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Arbitrum Tax Software Compared

Based on L2 bridge handling, GMX support, and user feedback from forums.

CoinLedger

Best for Arbitrum
  • Manual bridge merge tool — fix "Missing Cost Basis" warnings from bridge transactions
  • Arbitrum DeFi support — Uniswap, Camelot, Aave transactions tracked
  • Per-wallet cost basis — 2025 IRS requirement supported
  • GMX perpetuals support limited
Try CoinLedger — code: CRYPTOTAX10 →

Also Strong: Awaken Tax

(Not an affiliate link)
  • Native support for 10,000+ DeFi protocols — including GMX perpetuals, which most tools struggle with
  • Best-in-class DeFi classification — automated transaction labeling praised as "night and day" vs Koinly by users
  • Proven at scale — CoinGecko case study: 25,000 users, $3B+ in assets tracked
Visit Awaken Tax →

Also Consider: Summ

  • Dedicated GMX integration with Arbitrum chain selection
  • Strong DeFi transaction classification (lending, borrowing, LP tracking)
  • Supports TurboTax, H&R Block, and international tax reports
Try Summ — code: DEFITAX20 →

Awaken Tax has the best GMX perpetuals support. Other tools may require manual review for complex trading.

Arbitrum Tax Issues to Know

ARB Airdrop

The March 2023 ARB airdrop was one of the largest ever (~$2B distributed). Taxable as ordinary income at fair market value when claimed. This becomes your cost basis for future sales.

Bridge Transactions

Bridging ETH to Arbitrum isn't taxable (you're moving, not disposing). But tax software often shows "Missing Cost Basis" — use CoinLedger's merge tool to fix this. Bridge fees are deductible.

GMX Trading

GMX perpetuals create complex tax scenarios with P&L, trading fees, and execution fees. Users report needing manual tagging. GMX staking rewards (esGMX, ETH rewards) are taxable income when received.

GMX V1 Exploit (July 2025)

A re-entrancy vulnerability drained ~$42M from GLP on Arbitrum. ~$37.5M was recovered via a white-hat bounty, and GMX finalized ~$44M in compensation to affected GLP holders. If you were impacted, you may be able to claim a casualty loss deduction — consult a tax professional.

DRIP Program Rewards

Arbitrum's DeFi Renaissance Incentive Program (DRIP) ran from September 2025 through February 2026, distributing up to 24M ARB tokens to DeFi participants. These rewards are taxable as ordinary income at fair market value when received.

FAQ

Are Arbitrum bridge transactions taxable?

Generally no — bridging ETH from Ethereum to Arbitrum is moving assets, not disposing of them. However, bridge fees paid in ETH are deductible as transaction costs.

How is the ARB airdrop taxed?

The ARB airdrop is taxable as ordinary income at fair market value when claimed. This value becomes your cost basis. The March 2023 airdrop was valued at ~$1.20 per token at launch.

Are GMX perpetual trades taxable?

Yes. Each trade is a taxable event. Profits and losses are calculated based on your cost basis. Note: Most tax software has limited GMX perpetuals support — manual tracking may be needed.

Can I deduct failed transaction fees?

Yes. Gas fees for failed transactions on Arbitrum are deductible as transaction costs, even though the transaction didn't complete.

Sources

Last updated: March 2026