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Hibachi

PerpsWe farm it

Privacy-first exchange for perps and FX pairs with zk-verified settlement, positioned as a stablecoin-native FX exchange.

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What it is

  • Collateral moves onchain only after a zk proof validates it
  • Collateral: USDT on Arbitrum, or USDC on Base or Arc
  • Crypto perps plus FX pairs such as EURUSD and GBPUSD, with FX trading 24/5
  • 0% maker fee; taker fee from 0.045% down to 0.020% by 14-day volume
  • Hibachi Points: 1,000,000 points per weekly epoch, ending November 8

MeLong score

5.7 of 10

Seven criteria on a scale of 10, the fee and market numbers computed from the data. Compare it with other perp DEXs only. How we score

Taker
0.045%
Maker
0%
Volume a day
$29M
Open interest
$2M
Rewards 8.0
1M points a week until Nov 8, no token yet; the Hibachi Open contest ended Oct 18
Taker fee 4.2
No taker fee is a 10, 0.07% or more is a 1. A venue that earns from the spread tops out at 7.
Volume 2.4
Average a day: $5M is a 1, $5B is a 10, on a log scale. Volume past ten times open interest does not count.
Safety 6.0
Audited by Hexens and Quantstamp; launch date not stated officially
Open interest 1.5
$1M is a 1, $1B is a 10, on a log scale. Harder to farm than volume.
Ease 10.0
Mobile web guide, no wallet popup per order, FX and metals next to crypto
Access 8.0
No KYC or invite; closed to US and UK plus sanctioned places
Compare all perp DEXs

How to start

Cost to start: Minimum order 1 USDT

  1. Sign up with email, or connect MetaMask, Phantom, Rabby or a WalletConnect wallet
  2. Have USDT on Arbitrum or USDC on Base or Arc, plus gas
  3. Deposit it to your Hibachi account
  4. Pick a market, set order type and size, then Buy or Sell
  5. For FX pairs, open a separate subaccount tagged as FX

Risks to know

Your wallet must produce deterministic signatures (RFC 6979); unsupported wallets such as Gnosis Safe can lose access to funds. FX markets halt on weekends, with a short liquidation window right after the Friday close. Points have no stated value and multipliers can change.

Security record

No security incidents found in our check of Oct 30, 2026.

More in Perps

All farms
Sources 22

Facts from the official sources above.

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