First, let’s clarify the basis for the on-chain data: as of 2026/11/13 00:00:39, DefiLlama recorded HyperSwap V3 (Hyperliquid L1) TVL at approximately $10.53M, up 15.1% over the past 24 hours. The change in TVL alone does not explain its cause, nor is it equivalent to net capital inflows.