GLC Research

Contributor

GLC Research

RWAs Aren't Coming Onchain. They're Already Here.
Trade[XYZ] & RWA Perpetuals

RWAs Aren't Coming Onchain. They're Already Here.

HRC held its first offline meetup in Seoul last week. As part of the event, GLC Research gave a small presentation on Trade.XYZ and equity perpetuals on Hyperliquid. For those who couldn't make it, the full talk is below.

Apr 15, 2026
Jake Chervinsky on HPC, Perps, and the Fight for DeFi in America
Regulation

Jake Chervinsky on HPC, Perps, and the Fight for DeFi in America

The regulatory landscape around Hyperliquid, perpetual futures, and DeFi broadly is moving fast, and it can be difficult to separate signal from noise. This article aims to cut through that and give readers a clear, up-to-date picture of where things stand: what the current regulatory environment looks like, what the Hyperliquid Policy Center is and what it is trying to accomplish, and what Jake Chervinsky shared in his latest interview with Flood. Whether you are new to the topic or closely following developments, our goal is to make this accessible and keep you informed as things continue to evolve.

Mar 5, 2026
Key Takeaways from Hyperliquid Strategies (NASDAQ:$PURR) First Earnings Call
Ecosystem

Key Takeaways from Hyperliquid Strategies (NASDAQ:$PURR) First Earnings Call

Hyperliquid Strategies’ first earnings call highlighted aggressive HYPE accumulation, a strong treasury position, and a valuation-driven capital allocation strategy across both HYPE and PURR. Management emphasized upcoming catalysts such as BLP and HIP-4, while positioning PURR as both an access vehicle for U.S. investors and a growing strategic participant within the Hyperliquid ecosystem.

Feb 11, 2026
Hyperliquid Fundamentals Update:  “10/10 Recovery, Momentum, and What’s Next”
Financials

Hyperliquid Fundamentals Update: “10/10 Recovery, Momentum, and What’s Next”

Hyperliquid was not spared during the liquidation cascade of October 10. It was a brutal event that impacted traders and market participants across the industry. In the aftermath, trading activity declined broadly, with lower volumes observed across both centralized exchanges and DEXs. In this analysis, we take a closer look at where Hyperliquid stands today. We analyze its core metrics and assess how Hyperliquid has been recovering from the October 10 liquidation event.

Jan 19, 2026
How HyENA Changes the Economics of Perp Trading?
Ecosystem

How HyENA Changes the Economics of Perp Trading?

HyENA introduces USDe-margined perps to Hyperliquid’s, bringing productive collateral, stronger capital efficiency, and new incentive layers for traders and market makers. It’s early, but the liquidity flywheel and alignment between Ethena and Hyperliquid make this an exciting launch.

Dec 11, 2025
Hyperliquid’s Scalability: “How 14 People Are Outpacing Robinhood?”
Financials

Hyperliquid’s Scalability: “How 14 People Are Outpacing Robinhood?”

From Unit enabling spot and deposits, to builder codes driving billions in volume, to HIP-3 equity perps and USDH opening new revenue streams, this article explains how Hyperliquid scales globally with a 14-person team while outgrowing giants like Robinhood.

Nov 27, 2025
Announcing HRC - The Research Hub for Hyperliquid
Ecosystem

Announcing HRC - The Research Hub for Hyperliquid

Hyperliquid Research Collective (HRC) is an initiative by GLC Research and Four Pillars, two independent crypto research firms focused on producing unbiased, high-integrity analysis. Independence has always been our anchor.

Nov 8, 2025
“Liminal’s Future: Think Bigger”
Ecosystem

“Liminal’s Future: Think Bigger”

Liminal’s xTokens bring delta-neutral yield strategies to Hyperliquid, turning them into liquid and composable assets. Discover how Hyperliquid, Liminal, Unit and Kinetiq with HIP-3 could reshape the future of (onchain) finance.

Oct 8, 2025
Hyperliquid Strategies Interview – “Rethinking Financial Rails” by Forward Guidance
Ecosystem

Hyperliquid Strategies Interview – “Rethinking Financial Rails” by Forward Guidance

Sep 24, 2025
Why Hyperliquid ($HYPE) is so cheap? – “The Token Risk Premium”
Financials

Why Hyperliquid ($HYPE) is so cheap? – “The Token Risk Premium”

$HYPE trades at ~9x FCF despite $1.3B in annualized revenue, mainly due to token-specific risk, limited access, and market mispricing.

Sep 16, 2025
Is Hyperliquid Undervalued? “The Valuation Gap: $HYPE vs. Robinhood, Coinbase, and Nasdaq”
Financials

Is Hyperliquid Undervalued? “The Valuation Gap: $HYPE vs. Robinhood, Coinbase, and Nasdaq”

Hyperliquid has established itself as one of the fastest-growing companies in the space

Sep 2, 2025
Hyperliquid Strategies (DAT) Interview: “Making Hyperliquid a Wall Street Asset”
Ecosystem

Hyperliquid Strategies (DAT) Interview: “Making Hyperliquid a Wall Street Asset”

Yesterday, we joined a call hosted by Keisan and Monk with Bob Diamond and David Schamis, the founders of Hyperliquid Strategies, a firm with a singular objective: maximizing Hype per share.

Aug 23, 2025
Hyperliquid S1 Report: “Inside Hyperliquid’s Growth”
Financials

Hyperliquid S1 Report: “Inside Hyperliquid’s Growth”

Welcome to this Hyperliquid Semiannual Report,

Aug 14, 2025
Introducing Pendle Citadel:“HyperEVM integration”
Ecosystem

Introducing Pendle Citadel:“HyperEVM integration”

As more yield-bearing assets emerge on HyperEVM, this integration gives users powerful tools to speculate on, hedge, or enhance their yield, a major step toward a more composable and sophisticated DeFi landscape on Hyperliquid.

Aug 8, 2025
Hyperliquid Valuation Thesis: “The House of Finance”
Financials

Hyperliquid Valuation Thesis: “The House of Finance”

Hyperliquid leads DEX perps with $600M+ in revenue, 97% buybacks, and a custom Layer 1. Explore $HYPE token valuation and risk/reward scenarios.

Mar 19, 2025
Hyperliquid vs. CEXs: “Trade War 2.0 – The JELLY Incident”
Hyperliquid

Hyperliquid vs. CEXs: “Trade War 2.0 – The JELLY Incident”

A $JELLY exploit pushed Hyperliquid to the edge. CEX listings escalated the attack. Centralized intervention worked but it raised some questions.

Mar 19, 2025
HyperUnit Overview:“Bridging CEX Experience Onchain”
Hyperliquid

HyperUnit Overview:“Bridging CEX Experience Onchain”

Discover how Hyperliquid and Unit merge CEX performance with DEX composability. Metrics, fees, liquidity, and adoption analysis inside.

Mar 19, 2025