Welcome to the GLC Research Newsletter.

We’re a buyside crypto research firm focused on delivering clear, independent insights. We also collaborate with a few select projects to help improve transparency and reporting for stakeholders.

In this edition, we’re covering Liminal, one of the fastest-growing and most innovative companies building on HyperEVM. It offers one of the best platforms for leveraging delta-neutral strategies to achieve high APYs. Liminal has quickly become one of our favorite projects, and its future looks promising.

Thanks again for subscribing. We’re glad to have you with us.

Let’s get into it.

With the launch of Epoch 1, anyone can now deposit into Liminal, one of the most promising and fastest-growing protocols in the Hyperliquid ecosystem.

Disclaimer: Views expressed are the author’s personal views and should not be relied upon as investment advice.

Key Takeaways 

• Liminal delivers real yield through delta-neutral strategies on Hyperliquid: no token emissions, just funding rate capture.

• Fully automated: deposit USDC, choose assets, and Liminal handles execution, rebalancing, and liquidation protection.

• Strong traction: $73M in TVL, 8,000+ users since launch.

• Top performer: $PUMP led with 38% APY this quarter via delta-neutral strategy.

• Bullish market = higher funding = more yield for Liminal’s short positions.

• Open to all since July 22, with ~14% APY over the past 90 days.

With the bull market making a comeback, it's time to start thinking seriously about what to do with profits and how to put that capital to work strategically.

As you know, being a successful investor isn't just about capturing upside. It's equally about managing risk and preserving capital over time.

That’s why today we’re introducing you to Liminal, a delta-neutral yield protocol built on Hyperliquid, designed to generate sustainable, real yield without market exposure.

Why Liminal ?

Liminal is an innovative protocol inspired by Ethena’s strategy. It enables users to earn real yield, derived from funding fees paid by leveraged traders on Hyperliquid, not from token inflation or unsustainable incentives.

And it’s clearly resonating with users. Since its launch, Liminal has attracted over 8,000 unique depositors, pushing its TVL to $73 million and placing it among the top 10 protocols on Hyperliquid by TVL.

Here’s how it works:

• You deposit USDC and choose the assets you want your strategy to focus on (HYPE, PUMP, FARTCOIN, SOL, etc.)

• Liminal opens a long spot position and an equal-sized short perpetual position on the selected assets.

• This setup cancels out market exposure while capturing yield from the funding rate

• The strategy is fully automated: including rebalancing, liquidation protection, and trade execution

As you can see in the chart, $PUMP represents a significant share of Liminal’s TVL, and that’s no surprise. 

Since integration, it delivered the highest APY at 38%, all through a delta-neutral strategy.

Time to deposit ? 

In our view, Liminal is especially compelling during bullish market periods like the one we’re currently in. As more traders go long, the funding rate increases, meaning short positions receive higher payouts. This dynamic benefits protocols like Liminal.

As shown in the chart below, Liminal’s daily P&L has significantly increased over recent weeks, reflecting both higher market activity and favorable funding conditions.

Final Thoughts

Since July 22 and the launch of Epoch 1, Liminal is now open to everyone. If you're looking to put your profits to work, regardless of market direction, now could be a great time to explore Liminal which has delivered approximately 14% APY over the past 90 days.

If you’d like to support our work while getting started with Liminal, feel free to use our referral link: https://liminal.money/join/GLC

It'll help us tremendously. 

Hope you enjoyed reading this small report.

If you found it valuable, feel free to share it with others and follow us on X. You can also join our free Telegram group, we’re always up for thoughtful discussions and idea-sharing with the community.

Stay tuned, more in-depth insights are coming your way soon.