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Ease of filing taxes with Bybit
Overall score: 88/100
Ease of filing taxes with Bybit
Overall score: 88/100
Crypto taxes on Bybit: You’re in the right place
Filing cryptocurrency taxes can feel overwhelming. The rules are complicated, and official guidance often does not answer all your questions.
At the same time, tax authorities are getting more access to data from crypto exchanges, including platforms like Bybit. More exchanges are required to share information about your transactions.
That’s exactly why Divly exists. We built a tool that guides you step-by-step to file your taxes in full compliance with local regulations—without the stress or guesswork. In this guide, we’ll show you exactly how to report your transactions made on Bybit.
Do I pay tax on Bybit?
Possibly. In the tax year you are filing for, activity on Bybit can create taxable gains or income depending on where you are tax resident and the transactions you made. Crypto tax rules, rates, allowances and reporting methods differ by country, so check the rules that apply to you before filing.
Which Bybit transactions are usually taxable?
- Selling crypto for cash or another fiat currency can create a gain or loss.
- Swapping one cryptocurrency for another can be taxable, even if no cash reaches your bank account.
- Paying for goods or services with crypto may be treated as a disposal.
What may not be taxable?
Moving your own crypto between wallets or exchanges is commonly not a taxable event, although it is still important to keep records. Buying crypto with fiat is also often not taxed immediately; later sales, swaps or spending can change that.
What rate or holding-period rule applies?
There is no single answer for the current tax year. Your country may use capital-gains rules, income rules, exemptions, thresholds or holding-period treatment, and those rules can change. See Divly’s country crypto tax guides for the applicable details.
How to export your Bybit transaction history
You can bring your Bybit transactions into Divly in the ways below. Divly imports them, calculates your gains and income, and prepares the report for your tax return.
Automatic import (API) Recommended
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.
- Sign in to Bybit.com or Bybit.eu.
- Click on your account icon in the top right and then **API** in the submenu.
- Click the button Create New Key and select System-generated API Keys.
- Set API Transaction, enter a Name (e.g. Divly).
- Keep default Read-Only and No IP restriction.
- Check all the boxes next to Unified Trading, Earn, Fiat trading, Assets, etc.
- Click Submit and enter your 2FA code.
- Copy the API Key and API Secret into Divly.
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File import (CSV)
You can import Bybit transactions into Divly by downloading and importing their ZIP file. Make sure to download a new ZIP file every time you want to include the latest transactions.
- Sign in to Bybit.com or Bybit.eu.
- Click on the account icon in the top right, then Account -> Data Export. Here is a direct link to Bybit.com Export Statements or Bybit.eu Export Statements,
- Under the tab Transaction Log: Select all your Accounts and all the available Types. Set the Time (UTC) to the year you had transactions. Since Bybit only allows you to export max 1 year at a time, you will need to create one file per year.
- Click on Export Now and wait for the file to generate under My Exports. Once ready you can click Download.
- If you have traded derivatives or used trading bots, please go to the tab Order History. Select all your Accounts and all the available Types. Set the Time (UTC) to the year you had transactions. Since Bybit only allows you to export max 1 year at a time, you will need to create one file per year. Click on Export Now and wait for the file to generate under My Exports. Once ready you can click Download.
- In Divly, drag and drop one ZIP file at the time until all transactions have been imported.
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Step 2: Calculate your Bybit taxes
There are typically three ways to calculate your taxes. The method chosen depends on how much you are willing to pay and your knowledge of your country's tax laws.
Option A: Use a program like Excel and do all the calculations manually. This is free but can be time consuming and require a deep understanding of tax rules.
Option B: Us a tax platform like Divly to import your transactions and automate the calculations for you. Saves a lot of time for the price tag you pay.
Option C: Pay a tax lawyer to do your tax return for you. The most expensive option but can be worthwhile if you feel calmer having an expert doing everything for you.
Once you have chosen your method, the common transaction types from Bybit you will need to consider in your calcualtions include the following:
Withdrawls
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
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.
Trades
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.
Inverse Perpetual
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
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.
Inverse Futures
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.
How do I declare Bybit to your tax authority?
Declare any taxable gains, losses and crypto income from Bybit in the return required where you are tax resident for the tax year you are filing. The correct form, fields and deadline depend on your country, so use the instructions from your tax authority and Divly’s country crypto tax guides.
- Collect your transactions. Include trades, sales, purchases, transfers and any rewards or income from Bybit for the relevant tax year. Divly imports transactions so you can work from one record of your activity.
- Identify taxable events. Separate disposals, such as sales, swaps and spending, from income events where your local rules require this. Divly calculates gains and income for the transactions you import.
- Check the local return requirements. Find the current return, supporting schedules and filing deadline on your tax authority’s website or in the relevant country guide. Enter the calculated amounts in the places required by your local return.
- Keep your evidence and submit. Retain transaction records and the calculations behind your return for the period your local rules require. Divly produces a report for the return, which you can use alongside the filing instructions for your country.
If you are unsure whether an amount belongs on your return, check the country guide or seek advice from a qualified local tax professional.
Common issues when calculating your ByBit taxes
If you are facing issues using the API, we recommend switching to the File Import. The Bybit files are more complete and cause less issues when calculating taxes.
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!
Why is Divly the best choice for Bybit taxes?
Divly is built for each country with a strong focus on accuracy. Unlike generic tools, we automatically generate the compliant, local tax report you need in your country. We handle the complex local rules in your tax legislation so you do not have to.
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Fast Import: Quick import of Bybit transactions that combines with your other wallets and exchanges.
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Accurate Calculations: Correct gains and losses using the right cost basis method (e.g. FIFO).
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Local Tax Report: Easy download of your country-specific tax report with a step-by-step filing guide.
Frequently asked questions ( FAQ? )
Do I need to pay taxes on crypto?
Yes, in most countries you are required to pay taxes on crypto. For more details see your country-specific crypto tax guide.
How do cryptocurrency taxes work?
Crypto typically incurs a capital gains tax in the majority of jurisdictions. This means you need to pay taxes on the difference between what you bought crypto for and what you sold it for (minus fees).
If you received crypto through other methods (e.g. salary), methods like income tax will apply.
Can I use Divly to declare previous years?
Yes, you can use Divly to declare crypto taxes for previous years that you missed. In many countries you can self-report mistakes and not get penalized for it.
Divly provides localized guides on how to fix previous years for many of our supported countries.
Can I avoid paying taxes on crypto?
It is a criminal offense to not pay your taxes. It is also difficult to avoid since crypto transactions are recorded publicly on the blockchain and exchanges have been forced to hand over information to local tax authorities.
Do I need to file taxes if I lost money?
Yes, you need to file a tax report even if you lost money. The good news is that by filing your losses you may be able to reduce your taxes.
Is it safe to share my transactions with Divly?
Divly is a premium service to help people calculate and submit their crypto taxes. We use industry standard practices to secure your data.
- We do not sell your information to third parties such as other companies or government agencies.
- We do not perform any KYC. Divly only requires an email address and your pseudonymous crypto transactions to generate your taxes.
Feel free to use a temporary email / protonmail. You can also delete all your transactions and synched wallets at any time.
Can I invite my accountant to Divly?
Yes. You can safely ask your accountant to create and manage a new Divly account for you, or invite them to see and/or edit your existing Divly account. Divly provides accountants with a special feature to manage multiple clients with crypto.
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.
