Hyperfolio vs Koinly (2026): Real Hyperliquid PnL Tracking vs Tax Reports

Koinly is a mature crypto tax platform, but it is not a Hyperliquid PnL tracker. Tax reports cost between $49 and $199+ per tax year, the free tier stops at 10,000 transactions, and both user reports and independent tax specialists have documented perp fills and funding payments missing from Hyperliquid imports. Hyperfolio is the opposite: paste any Hyperliquid address and instantly see the real PnL — fees, funding, realized and unrealized — for free and without registration, with clean exports ready for your tax software when you do need to file.

Trading perpetuals on Hyperliquid feels simple — until you ask the question every serious trader eventually asks: what did I actually keep? The exchange shows you one PnL number, but that number does not include the fees you paid on every entry and exit, nor the funding you absorbed while holding positions through each funding interval. And when tax season arrives, the question gets more expensive: your real, auditable PnL is exactly what your tax software needs, and exactly what most trackers cannot give you.

Koinly is usually the first name that comes up when the conversation turns to crypto taxes. It is a well-known, polished product, and for filing it works. But there is a growing gap between what Koinly is — a tax reporting engine — and what Hyperliquid traders actually need day to day: a real-time, per-wallet, per-position view of their PnL with fees and funding broken out. This comparison shows you, with real numbers, where each tool wins, and why the smartest workflow uses both: Hyperfolio for tracking, Koinly for filing.

Koinly solves taxes, not PnL tracking

Koinly is a cryptocurrency tax platform. You connect wallets and exchanges, it imports your transaction history, and it generates the reports tax authorities expect: Form 8949 and Schedule D in the US, Self Assessment in the UK, and equivalents in dozens of countries. It supports cost-basis methods such as FIFO, LIFO and HIFO, and it handles thousands of exchanges and chains.

What Koinly is not is a real-time portfolio tracker for Hyperliquid. Concretely:

• No per-wallet PnL dashboard. You get a portfolio view tied to tax periods, not an instant breakdown of what a wallet made yesterday, this week or this month.
• No position-level fees and funding view. The data exists in your import, but the product is not built to answer "how much did funding cost me on that ETH trade?"
• No push alerts. Koinly does not notify you when a wallet you follow opens a big position or when your own positions move.
• No smart money tools. There is no equivalent of tracking top Hyperliquid traders and their flows.
• Reports are paid. Tracking is free, but the actual tax report is a paid product, priced by transaction count per tax year.

That last point matters more than it looks. Koinly's pricing as of 2026 is simple and public: a free tier that covers up to 10,000 transactions, then Newbie at $49, Hodler at $99 and Trader from $199 per tax year, scaling with your transaction volume (regular accounts support up to 100,000 transactions). If you trade Hyperliquid perps actively, 10,000 transactions disappears quickly — every fill, every transfer, every funding payment counts — and the report you need for filing can cost you $199 or more.

Koinly and Hyperliquid: what actually gets imported

Koinly does have a Hyperliquid integration, and it works for many users. But the deeper you go into perpetuals, the more important it is to verify what actually came through your import. Independent tax specialists and user reports in 2026 point to a recurring problem: Koinly's Hyperliquid import can skip perp fills and funding payments, effectively importing spot and transfer activity while leaving trading PnL out of the picture.

This is not a niche complaint. In r/CryptoTax, users have reported misrepresented futures PnL, missing transactions and negative balances after connecting derivatives accounts. Guides from tax-adjacent services document the same failure modes: missing cost basis, duplicate transactions, and derivative positions that never make it into the report. The uncomfortable part is the timing: with Koinly, you typically discover the gap only when you pay for the report and start reconciling — at tax time, when fixing it is slow and stressful.

Takeaway: a tax report is only as good as the data behind it. If perp fills and funding never reached the import, your "profit" is wrong in both directions — and you only find out weeks before the deadline.

Hyperfolio vs Koinly: side-by-side comparison

Here is the quantitative comparison, with current pricing and real feature limits. Hyperfolio is a read-only portfolio tracker for the Hyperliquid ecosystem; Koinly is a tax reporting platform.

Feature	Hyperfolio	Koinly
Price	Free, unlimited lookups	Free tracking (10,000 tx limit); reports from $49/yr, Trader from $199/yr
Sign-up required	No — search any address	Yes, account required
Real-time PnL per wallet	Yes, instant	No — tax-period oriented
Fees and funding breakdown	Yes, per position and per wallet	Partial — perp fills and funding can be missed in imports
Per-position PnL (realized/unrealized)	Yes	Not in real time
Push alerts without Telegram	Yes	No
Smart Money Radar (top traders)	Yes	No
Multi-venue tracking (AsterDEX, Lighter, Robinhood Chain)	Yes	No
Official tax reports (Form 8949, etc.)	No — exports data for tax tools	Yes — 20+ countries, audit-ready
Cost-basis methods (FIFO, LIFO, HIFO)	No	Yes
Best for	Knowing your real PnL every day	Filing once a year

The pattern is clear: Koinly wins at the final mile of tax filing, and Hyperfolio wins at everything that happens before it — knowing what you actually earned, in real time, per wallet, without paying or registering. If you want to see your own Hyperliquid PnL broken down by fees, funding and position try the free tracker — it takes ten seconds and there is nothing to sign up for.

Where Koinly still wins

Honesty matters in a comparison like this. Koinly has real strengths, and pretending otherwise would be bad advice:

• Official tax forms. When it is time to file, Koinly generates the actual documents (Form 8949, Schedule D and country-specific equivalents) in an audit-ready format. Hyperfolio does not — it is a tracker, not a tax engine.
• Cost-basis control. FIFO, LIFO, HIFO and other methods let you optimize how gains are calculated. That is a tax feature, and a good one.
• Breadth. Thousands of exchanges and chains, mature support and years of edge cases handled. For a multi-chain portfolio beyond Hyperliquid, Koinly is the more complete filing tool.
• Reconciliation workflow. Once the data is correct, Koinly's reconciliation tools help you find the gaps — which is precisely why you should verify your perp data before you rely on the report.

So the real question is never "Koinly or Hyperfolio?". The real question is when to use each. Use Koinly when you file. Use a real tracker for everything else — because if you only look at your PnL when you file, you have been trading blind all year.

The workflow that actually works: track with Hyperfolio, file with Koinly

The strongest setup combines both tools, and it costs you nothing until filing day:

1. Paste any Hyperliquid wallet into Hyperfolio. No account, no connection, no risk: it is read-only. You can check your own wallet or any address you want to follow.
2. Read your real PnL. Fees, funding, realized and unrealized gains per position, updated in real time. This is the number the exchange does not show you.
3. Set push alerts and follow smart money. Know when your positions move and what top traders are doing, without Telegram bots.
4. Export when you are ready to file. Hyperfolio gives you the trade history you need; see our guide on exporting Hyperliquid trade history to CSV for the exact methods.
5. Import into Koinly and pay only for the report. With verified data, the import is clean, the report is accurate, and you pay one annual fee instead of discovering missing perps in March.

For the tax side of the equation, our complete Hyperliquid taxes guide covers how perp PnL, funding and HYPE are treated in the US, UK and EU — worth reading before you file.

Frequently asked questions

Is Koinly free for Hyperliquid taxes?

Tracking is free up to 10,000 transactions, but generating a tax report is paid: Newbie starts at $49 and Trader at $199 per tax year. Active Hyperliquid traders burn through 10,000 transactions quickly, since every fill and funding payment counts.

Does Koinly import Hyperliquid perps correctly?

The Hyperliquid integration exists, but user reports and independent tax specialists have documented perp fills and funding payments missing from imports. Always verify your perp data made it in — ideally by comparing against a real PnL breakdown — before you pay for a report.

What is the best free Hyperliquid PnL tracker?

Hyperfolio is the only tracker we know that shows real per-wallet PnL with fees, funding and per-position breakdowns for free, without registration, and even lets you look up any address. You can see your PnL broken down right now.

Do I still need Koinly if I use Hyperfolio?

For filing, yes: Hyperfolio is a tracker, not a tax engine, and Koinly remains a solid choice for official reports and cost-basis control. The winning combination is tracking with Hyperfolio all year and paying Koinly only for the final report.

Can Koinly send alerts for my Hyperliquid positions?

No. Koinly has no push alert system for positions or followed wallets. Hyperfolio's push alerts work without Telegram and cover your own positions plus the wallets you follow.

Track your real PnL before you pay for a tax report

Koinly is a good product for what it does — filing taxes. But it is not where you should discover your PnL, and its Hyperliquid perp imports have documented gaps that you only find at the worst moment. Hyperfolio fills that gap for free: real PnL with fees and funding, per wallet and per position, for any address, with no sign-up and no wallet connection.

Try the free tracker now: connect your wallet or search any Hyperliquid address to see your real PnL — fees, funding and all — in seconds. And when tax season comes, you will finally have the right numbers to file with.