How to do your Bybit taxes in 2022
|Transaction type||File Import||Automated Import|
Introduction to ByBit
Bybit was founded in 2018 as a cryptocurrency derivatives trading platform. It is focused on serving individual retail clients to professional derivatives traders. Bybit strives to provide a safe and easy to use location for trading, mining and staking for clients around the world. Bybit offers the best market depth , where trades are executed with minimal price impact.
Bybit offers 243 types of coins at the time of writing, which gives the user plenty of options. Bybit Earn offers users easy access to a constant APY from mining and staking products. Bybit also has an NFT marketplace that allows users to buy, sell or trade NFTs on the Ethereum ERC-721 standard. It also offers stablecoin-margined options to help you expand trading opportunities.
Do I need to pay taxes when using ByBit?
Depending on the country you pay taxes in it is likely that you will need to pay taxes on some or all of your transactions. Please refer to your country guide for more information. Assuming you need to pay taxes, follow the below steps on how to export your transaction history to begin calculating and declaring your Bybit crypto taxes.
How to export your ByBit transaction history
You can import transactions from ByBit by either into Divly by either connecting your account by API or by downloading and importing a CSV file. Make sure to download the CSV file every time you want to include the latest transactions.
You can import transactions from Bybit into Divly by using our API integration. After you have provided the API keys, Divly will be able to fetch your latest transactions anytime you click "Import Transactions" in the wallet page.
The API key will expire automatically after 3 months.
Step by step guide:
Sign in to Bybit.
Click on your account icon in the top right and then API in the submenu.
Click the button Create New Key.
Set API Transaction, enter a Name (e.g. Divly).
Check the boxes Orders, Positions, Trade, Account transfer, and Subaccount Transfer.
Click Submit and enter your 2FA code.
Copy the API Key and API Secret into Divly.
You can import Bybit transactions into Divly by downloading and importing a CSV file. Make sure to download the CSV file every time you want to include the latest transactions.
Deposits and withdrawals need to be added manually in Divly as we have not yet found an efficient way of exporting them. You can try contacting Bybit support to get a file that covers these transactions.
Step by step guide:
Sign in to Bybit.
Spot Trades: In the top right, click Orders > Spot Order > Trade History in the sidebar. You can also follow this link: Trade History. Click on Export in the top right and select the relevant time range.
Derivatives: In the top right, click Orders > Derivatives Order > Closed P&L. You can also follow this links: Inverse Perpetual. Click on Export in the top right and select the relevant time range. All Inverse Perpetual, USDT Perpetual, and Inverse Futures are included in the same file.
Deposits & Withdrawals: Go to the deposit history and manually add the transactions into Divly. Do the same on the withdraw history page. Unfortuantely, there is no way to export the transactions into a CSV file.
Drag and drop the CSV file to where it says Upload CSV. Divly will import the transactions.
ByBit transaction types
We have categorized ByBit transactions and their available export method in the below table. We have also provided information about how these transactions are handled when imported into Divly for relevant users.
Withdrawals refer to crypto transactions sent out of a ByBit account. If you sent your crypto to another crypto wallet you own, make sure it is matched as a Transfer to avoid it being treated as a sale. If the withdrawal refers to a P2P trade, gift, buying goods/services, or another transaction type, please label it accordingly when using Divly. The transaction type applied can affect your taxes.
Deposits refer to crypto transactions being sent to your ByBit account. If you received crypto from another crypto wallet you own, make sure it is matched as a Transfer to avoid it being treated as a purchase. If the deposit refers to a received gift, mining income, or another transaction type, please label it accordingly when using Divly. The transaction type applied can affect your taxes.
Crypto trades refer to crypto being purchased for fiat, crypto being sold for fiat, or trading one cryptocurrency for another. On ByBit, these transactions are respectively called Buy, Sell, and Trade. Typically a Buy is not a taxable event, yet these transactions are still required to calculate the cost basis. A Sell or a Trade are seen as taxable events in most countries.
The Inverse perpetual contracts use BTC/ETH/EOS/XRP as the base currency. Traders need to confirm traded quantities in terms of USD (Quoted currency) and then use their base currency (such as BTC, ETH) to calculate margin, profit, and loss. If a trader wants to trade a BTCUSD contract, he must use BTC as his base currency. If he trades on ETHUSD contracts, he needs to hold ETH. Divly imports these transactions as Realized Profit or Realized Loss.
USDT perpetual contract is a linear contract. The margin used for a linear contract is USDT, and calculation of margin and P&L of the perpetual contract is more direct. When trading 1 BTC and the price moves by 100 USDT, the profit/loss of the trader will be 100 USDT. Divly imports these transactions as Realized Profit or Realized Loss.
Bybit’s futures contracts are futures that have a predetermined settlement date and all positions have to be settled latest by a specific date. Inverse futures just mean that the payoff structure for your position is non-linear. The P&L is calculated so that the profit on the collateral you use matches the denomination of the contract as price adjusts. Divly imports these transactions as Realized Profit or Realized Loss.
Common issues when calculating your ByBit taxes
The ByBit files do not always contain all the withdrawal and deposit information while the API does not import trades for more than the previous year. If you are facing issues we recommend the following:
Add the ByBit API
Go to the transactions page and filter for ByBit as well as for trades
Delete all trades (to avoid duplicates with the files)
Upload the CSV files
Another possibility is to contact ByBit support to request a file containing your withdrawals and deposits and uploading this along with your files. For example:
"I kindly ask for an XLS file containing all my Bybit deposits and withdrawals for every trading pair within the date range of YYYY-MM-DD to YYYY-MM-DD."
If you have any issues with calculating your ByBit taxes, feel free to contact our support team which is available via the online chat on the bottom right hand corner of our website. Good luck!
Any tax-related information provided by us is not tax advice, financial advice, accounting advice, or legal advice and cannot be used by you or any other party for the purpose of avoiding tax penalties. You should seek the advice of a tax professional regarding your particular circumstances. We make no claims, promises, or warranties about the accuracy of the information provided herein. Everything included herein is our opinion and not a statement of fact. This article may contain affiliate links.