Does Hyperliquid report to the IRS?
updated october 2026 · ~4 min · not tax advice
The direct answer
No. Hyperliquid issues no 1099-B, 1099-MISC, or any other information return. The venue has no KYC pipeline collecting your name, SSN, or address — it knows a wallet address and nothing else. There is no account for the IRS to send a summons to in the way it has with centralized brokers.
That is where most articles stop, and it is only half the picture. 'Does not report' is not the same as 'cannot be seen.'
What is actually visible
Hyperliquid's ledger is public. Every fill, every funding payment, every deposit and withdrawal between your perp and spot accounts is recorded against your address, timestamped, and retrievable by anyone — including the independent indexers this site reads. There is no off-chain private trade log; the chain IS the log.
A wallet address is pseudonymous, not anonymous. The link from address to person is usually made somewhere else entirely: the exchange that sent USDC to fund the wallet, the OTC desk that wired the proceeds, the bank behind the fiat ramp.
How wallets get linked to people
Centralized venues report. Coinbase, Kraken and others issue 1099s and have responded to IRS John Doe summonses covering thousands of accounts. If your Kraken account withdrew to an address that then deposited to Hyperliquid — a transfer visible to anyone — the chain between 'a taxpayer Kraken knows' and 'a wallet that traded perps' is one hop.
The 1040 also asks directly. The digital-assets question on the front of the return ('did you receive, sell, exchange or otherwise dispose of any digital asset?') is answered under penalty of perjury. The venue's silence doesn't change what you signed.
None of this is an argument that anyone specific will be audited. It is a description of the mechanism: reporting comes from the KYC venues and the public ledger, not from Hyperliquid itself.
What that means for your record
The filing obligation doesn't depend on receiving a form. Without a 1099, the IRS has no number to match yours against — which cuts both ways: nobody checks a wrong number for you, and nobody pre-fills a right one either. The record quality is entirely on you.
The practical consequence is that your cost basis, holding periods and gain math have to come from your own fills — reconstructed, not downloaded. That reconstruction is exactly what Basisproof does: fills, funding and fees recomputed from the public ledger and exported as auditable rows.
Common questions
?Does Hyperliquid send any tax forms?
No. No 1099 of any kind, no year-end statement. The venue has no identity information to put on one.
?If there's no 1099, do I still have to report?
Under US law, yes — the obligation attaches to the income and dispositions, not to whether a form was issued. What you report and how is between you and your preparer.
?Can the IRS see my Hyperliquid trades?
Anyone can see the trades — the ledger is public. The open question is attribution: linking an address to a person typically goes through KYC venues, bank ramps, or on-chain analysis, not through Hyperliquid.
?Do decentralized exchanges ever report?
The 2024 US broker-reporting rules that would have covered some DeFi front-ends were rescinded in 2025. As of now, no — but rulemaking continues and the public ledger doesn't expire. Filing positions should not depend on the venue staying silent.
Your record exists — recomputed
Everything the venue never reported is still on the public ledger. Run the free check to see your realized PnL, funding and fees reconstructed fill by fill — no account, no upload.