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.

Today, HyENA has just launched and we’re excited for it.

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

Let’s get into it.

HyENA: Game Changer for Perp Trading ?

Most collateral on Hyperliquid is USDC, which accrues value only to Circle. HyENA changes this completely: collateral is now margined in USDe, meaning value flows back to traders. Instead of earning nothing, your collateral becomes productive, yielding 4–12% APY based on historical data.

Holding perp positions just became cheaper, and there will be a boosted USDe APY at launch.

A common criticism has been: “There’s no current incentive to trade on Hyperliquid: better to farm points on pre-TGE DEXs.”

Well, HyENA brings incentives back:

▫️HyENA points, distributed weekly for 6 months → converted to $ENA points

▫️Based points: HyENA volume counts the same as trading directly on Based

▫️Based is the largest front-end on Hyperliquid: hundreds of millions in daily volume, significant fee generation, and the top Polymarket front-end in terms of users

▫️And yes, we can speculate that if Hyperliquid ever launches an S3, HIP-3 markets may be incentivized

There’s also a 7-day no-cost migration: you receive a retroactive fee rebate based on the cost of closing your position elsewhere.

Majors are Live

$HYPE, $BTC, $ETH, and $SOL are already live.

If you want to take part in this new model, where perp collateral earns yield and value flows back to users rather than Circle, our referral link code is: GLCRESEARCH.

We’ve been bullish on @hyenatrade long before this opportunity. Ethena is one of the most Hyperliquid-aligned external teams, and USDe-margined perps are genuinely innovative. Anyone who knows us knows how aligned we are with HL, we spend most of our time in the ecosystem.

So if you want to:

▫️Earn yield on your perp collateral (12% for launch)

▫️Earn HyENA points

▫️Earn Based points

▫️Potentially earn $HYPE points

▫️Support one of the biggest innovations in perp trading

▫️And support GLC Research

Our exclusive HyENA link GLCRESEARCH is in the first comment.

If you’ve ever found value in our work on @HyperliquidX and @HyperliquidR, this is a great way to give a bit of value back.

Delta-Neutral Strategies

Delta-neutral strategies just became a lot more interesting.
Imagine you hold $BTC spot and have some stablecoins on the side. Instead of selling and trying to time the market, you can simply use your stables to short BTC/USDe — earning both the funding rate and the additional USDe APY.

As long as you monitor your liquidation price and rebalance when needed, this becomes a very attractive setup: you stay hedged/neutral while generating strong returns.

Now extend that to equity perps margined in USDe. You could run a delta-neutral Nasdaq position, earn funding, and stack USDe rewards on top. It’s early, but this is exactly the kind of innovation the HyENA launch unlocks.

Onwards,

Hyperliquid.

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 on HyENA are coming your way soon.