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How to Report Your Bybit Taxes

Coinpanda integrates directly with Bybit to simplify your tax reporting. Learn how to calculate your taxes and generate all required tax documents for Bybit quickly.

API Import
CSV File Upload
Connect to Bybit

Supported transactions

To calculate your taxes accurately, you must import all transactions from Bybit to Coinpanda. Coinpanda supports the following transactions from Bybit today:

Tx TypeAPI importCSV file upload
Deposits and withdrawalscheck solid greencheck solid green
Spot trades*check solid greencheck solid green
Earn historycheck solid greencheck solid green
Airdrops/rewards/bonusescheck solid greencheck solid green
Realized PnL (futures)check solid greencheck solid green
Funding costs (futures)check solid greencheck solid green
Trading fees (futures)check solid greencheck solid green
Classic and unified accountcheck solid greencheck solid green
* Spot history is only available from the last 6 months from API
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How to connect Bybit with API

We are only requesting view permissions. This does not give us access to your private keys or the ability to move your funds.

Follow these steps to add your Bybit account to Coinpanda with API:

  1. Hover over the user icon in the top-right corner and select ‘API’
    (https://www.bybit.com/app/user/api-management)
  2. Click ‘Create New Key’
  3. Keep the ‘API Transaction’ option selected, give your key a name (ex: Coinpanda), and select ‘No IP restriction’
  4. Select all the options below for ‘Permission’ and click ‘Submit’
  5. Enter the email verification code and 2FA code, then click ‘Confirm’
  6. Copy the API Key and API Secret to Coinpanda

January 17th: A brand new Bybit integration has been released today. Because there are several limitations with the Bybit API, we highly recommend reading the new Bybit article to ensure maximum accuracy of your imported transactions.

Learn more: https://coinpanda.io/blog/bybit-taxes/

The API keys created will automatically expire after 90 days. To avoid creating new API keys every three months, click “Edit” and “Submit” to reactivate the existing API keys. If you get an error after syncing, please check that the API keys are still active before contacting Coinpanda support.

Spot trades can only be imported from the last six months (183 days). If you are importing from API, you must also upload a CSV if you have older spot trades than this.

How to connect Bybit with CSV

Follow these steps to export your transactions from Bybit:

Please read the Bybit tax guide carefully before you import transactions from CSV files. Bybit lets you export many CSV files that should NOT be uploaded. Only the required files are supported today.

If you still have questions after reading the blog article linked above, you can message us in the live chat.

Account statement

  1. Log in to your Bybit account and go to the Export Account Statement page
    (https://www.bybit.com/user/assets/exportStatment)
  2. Select ‘Account Change Details’
  3. Select ‘Derivatives/Inverse Derivatives’
  4. Make sure all checkboxes are selected
  5. Select a custom date range up to one year, such as 2023-01-01 -> 2023-12-31
  6. Click ‘Export’
  7. Repeat the previous steps for all years to export files containing transactions from all years
  8. Download the files when ready. Note that the requests may take 2-5 days to complete.
  9. Upload the CSV file(s) to Coinpanda

You may also need to upload the Earn History CSV file since the Account Statement file only includes Earn transactions after March 1st, 2023.

Earn history

  1. Go to the Earn history page
    (https://www.bybit.com/en/earn/wallet-records)
  2. Click ‘Export’ in the top-right corner
  3. Select a custom date range up to six months, such as 2023-07-01 -> 2023-12-31
  4. Click ‘Export’ and download the file when it’s ready
  5. Repeat the previous steps to export files containing transactions from all years
  6. Upload the CSV file(s) to Coinpanda

Spot trade history

  1. Go to the Spot trade history page
    (https://www.bybit.com/user/assets/order/fed/spot-history/active)
  2. Click ‘Export’ in the top-right corner
  3. Select a custom date range up to six months, such as 2023-07-01 -> 2023-12-31
  4. Click ‘Export Now’ and download the file when it’s ready
  5. Repeat the previous steps to export files containing transactions from all years
  6. Upload the CSV file(s) to Coinpanda

How are Bybit transactions taxed?

The exact tax implications on Bybit transactions depend on which country you live in and the type of transactions you have made. In general, you must pay either capital gains tax or income tax on your cryptocurrency transactions on Bybit.

  • Capital gains tax: Whenever you sell a cryptocurrency for more than you purchased it for, you generate a capital gain. On the other hand, if you sell the cryptocurrency for less than you paid initially, you have a capital loss, which can offset other gains in most cases.
  • Income tax: Earned cryptocurrency on Bybit, such as staking, interest, bonuses, and referral rewards, is typically seen as taxable income from a tax perspective and must be reported in your tax return.

To learn more about how Bybit transactions are taxed in your country, we recommend reading our in-depth guides to cryptocurrency taxes.

How do I file my Bybit taxes?

First, you must calculate capital gains and income from all taxable transactions on Bybit. When you have this information ready, you can report capital gains and income together with other forms of income such as employment and dividends in your annual tax return.

To calculate your capital gains, you must first export a complete history of all transactions made on Bybit. Once you have this data, you can calculate your capital gains or losses by determining the price at which you bought the cryptocurrency (your cost basis) and the price at which you sold it (your proceeds). Luckily, Coinpanda can help you with this and generate ready-to-file tax forms quickly and easily.

After downloading your Bybit tax statements from Coinpanda, the last step is to report the capital gains and income on your tax return before the deadline. Most countries allow you to self-declare taxes online in 2023, but you can also get help from a professional tax accountant to file taxes for you.

Calculate your Bybit taxes

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How do I troubleshoot the imported Bybit transactions to Coinpanda?

While we strive every day to ensure the highest possible accuracy for importing transactions from Bybit to Coinpanda, it can happen that either not all transactions are imported or that some data is imported incorrectly. Some reasons for this can be:

  • Changes in the Bybit API
  • Updated CSV file format
  • Bybit does not provide a complete record of all transactions

To get the best help from Coinpanda support, you must first identify which transactions are missing or incorrectly imported. To do this, we recommend comparing your transaction history on Bybit with the transactions imported into your Coinpanda account. See also our help article with an overview of known exchange API limitations.

The quickest way to get help from our dedicated support team is to send a message in the Live Chat.

Start Live Chat!

Other options for contacting support:

01
Forum

Find answers in our community forum

02
Email

Create a support ticket by email

03
Twitter / X

Ask or send us a message on Twitter

04
Discord

Chat with our support team on Discord

Frequently asked questions

Does Bybit provide tax documents?

No, Bybit does not provide complete and ready-to-file tax documents. This is because Bybit does not have knowledge of your transactions on other exchanges, platforms, or from your self-custody wallets.

How do I get Bybit tax documents?

The easiest way to get tax documents and reports is to connect your Bybit account with Coinpanda which will automatically import your transactions. After that, you can download complete tax reports for Bybit.

Does Bybit provide financial or end-of-year statements?

No, Bybit does not provide a complete financial or end-of-year statement for your crypto transactions. However, you can get this using a crypto tax calculator.

Do I have to pay taxes on Bybit?

Yes, all transactions on Bybit involving the disposal of a crypto asset are in most cases taxable. You must also pay income tax on earned crypto such as staking, interest, or referral rewards.

Is transferring to Bybit taxable?

No, transferring cryptocurrency to Bybit is not taxed as long as you transfer between your personal wallets or exchange accounts.

How do I avoid paying taxes on Bybit?

It is impossible to avoid paying taxes completely on Bybit legally if you live in a country that taxes cryptocurrency. However, there are several ways you can reduce your taxes, such as tax loss harvesting.

Can Bybit calculate my taxes?

Bybit cannot calculate your taxes since it does not have knowledge of your transactions made on other exchanges or platforms. However, if you have only interacted with crypto on Bybit your entire life, it could technically do so.

Is Bybit safe?

Bybit is generally considered to be a safe exchange. Although Bybit follows industry best practices for safety and to prevent malicious attacks, there is always a risk associated with keeping your crypto on centralized third-party exchanges including Bybit.

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