Hyperliquid tax in Australia
If you traded perpetual futures on Hyperliquid between 1 July 2025 and 30 June 2026, those results belong in your FY 2025–26 tax return. Self-lodgers are due on 31 October 2026; tax agents usually have longer.
What counts
Hyperliquid perps are derivatives settled in USDC. You don't own the underlying coin, so the tax events are the results of your positions, not the trades themselves:
- Closed positions. Closing (fully or partly) realises a gain or loss in USDC.
- Liquidations. A forced close. The margin you lose is a realised loss, and the liquidation fee is a cost.
- Trading fees. Opening and closing fees are costs of trading.
- Funding. Paid or received roughly every hour while a position is open.
- HIP-3 markets such as trade.xyz or Paragon work the same way, including stock and commodity perps like TSLA or GOLD. See the HIP-3 guide.
Depositing or withdrawing USDC to and from Hyperliquid isn't a sale by itself, though converting other crypto to USDC first can be.
Spot, HLP vaults and HYPE staking
- Spot trades. Buying a token sets its cost base; selling it is a CGT event. PaperTax shows Hyperliquid's average-cost result as an estimate and exports the trades themselves, so Koinly or CTC can apply your cost base across all your wallets.
- HLP and other vaults. Depositing isn't a sale. Each withdrawal is recorded as a gain or loss against the cost base Hyperliquid reports, and whether that is capital or revenue depends on your circumstances.
- HYPE staking rewards. Generally ordinary income when you receive them. PaperTax values each daily reward at that day's HYPE price.
- Rewards and airdrops. Referral rewards and airdropped tokens are generally income when received; PaperTax lists them for you and your agent to value.
Capital or revenue?
This is the big question, and it depends on your circumstances. If you're carrying on a business of trading, or enter positions as part of a profit-making plan, gains are generally assessable income and losses generally deductible against other income. Otherwise the capital gains rules may apply, which means capital losses can only be offset against capital gains and carried forward. How often you trade, how organised it is and why you trade all matter. A registered tax agent can tell you which applies to you.
Funding payments
The ATO hasn't published guidance specific to perpetual funding. Common approaches treat funding received as income and funding paid as a deduction, or fold it into each position's gain or loss. PaperTax totals funding per market per day and flags it so you and your agent can pick a consistent approach.
Records the ATO expects
Keep records of each transaction's date, amount in Australian dollars, what it was for and who the other party was, and keep them for five years after you lodge. On-chain data helps here: every PaperTax row links to its transaction.
How to get your numbers
- Paste your wallet address at papertax.xyz (no wallet connection or keys).
- Choose Australia · FY 2025–26.
- Review each venue, then export a Koinly or Crypto Tax Calculator CSV, or the audit pack for your accountant. See importing into Koinly or CTC.
Questions
When is the FY 2025–26 tax return due?
31 October 2026 if you lodge yourself. If you use a registered tax agent and are on their client list before then, you usually have longer.
Are Hyperliquid perp losses deductible in Australia?
It depends on whether your trading is on revenue or capital account. On revenue account, losses are generally deductible against other income; on capital account they are capital losses that only offset capital gains. Ask a registered tax agent.
Do I pay tax on unrealised Hyperliquid positions?
Generally no. Gains and losses are usually recognised when a position is closed or liquidated, not while it is open. Funding is paid or received while the position is open.