewards and validator commission
Recap treats HYPE staking rewards as income by default, valued at the point they are credited. That same value becomes their cost basis. These rewards compound automatically rather than posting as a normal ledger entry. Recap builds the income events from your delegation history instead of missing them. Commission earned by running a validator is treated the same way.
Vaults and borrow/lend pools
Depositing into or withdrawing from a Hyperliquid vault moves your USDC balance rather than creating a disposal. Profit distributions a vault pays out are treated as income by default, as is any commission a vault leader earns. Supplying to Hyperliquid's borrow/lend pool is not a disposal either. Recap splits a withdrawal into your principal plus a separate income event for the interest earned.
Gas paid in HYPE
Account activation, deploy-gas-auction bids and the network fee on a transfer are all paid in HYPE. Recap treats each as a disposal of the HYPE spent, and also adds it to the cost basis of the transaction it relates to.
| Transaction type | CGT disposal | CGT acquisition | Income |
|---|---|---|---|
| Spot trades and crypto-to-crypto swaps | CGT disposal: yes | CGT acquisition: yes | Income: no |
| Spot dust conversions | CGT disposal: yes. Recap treats a dust conversion as a small spot trade, the same as any other disposal into USDC. | CGT acquisition: yes | Income: no |
| Closed perpetual positions and liquidations | CGT disposal: yes. Recap treats a closed position as realising a gain or loss. The UK has no dedicated derivatives guidance; the US usually taxes individual traders' futures gains as capital gains. | CGT acquisition: no | Income: no |
| Funding payments | CGT disposal: yes. Funding paid is recorded as a direct loss and funding received as a direct gain. Both feed the net margin gains and losses figure (profits less losses, fees and funding), not income. | CGT acquisition: no | Income: no. Funding is aggregated into the net margin figure, not reported as income. You can recategorise if your circumstances differ. |
| HYPE staking rewards | CGT disposal: no | CGT acquisition: yes. The reward also enters the section 104 pool at the same market value used for the income figure. | Income: yes |
| Validator commission | CGT disposal: no | CGT acquisition: no | Income: yes |
| Vault profit distributions | CGT disposal: no | CGT acquisition: no | Income: yes. Treated as income by default. You can recategorise if your jurisdiction treats a distribution as return of capital instead. |
| Vault leader commission | CGT disposal: no | CGT acquisition: no | Income: yes |
| Borrow/lend pool interest | CGT disposal: no | CGT acquisition: no | Income: yes |
| Gas paid in HYPE | CGT disposal: yes. Paying gas in HYPE disposes of it, and Recap also adds it to the cost basis of the transaction it relates to. | CGT acquisition: no | Income: no |
| Transfers between your own Hyperliquid accounts | CGT disposal: no | CGT acquisition: no | Income: no |
This table shows how Recap classifies each transaction type by default. Some treatments — such as the acquisition cost used for airdrops — are configurable in Recap. This is general information, not tax advice; consult a qualified tax professional about your circumstances.
This table shows Recap's default classification for common Hyperliquid transactions. It is not an exhaustive schedule or a ruling. Treatment depends on your circumstances and jurisdiction, and you can recategorise any transaction where yours differ. Confirm your position with a qualified tax adviser.
Refer to our tax guides for a more detailed look at crypto tax rules.
What we handle that the raw Hyperliquid export does not
Recap decodes more than 20 distinct Hyperliquid ledger entry types, from deposits and sub-account transfers to vault activity and borrow/lend interest. It also reads your spot and perpetual fills, funding payments and staking rewards. A raw export leaves several of these needing extra work, which Recap does automatically.
Order-book fills sharing the same order are aggregated into one trade using a volume-weighted price. That replaces what could otherwise be dozens of separate rows. Virtual moves between your own sub-balances are recognised too, such as shifting margin between spot and perpetuals or into HYPE staking. These are dropped rather than counted as a transfer.
A transfer to a HyperCore system or asset-bridge address is flagged as a bridge leg. That lets it be matched against the corresponding activity on Hyperliquid's EVM chain, HyperEVM, rather than showing up as an unexplained withdrawal. Borrow/lend withdrawals are split into principal and interest, so the interest is recorded as income rather than folded into a plain deposit.
What's in your Hyperliquid tax report
Recap turns your full Hyperliquid history into a single tax report. Capital gains, losses and income are worked out under the rules for your jurisdiction. Closed perpetual positions and funding are aggregated into a separate net margin gains and losses figure, and everything is ready to review before you file.
Your report includes capital gains and losses on every spot and perpetual disposal, using the cost basis rules for your jurisdiction. It also includes income from staking rewards, validator commission, vault distributions and borrow/lend interest, each valued at the time of receipt.
Sub-accounts and HyperEVM
You can add your master account and each sub-account under the same Recap login, and every one imports independently into your overall position. HyperEVM, Hyperliquid's EVM-compatible chain, is a separate integration from HyperCore, so activity there is added as its own account.
Connect your Hyperliquid account and Recap calculates your spot, perpetual, staking and vault activity in one filing-ready report.
Auto Sync with Hyperliquid (HyperCore) 