Hyperliquid tax in Spain

Updated 19 October 2026 · General information, not tax advice

Spain taxes individuals (IRPF) by calendar year. Your 2026 results go in the Renta 2026 return, filed in the campaign expected from early April to 30 June 2027, or 25 June if you pay by direct debit (Renta 2025 ran from 8 April to 30 June 2026). Hyperliquid and papertrade results are generally capital gains and losses in the savings base.

New: papertax's Spanish defaults are awaiting review by a local tax professional. Treat them as a starting point for your adviser (asesor fiscal).

Perps are savings base gains and losses

The Agencia Tributaria hasn't published guidance on crypto perpetuals. The closest ruling is the DGT's on CFDs and currency contracts (V0597-18): results are capital gains and losses (ganancias y pérdidas patrimoniales) in the savings base (base del ahorro), with commissions inside the result. papertax records each close or liquidation that way, with funding inside the position's result too. The same ruling left overnight interest out but kept currency rollover swaps in; funding is closer to a rollover swap. Both are flagged for your adviser.

Savings base rates

Net savings income is taxed at 19% up to €6,000, 21% to €50,000, 23% to €200,000, 27% to €300,000 and 30% above that.

Losses

Capital losses offset capital gains in the savings base. A net loss can reduce up to 25% of positive capital income such as interest, dividends or staking rewards, and the rest carries forward four years.

Spot trades, swaps and FIFO

Selling crypto, or swapping one token for another (permuta), is a disposal (DGT V0999-18). The oldest units are treated as sold first (FIFO, DGT V1604-18), and practitioners apply that across all your wallets. The Basque Country and Navarre have their own rules, and a Basque court rejected FIFO for crypto in 2025. papertax exports the trades for Koinly or Crypto Tax Calculator to apply FIFO in euros; its own spot figure is an estimate.

Buying back after a loss

The two-month rule covers listed securities, not crypto. A one-year rule for other assets may defer a loss if you buy the same token back within a year of selling it, until you sell what you bought. There's no DGT ruling on crypto, so papertax flags spot losses for review.

Staking, rewards and airdrops

Staking rewards are capital income (rendimientos del capital mobiliario) in the savings base at their euro value when received (DGT V1766-22).
DeFi lending and liquidity returns are capital income too (DGT V0648-24). HLP is a market-making vault rather than lending, so papertax flags vault results for review.
Airdrops are a gain not from a transfer, taxed in the general base at progressive rates, at their value when received.
Liquid staking and vaults, such as HYPE to kHYPE, have no specific guidance and may be a permuta. Flagged for review.

Euros and reporting

papertax reports in US dollars. Convert each amount to euros at the exchange rate for its date, such as the European Central Bank's. Spot sales and swaps go in the virtual currencies section of the Renta return (from box 1800); perp results aren't transfers of crypto, so ask your adviser where they go. Modelo 721, filed from 1 January to 31 March, covers crypto held for you by foreign custodians worth more than €50,000 on 31 December; assets in your own wallet are outside it. Crypto Tax Calculator (now Summ) maps its Spanish report to the Renta boxes.

How to get your numbers

Paste your wallet at papertax.xyz/tax and choose Spain · 2026 or 2025.
Export for Koinly or Crypto Tax Calculator (now Summ), or the audit pack for your adviser.

Questions

How are Hyperliquid perps taxed in Spain?

There is no specific guidance. Following the DGT's ruling on CFDs (V0597-18), papertax records each close as a capital gain or loss in the savings base, taxed from 19% to 30%, and flags it for your adviser.

Can I offset Hyperliquid losses in Spain?

Capital losses offset capital gains in the savings base; a net loss can reduce up to 25% of positive capital income and carries forward four years.

Do I need to file Modelo 721 for Hyperliquid?

Modelo 721 covers crypto held for you by foreign custodians above €50,000 on 31 December. Assets in your own wallet are outside it, and Hyperliquid doesn't hold your keys; ask your adviser about your setup.