How to Report Your Bybit Taxes
Coinpanda has direct integration with Bybit to simplify tracking your trades and tax reporting. Calculate your taxes and generate all required tax reports and forms easily.
Prepare your tax forms for Bybit
There are a few ways you can import your transactions to Coinpanda:
- API import: Connect your account directly using API keys. This is the simplest way to synchronize all your trades and transactions automatically. Simply follow the steps below to get your API keys (key + secret) and your tax forms will be ready shortly.
- File upload: You can also upload a CSV/Excel file instead of connecting your account with API keys by following the steps explained below.
- Add manual: The last option is to manually add transactions one by one from the Transactions page. This is only recommended if you have very few transactions.
Remember also to tag your transactions if you have received airdrops, forks or staking rewards!
Supported transaction types
It is important that you import all transactions from Bybit to Coinpanda to calculate your taxes accurately. Coinpanda supports the following transaction types from Bybit today:
|Tx Type||API import||CSV file upload|
|Realized PnL (Futures)|
|Funding Costs (Futures)|
Import trades automatically with API
We are only requesting view permissions. This does not give us access to your private keys nor the ability to move your funds.
To add your Bybit account to Coinpanda, follow these steps:
- Click the user icon in the top right corner and select ‘API’.
- At the top right, click ‘Create New Key’.
- Keep the ‘API Transaction’ option selected. Give your key a name, and leave ‘Add Your API Address’ blank. Select ‘Orders and Positions’ for Key Permission, and check the ‘Read-Only’ box.
- Enter your 2FA code and click ‘Confirm’ to create the keys.
- Copy and paste your API Key and Private Key to Coinpanda.
November 25th, 2021 – Important message
We have recently completed a major upgrade to the Bybit API integration. Because of these major changes, we highly recommend reimporting all transactions if you have synced your Bybit wallet prior to this date.
The API keys created will automatically expire after 3 months. You will need to create new API keys after this period to sync new transactions to your Coinpanda wallet. If you get an error after syncing, please check that the API keys are still active before contacting Coinpanda support.
The Bybit API reports realized pnl only once a day at midnight UTC time. This means that you might see a negative balance warning on the Transactions page if you have either withdrawn or sold a coin before it was credited to your account. The solution to fix this problem is changing the timestamp for either the Realized P&L or the Trade/Send/Withdrawal transaction so that they will be arranged in the correct order.
In the example below, we will need to change the timestamp of either the Receive (Realized P&L) or Trade transaction so that they appear in the reverse order. You can change the timestamp by first clicking the three dots icon and then Edit from the menu.
Upload a CSV file to Coinpanda
The best way to export your history from Bybit is to request a complete data export:
- Log in to your Bybit account and click on ‘Help Center’ in the footer
- Click on ‘Submit a request’ in the top header
- Case Type: select ‘Account Request’
- Subject Type: select ‘How to export data history?’
- Enter your email address, and then copy+paste the following into the Description field:
I need a complete data export of my transaction history for tax purposes. Please provide the following reports for all years I have traded on Bybit:
- Assets history
- Closed profits and loss
- Trade history
- Click on Submit, and wait for the data to be sent to your email address. This can take a few days!
- Upload the CSV file(s) to Coinpanda when you have received the reports.
While we do have support for all three files, we recommend uploading only the Assets history CSV file.
If you have not received the reports after waiting three days, you can contact Bybit customer support via their live chat or email support.
Closed PNL (exported directly)
- Hover over ‘Orders and Trades’, then ‘Derivatives Order’, and then ‘Closed P&L’ in the left menu.
- Click ‘Export’ in the top right corner, then ‘Customize’, and select a time period (maximum three months).
- Click ‘Export Now’ to generate the file, and download when ready.
- Next, select the ‘USDT Perpetual’ tab and repeat the previous steps. You need to do this also for ‘Inverse Futures’ if applicable to you.
- Upload the CSV file(s) to Coinpanda.