The short answer: no form is coming
Hyperliquid is a non-custodial exchange on its own L1 — no KYC, no account statements, no 1099-DA. The DeFi broker rule that would have pushed reporting onto front-end and wallet providers was repealed in April 2025, so no form from this venue is coming this year or next.
That doesn't put you outside the 1099-DA system — it puts you asymmetrically inside it. Every custodial exchange you use to move money on or off Hyperliquid files one. The venue where your trading actually happened is the one place the IRS gets no paper.
What 1099-DA is this season
Form 1099-DA (Digital Asset Proceeds From Broker Transactions) is new: brokers must report gross proceeds for transactions on or after January 1, 2025, and the first forms go out early in 2026 for tax year 2025. Cost-basis reporting phases in a year later — covered securities acquired in 2026 onward get basis reported on the 2026 forms.
Two consequences fall out of that phase-in. This season's forms show proceeds only — the basis column is often blank or zero even where the exchange could know it. And transfers are not the exchange's business: what you deposited to them from a non-custodial venue arrives with no history attached.
The asymmetry trap
Say you withdrew USDC from Hyperliquid to a custodial exchange and sold there. The exchange reports that sale to the IRS as proceeds — but it never saw the perp closes, funding and fees that produced the balance. On paper you have unexplained proceeds; the record explaining them lives entirely on-chain.
The same gap runs the other direction: if the exchange later reports basis, it only knows its own purchase price — not the lot history that asset carried in from Hyperliquid. Without a reconstructed record, either side of the boundary understates or overstates your real gain.
Building what the form would have contained
A 1099-DA is just a summary of fills plus proceeds. The on-chain equivalent is fully public: every fill with timestamp, price, size, closed PnL and signed fee — if you pull it from a chain indexer. The venue's own fill endpoint forgets everything older than roughly 30 hours, so a 'complete history' built on it is silently a stub.
Basisproof recomputes exactly that record: fills, funding, signed fees, boundary flows — verified on two independent axes — then emits Form 8949 rows, TurboTax and Koinly import files. It produces the line items a 1099 would have summarized, with the arithmetic checkable against the venue's own data.
Common questions
?Does Hyperliquid issue a 1099-DA?
No. It is a non-custodial venue — no KYC, no statements — and the April 2025 repeal of the DeFi broker rule removed the only rule that could have pushed reporting onto its front-end. No form this season or next.
?Will Hyperliquid ever send a 1099?
Not under current rules. 1099-DA applies to brokers that custody assets; a venue that never takes custody and collects no KYC has nothing to report on. A future rule change is possible, but nothing in force this season produces a form.
?My exchange sent a 1099-DA with proceeds but blank basis — is that an error?
Usually not. For tax year 2025 forms, brokers are only required to report gross proceeds — basis reporting phases in for assets acquired in 2026. And basis for anything you transferred in from Hyperliquid is unknowable to the exchange either way; it comes from your reconstructed record.
?Does no 1099 mean the IRS can't see my Hyperliquid activity?
The ledger is public and permanent — every fill is visible to anyone with your address. Attribution comes from the edges: KYC'd on-ramps report under 1099-DA and subpoenas link wallets to people. Absence of a form is not a shield; it just means the paperwork burden is on you.
?Does 1099-DA change how perps or funding are taxed?
No — it is a reporting form, not a change in tax law. The underlying treatment questions (capital vs ordinary, how to treat funding) are unchanged; the form only changes what the IRS can already see.
See the record a form would have summarized — free
Paste your address and the check recomputes every fill, sums funding and signed fees, and closes the account-value identity — the same line items a 1099-DA would report, verified.
Run the free check