Hyperliquid tax in New Zealand

Updated 16 October 2026 · General information, not tax advice

New Zealand's income year runs from 1 April to 31 March. The 2025–26 IR3 is due 7 July 2026, or later through a tax agent. There's no general capital gains tax, but Inland Revenue treats most crypto as acquired to sell, so profits are usually taxable.

New: PaperTax's New Zealand defaults are awaiting review by a local tax professional. Treat them as a starting point for your adviser.

Perps and funding

Inland Revenue hasn't published guidance on perpetual futures or funding. Because most crypto is held to sell, PaperTax records perp profits as taxable income and losses as deductible in the year a position closes, with funding as income or expense. Whether the financial arrangements rules apply to USDC-settled perps is unsettled; for most individuals the result is similar. Flagged for review.

Spot trades

Selling or swapping crypto acquired to sell is taxable (section CB 4), using FIFO or weighted average cost applied consistently. PaperTax exports the trades for Koinly or Crypto Tax Calculator; its own spot figure is an estimate.

Staking, rewards and airdrops

Staking rewards are income when received, at their New Zealand dollar value. Native staking itself isn't a disposal.
Referral rewards are income.
Airdrops are income on receipt if received for services, regularly, or in a business; otherwise usually taxed only when sold.

Vaults, lending and liquid staking

Inland Revenue's January 2026 issues paper on DeFi (IRRUIP18, preliminary) treats lending and liquidity deposits, wrapping and liquid staking such as HYPE to kHYPE as a disposal and a new acquisition. PaperTax flags these for review.

NZD values and records

PaperTax reports in US dollars. Inland Revenue wants NZD values from a consistent source (converting through US dollars is allowed), with records kept for seven years.

How to get your numbers

Paste your wallet at papertax.xyz and choose New Zealand · 2025–26 or 2026–27.
Export for Koinly or Crypto Tax Calculator, or the audit pack for your accountant.

Questions

Do I pay tax on Hyperliquid profits in New Zealand?

Usually yes. Inland Revenue treats most crypto as acquired to sell, so profits are income and losses are generally deductible. There is no specific guidance on perps; ask a tax adviser.

When is the 2025–26 return due?

7 July 2026 if you file yourself, or later (up to 31 March 2027) if you have a tax agent with an extension of time.

Is swapping HYPE for kHYPE taxable in New Zealand?

Inland Revenue's preliminary 2026 DeFi paper treats liquid staking as a disposal and new acquisition. It isn't final; PaperTax flags it for review.