Form 8949 is where dispositions of property get itemized before flowing to Schedule D. For Hyperliquid, that means your closed perp positions and your spot sells. Here is what goes in each column and where the traps are.
The practical convention: each closing fill (or closed position) is one short-term realized event. Hyperliquid reports realized PnL on every closing fill, which gives you a defensible, exchange-sourced number for each row:
| 8949 column | What to put there |
|---|---|
| (a) Description | Size and market, e.g. "8.97 ETH-PERP (Hyperliquid)" |
| (b) Date acquired | "VARIOUS" is accepted for margined positions built across fills |
| (c) Date sold | The closing fill date |
| (d) Proceeds | Close notional (price × size) |
| (e) Cost basis | Proceeds minus exchange-reported PnL, plus the fee |
| (h) Gain/(loss) | PnL net of fees. Columns then reconcile exactly. |
Because there's no broker 1099-B for Hyperliquid, these typically go in Part I with Box C checked (short-term, not reported on a 1099-B). With thousands of rows, most preparers attach the detail as a statement and enter totals.
Spot sells match against your buys, first in first out by default. The trap: tokens you deposited from another wallet have no purchase record on Hyperliquid. Software that silently assigns them a fake basis is doing you a disservice. The correct handling is to flag those rows, pull the real acquisition cost from the wallet you bought them in, and adjust. If you leave basis at $0, you overstate your gain and overpay.
The mechanical work is pulling every fill from Hyperliquid's public API, categorizing each one, computing the columns, and formatting the CSV. Settled automates exactly that: paste your address, preview your totals free, and download a Form 8949 CSV where every row reconciles against exchange-reported PnL, plus Koinly and CoinTracker imports and a separate funding schedule.
Free preview of your real totals in seconds. Full downloads $29 per tax year. Computed in your browser; nothing is uploaded.
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