Barzo || GLC Research

Co-founder @GLC_Research

[Hyperliquid Research Collective (HRC) @HyperliquidR]

2026 Hyperliquid Q1 Report

Today, we're excited to release Hyperliquid's 2026 Q1 Report.

While Q1 stands as one of crypto’s most challenging quarters since 2018, Hyperliquid emerged stronger. As markets fell sharply, the protocol continued to gain traction, with HYPE returning +44.2% and entering the top 10.

More importantly, the quarter brought Hyperliquid closer to the “House of All Finance” vision, from institutional recognition through S&P Dow Jones to emerging as a price discovery venue for oil and other assets.

Enjoy the read. Some excerpts below, with the link to the full PDF.

Hyperliquid.

[GLC @GLC_Research]

More than $300M in AUM added last 24h for Maple

Active loans pushed to $1.29B, AUM to $3.73B.

Even as the rsETH exploit drained billions from DeFi TVL, capital keeps flowing into Maple, with new lenders and borrowers stepping in every day.

And rightfully so.

@maplefinance has gone through the extreme volatility of 2025 and 2026 untouched, with no bad debt and no broken pools.

Consistent execution and a proper risk management framework.

[Hyperliquid Research Collective (HRC) @HyperliquidR]

Hyperliquid Annual Report 2025

Today, we're excited to release Hyperliquid's 2025 Annual Report.

What Hyperliquid, the core team, and hundreds of contributors have built this year is largely unprecedented in financial history. This report is our attempt to capture that extraordinary year with the rigor it deserves.

A few months ago, we created HRC because we felt a clear need to reduce information asymmetry and lower entry barriers for new participants through independent research. We hope this report helps do exactly that.

For us, it is a privilege to be part of this ecosystem and to have produced this work. Months of research, data work, debate, and collaboration across Four Pillars, GLC, and all our contributors went into every page. It means a lot to share it today, so please, let us know what you think and how we can improve the reporting going forward.

Enjoy the read. Some excerpts below, with the link to the full PDF.

Hyperliquid.

[GLC @GLC_Research]

We just released our Hyperliquid 2025 Annual Report.

This piece means so much to me and everyone who contributed to it. It is the best work we've ever produced, one of the most comprehensive Annual Reports a blockchain has ever had, in my opinion. I'm so proud of it and of everyone who helped make it possible.

To close, I'll share my closing note from the report:

"As this report draws to a close, we want to step back from the data for a moment and say something more personal.

What Hyperliquid has built in 2025 is not just financially remarkable — it is historically so. An 11-person team, no external funding, and nearly $1B in free cash flow. But the numbers, as impressive as they are, have never been the most interesting thing about Hyperliquid. What makes this protocol genuinely unprecedented is something harder to measure: the way the team treats people. Users are not metrics to be extracted from. Community members are not a marketing channel. Contributors are not cheap labor. At every step, the decisions made by Jeff and this team have reflected a set of human values that the financial industry, in its long history, has rarely if ever seen at this scale. That is what makes Hyperliquid worth writing about. That is what makes it worth dedicating years of work to.

The road ahead is long and uncertain. Regulation will be a defining variable. Competition will intensify. The expansion into real-world assets, prediction markets, and eventually the broader financial system will test the protocol in ways 2025 could not. We would be dishonest if we pretended otherwise, and this report has tried not to be dishonest.

But here is what we know with certainty: we have never encountered a team with this combination of execution speed, technical depth, and ethical clarity. Those three things rarely coexist. When they do, they compound. Whatever obstacles emerge, we have no doubt about this team's ability to meet them — not just effectively, but in a way they and their community can be proud of.

It is a privilege to be part of this ecosystem, and it is a privilege to have produced this report. Months of research, data work, writing, debate, and collaboration across Four Pillars, GLC Research, and all the different contributors went into every page. We believe it is the best work either of us has published. We hope it has helped people around the world understand what is being built here — not just a protocol, not just an exchange, but the infrastructure for a financial system: the blockchain to house all of finance.

We look forward to everything still to come. Stay tuned, the Q1 report is also on the way.

Hyperliquid."

[Hyperliquid Research Collective (HRC) @HyperliquidR]

HIP-4: Making All Markets Hyperliquid
Written by @castle_labs, @francescoweb3, @noveleader

We’re excited to publish Castle Labs’ latest article on HIP-4 on HRC. If you haven’t explored this new Hyperliquid improvement proposal yet, now is the perfect time to dive in.

“HIP-4 enables not just prediction markets but also options at scale. The major unlock of HIP-4 is that everything is hosted in the same environment, enabling a lot of trading strategies that before HIP-4 were much more complex since you had to use at least 2-3 venues to do it .

Ultimately, all this will lead to more fees, more revenue and in the end, more HYPE buying pressure.”

https://t.co/fWnAhtxL46

[GLC @GLC_Research]

https://t.co/LugDRcMdPq

[Barzo || GLC Research @barzo_glc]

@GLC_Research @maplefinance Comfy in spot with my $SYRUP bag while outperforming the entire market ;))

[GLC @GLC_Research]

Most people think it’s almost impossible for a crypto asset to decouple from $BTC seasonality.

Yet, $SYRUP just outperformed both $BTC and $ETH in 2025 with a 150% price performance.

Maple stood out in 2025 and will likely stand out in 2026.

[GLC @GLC_Research]

HIP-3 momentum lately is a beauty to witness || @HyperliquidR

@tradexyz is consistently growing, adding new markets, deepening liquidity, onboarding new users, and continuing to deliver.

@hyenatrade from @ethena and @BasedOneX is innovating with USDe as collateral and showing amazing growth as well.

@felixprotocol is differentiating with USDH from @nativemarkets as the quote asset and performed well with the launch of Gold and Silver, both gaining solid volume and momentum.

And today’s launch from @markets_xyz has been quite impressive, with solid depth, strong liquidity, tight spreads, and already over $12M in volume on US500 and $3M OI

HIP-3 coded.

Hyperliquid.

[Hyperliquid Research Collective (HRC) @HyperliquidR]

HyENA OI is up 27% YTD, and the 7-day average daily volume is up 65% || @hyenatrade @BasedOneX

Hyperliquid’s OI has shown strong momentum since early December, and HyENA is following the same trend.

▫️On January 8th, HyENA reached an all-time high of nearly $50M OI and $25M in daily volume.

▫️The trend is currently up and to the right.

▫️HyENA has a compelling value proposition (see article below), a strong team, very good distribution, and so far appears highly aligned with Hyperliquid.

▫️As OI caps continue to increase, it seems likely that HyENA’s share will keep grinding upward.

If you want access to HyENA or support HRC & GLC, you can use the code: GLCRESEARCH.

Hyperliquid.

[Barzo || GLC Research @barzo_glc]

@GLC_Research @HyperliquidR Higher.

[GLC @GLC_Research]

Hyperliquid’s OI is back at $9B for the first time since November || @HyperliquidR

Hyperliquid.

[Hyperliquid Research Collective (HRC) @HyperliquidR]

Hyperliquid’s OI Is Grinding Up: +30% Over the Last Month || @HyperliquidX

10/10 was a massive hit for traders and for the entire industry: a reminder of how fragile our global trading systems truly is. Hyperliquid wasn’t spared. When Binance takes a big hit, everyone feels it.

In a single day, the liquidation event wiped out 54% of Hyperliquid’s OI, falling from ~$14B to ~$6,5B.

$7,5B gone.

A short-term bounce followed, bringing OI back to ~$9.5B, but then the slow bleed began.

Through November into early December, the market kept drifting lower day after day. At the same time, competition intensified with Lighter’s TGE approaching, adding more pressure on Hyperliquid.

After that bounce, OI took another hit: dropping another ~40%, bottoming around $5.5B.

But since then, Hyperliquid’s OI has been grinding back up. Over the past 30 days, OI has grown ~30%, climbing back toward $7.5B.

Data from @asxn_r, link below.

Hyperliquid.

[GLC @GLC_Research]

Hyperliquid has more $LIT OI than Lighter itself || @HyperliquidR

The first week of $LIT trading is coming to an end today. Current open interest across venues:

▫️$84M OI on Hyperliquid

▫️$31M OI on Lighter

▫️$50M OI on Binance

Hyperliquid has been dominating OI for new launches for quite some time. We saw it with $PUMP, $XPL, etc. Some might have expected $LIT, the “biggest” $HYPE competitor, to shift that dynamic… but so far, the dominance in new listings remains unchanged.

Lighter currently has more volume, but we continue to believe OI is the purest metric to compare exchanges.

Hyperliquid.

[GLC @GLC_Research]

In 2025, Maple significantly scaled syrupUSDC and syrupUSDT, which now stand at approximately 1.75B and 1.17B in total supply, respectively.

Maple’s multichain and multiprotocol strategy in 2025 has clearly delivered strong results. The focus now shifts to how these products can be scaled even further.

In 2026, Maple plans to introduce Builder Codes as the next evolution of the Maple Kit, building on its existing integration framework. Builder Codes will enable fully permissionless and highly customizable integrations, similar in spirit to Hyperliquid’s builder codes.

This approach will allow Maple partners to autonomously onboard Maple’s products, configure risk parameters, and integrate customizable revenue-sharing mechanisms. That's huge !

Rather than building proprietary yield-generating products, managing risk, and sourcing liquidity independently, partners will be able to directly integrate and offer syrupUSDC or syrupUSDT to their users.

Demand for dollar-denominated yield continues to grow and increasingly extends beyond DeFi, representing a new expansion vector for Maple’s products.

Imagine syrupUSDC or syrupUSDT becoming directly accessible through mainstream financial platforms. Such integrations could unlock the next major phase of growth for the protocol.

We look forward to seeing what Maple delivers in 2026.

[GLC @GLC_Research]

@HyperliquidR x @hypurr_co

"From the inside, HyperEVM does not feel 'dead'. It feels compressed."

Full article below.

Hyperliquid.

[GLC @GLC_Research]

Liminal just released an article breaking down what BLP will unlock for their delta-neutral strategies || @liminalmoney

▫️In short, BLP improves these strategies across every dimension: efficiency, scalability, and operational simplicity.

▫️The result: higher APY and lower risk, as rebalancing risk is almost entirely removed.

Below is a short excerpt from the article, but I highly encourage you to read the full article linked below.

"A delta-neutral carry trade is economically simple: a long leg (typically spot) and a short leg (typically perps).

However, on-chain execution has historically been operationally fragmented. The short leg could be liquidated even when the overall account was neutral, forcing conservative buffers and constant monitoring.

Portfolio Margin resolves this structural inefficiency.

Before Portfolio Margin, Liminal’s xTokens had to maintain substantial idle buffers to defend against liquidation events that were artifacts of margin design rather than economic risk.

That capital did nothing beyond remaining unproductive.
With unified margining, those buffers can shrink significantly. More capital becomes productive. Larger positions can be supported with the same equity.

Idle borrowable assets can earn yield instead of sitting on the sidelines."

Hyperliquid.

[Ericonomic @ericonomic]

Happy to be highlighted in HRC.
If you’re interested in Hyperliquid they’re a must follow.

[Hyperliquid Research Collective (HRC) @HyperliquidR]

Why TradFi doesn't trade perps ?
Written by @ericonomic

This article breaks down why perps can be a superior product compared to CFDs and options, and also highlights the frictions that still make it difficult for TradFi to adopt them.

This is exactly why we wanted to publish it on @HyperliquidR, it’s a great educational piece on (equity) perps, their strengths, their weaknesses, and what needs to happen for them to become mainstream.

"Most CEXs operate similarly to CFD brokers because internal market makers, owned or controlled by the exchange, often take the opposite side of user trades. They have structural informational advantages, which creates a conflict of interest similar to what happens in CFDs.

This problem is removed in perpetual DEXs such as Hyperliquid, where all order flow and funding data are transparent, and the internal MM (HLP) is a user-owned liquidity pool instead of a proprietary desk controlled by the exchange."

Thank you @Ericonomic for the article. We deeply appreciate everything you’ve contributed to the Hyperliquid ecosystem, and we’re glad to be collaborating with you.

This is what HRC is all about: community-driven research, reducing information asymmetry, improving distribution, and helping $HYPE move toward housing all of finance.

Link of the web article below,

Hyperliquid.

[Hyperliquid Research Collective (HRC) @HyperliquidR]

How HyENA Changes the Economics of Perp Trading?

Written by @GLC_Research

"This is exactly the kind of mechanism that pulls liquidity into @hyenatrade. Higher returns attract more delta-neutral participants, which pushes funding lower for longs, which attracts more traders, which attracts more market makers, and so on.

USDe-margined perps reduce the cost of capital for hedging and delta-neutral strategies.

Of course, it’s early and liquidity and depth still matter but there could be a positive liquidity snowball effect."

Link of the article below 👇