Hi Robert, the GPS is measuring your speed over the ground. I suspect the fact that you are "beating" hull speed means that you are getting a boost from current or tidal flow. Also, hull speed is determined by length at the waterline. I'm guessing that the waterline may grow a little as the boat heels. Not sure how much that's true for the Ensign, or by how much it may increase theoretical hull speed. But I bet there are members on this forum that have it all figured out!