Hyperliquid tax in the UK

Updated 16 October 2026 · General information, not tax advice

The UK tax year runs from 6 April to 5 April. Hyperliquid results from 6 April 2025 to 5 April 2026 go on your 2025–26 Self Assessment, due online by 31 January 2027.

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

Perps: what HMRC does and doesn't say

HMRC's Cryptoassets Manual says it doesn't generally apply to crypto derivatives (CRYPTO10150). The closest guidance is for contracts for difference: each close is one gain or loss, with fees and financing inside it (CG56100). PaperTax follows that by default, recording each close as a chargeable gain or allowable loss. It could instead be miscellaneous income, and HMRC says individuals trade crypto only in exceptional circumstances (CRYPTO20250). Your adviser should confirm which applies.

Funding payments

HMRC has no guidance specific to funding. Following the CFD treatment, PaperTax treats funding as part of each position's result and lists it per market so you and your adviser can decide.

Spot trades and pooling

Each token has its own section 104 pool, and disposals are matched first to same-day buys, then buys in the next 30 days (CRYPTO22200). That has to be done across all your wallets, so PaperTax exports your spot trades for Koinly or Crypto Tax Calculator, which apply UK pooling. The figure PaperTax shows is an estimate.

Staking, rewards and airdrops

HYPE staking rewards are generally miscellaneous income at their sterling value when received (CRYPTO21200).
Referral rewards are generally income too. The £1,000 trading and miscellaneous income allowance may cover small amounts.
Airdrops are income if received for doing something; otherwise CGT applies when you sell (CRYPTO21250).

Vaults, DeFi and stablecoins

Under current guidance, depositing tokens where ownership passes to a protocol can be a disposal (CRYPTO61620). Draft rules published in July 2026 would make lending and liquidity pools "no gain, no loss" from 6 April 2027 and exempt most stablecoin disposals from CGT. They aren't law yet, and liquid staking isn't covered. PaperTax flags these events for review.

Sterling values and rates

PaperTax reports in US dollars (USDC). HMRC wants sterling at a reasonable, consistent exchange rate (CRYPTO23000); Koinly and Crypto Tax Calculator convert on import. For 2025–26, CGT is 18% within the basic rate band and 24% above, with a £3,000 annual exempt amount.

How to get your numbers

Paste your wallet at papertax.xyz and choose United Kingdom · 2025–26.
Review each venue, then export for Koinly or Crypto Tax Calculator, or the audit pack for your accountant.

Questions

Are Hyperliquid perps taxed as capital gains in the UK?

There is no HMRC guidance on crypto perps. By analogy with contracts for difference (CG56100), PaperTax records each close as a chargeable gain or allowable loss, but it could be miscellaneous income. Ask a UK tax adviser.

When is the 2025–26 Self Assessment due?

31 January 2027 for online returns, which is also when the tax is due. Paper returns were due 31 October 2026.

Does PaperTax apply the UK 30-day rule?

Pooling and the same-day and 30-day rules have to be applied across all your wallets, so PaperTax exports your trades for Koinly or Crypto Tax Calculator, which apply them.