The Leray transform is studied on a family of unbounded hypersurfaces in two complex dimensions. For a large class of measures, we obtain necessary and sufficient conditions for the -boundedness of , along with an exact spectral description of . This yields both the norm and high-frequency norm of , the latter giving an affirmative answer to an unbounded analogue of an open conjecture relating the essential norm of to a projective invariant on a bounded hypersurface. is also shown to play a central role in bridging the function theoretic and projective geometric notions of duality. Our work leads to the construction of projectively invariant Hardy spaces on the , along with the realization of their duals as invariant Hardy spaces on the dual hypersurfaces.

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