Inspired by Katz-Mazur theorem on crystalline cohomology and by Eskin-Kontsevich-Zorich's numerical experiments, we conjecture that the polygon of Lyapunov spectrum lies above (or on) the Harder-Narasimhan polygon of the Hodge bundle over any Teichm\"uller curve. We also discuss the connections between the two polygons and the integral of eigenvalues of the curvature of the Hodge bundle by using Atiyah-Bott, Forni and M\"oller's works. We obtain several applications to Teichm\"uller dynamics conditional to the conjecture.
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