PaperTax vs Koinly for Hyperliquid
Koinly is a full crypto tax platform for your whole portfolio. PaperTax is a specialist for Hyperliquid, HIP-3 and Papertrade. Many traders get the best result from both: PaperTax for the Hyperliquid side, imported into Koinly for everything else. We make PaperTax, so read this with that in mind; we've tried to be fair.
The short answer
- Only trade on Hyperliquid, HIP-3 or Papertrade? PaperTax alone gives you the records, Koinly and Crypto Tax Calculator files, and an accountant summary, from $29 for the year.
- Also use exchanges or other chains? Use Koinly (or Crypto Tax Calculator) for the full report, and import PaperTax's CSV for the Hyperliquid and Papertrade parts it may not read on its own.
- Mostly spot on many exchanges, little on Hyperliquid? Koinly on its own is probably enough.
Side by side
| PaperTax | Koinly | |
|---|---|---|
| Hyperliquid perps | Yes: closes, liquidations, fees, per market | Yes, through its Hyperliquid wallet sync |
| Funding payments | Summed per market per day and flagged for review | Imported automatically, per independent reviews |
| HIP-3 markets | Each builder (trade.xyz, Paragon…) shown as its own venue | Not listed separately in Koinly's documentation |
| Papertrade | Trades, liquidations, PAPER mints and staking | Papertrade trades don't move tokens to your wallet, so wallet-based imports generally miss them |
| Spot, HLP vaults, HYPE staking | Yes, with vault gains from Hyperliquid's own cost basis | Check your import; coverage varies by activity |
| Other exchanges and chains | No: Hyperliquid, HyperEVM and Papertrade only | Yes, hundreds of integrations |
| Tax reports | Exports for Koinly and CTC, accountant summary, audit pack with every figure tied to its transaction | Full capital gains and income reports for many countries |
| Pricing | $29–$99 per wallet and tax year, or Trader $99 a year | Annual plans by transaction count, from about $49 (October 2026) |
| Free option | Free preview, no account | Free import; reports need a paid plan |
Where PaperTax helps most
- Funding that shows as $0. Reviewers of perps tax tools point out that a year of perps with $0 funding income is almost never right. PaperTax lists every market's funding so you can check.
- Papertrade and HIP-3. Venues general tools don't read or don't separate.
- An accountant who wants evidence. The audit pack ties every number to a transaction hash and a rules version.
- Transaction-count pricing. Busy perps accounts generate thousands of funding and fill rows. PaperTax prices one wallet and year, not per transaction.
Using both together
- Read your wallet at papertax.xyz and pick your tax year.
- Export the Koinly CSV for the venues Koinly doesn't already cover (for example Papertrade and HIP-3).
- In Koinly, import it as a separate wallet. If Koinly already syncs your Hyperliquid perps, untick that venue in PaperTax first so nothing is counted twice. Full steps: importing into Koinly or CTC.
Questions
Is PaperTax a replacement for Koinly?
Not if you trade elsewhere too. PaperTax covers Hyperliquid, HIP-3, HyperEVM and Papertrade in depth and exports a CSV Koinly can import. Koinly covers your whole portfolio and produces the final report.
Does Koinly support Papertrade?
Papertrade trades settle inside its exchange contract rather than as token transfers to your wallet, so wallet-based imports generally miss them. PaperTax reads Papertrade's account history and exports it for Koinly.
Will I double count if I use both?
Only if both import the same venue. Untick any venue in PaperTax that Koinly already syncs before exporting.
Sources
- Koinly
- Best crypto tax software for perps traders (Hyperliquid Guide)
- Crypto tax software pricing compared (CoinLaw)