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Perp tradingPerp DEX · Off-chain order book + ZK settlement (deposits on Arbitrum / Base / Arc)

Hibachi

Author's status: ActiveMidUpdated: 2026-09-22

A main focus that I'm building into my setup. Maker fees are zero, which suits a hedged carry strategy.

TGE and points

Phase
MidSecond season (Playoffs). The team says it will be short, and the TGE is reported (secondary source) to come after FX launches on Arc.
TGE
Date not setPress
Points program
Hibachi Points (Playoffs)1M points a week, distributed every Monday at 03:00 UTC. The Regular Season ended 2026-04-30; it is now in the "Playoffs". As of 2026-04-27, about 2,300 accounts received points each week and 51.5M points had been issued. Scoring uses volume, OI, PnL, max drawdown and fees, with undisclosed weights.
Community allocation
Not announced

Airdrop payout estimate

Includes estimates and placeholders

FDV assumption
$200M
Airdrop share
15%
Expected pool
$30M
Per point
—

Basis: Supply, allocation and valuation are all unannounced. The $200M FDV and 15% share are unsupported placeholders, to be replaced when information appears. Total points (about 72M) are estimated as the official 51.5M on 2026-04-27 plus 1M a week, but are not used to estimate individual payouts.

Pool = FDV assumption × airdrop share. The value per point divides by the points issued so far, so it falls as more points are issued. The actual payout varies widely with the distribution method, locks and sybil filtering. The points you enter are saved only in this browser.

Team, funding and user base

Base
Singapore (company HQ)
Founders / leads
Varun Kumar (co-founder, CEO), Chip Dempsey (co-founder)Varun Kumar co-founded Hashflow. Press releases list New York as the location.
VC funding
$5M$5M seed on 2025-03-19 led by Dragonfly, with Electric Capital and Echo. Joined Circle Ventures' Arc Builders Fund in February 2026 (amount undisclosed).
Key investors
Dragonfly, Electric Capital, Echo, Circle Ventures
X followers
25.9K@hibachi_xyzas of 2026-09-22
User base
36K total depositors, about 2,300 weekly recipients (April 2026)Dune (community-built) / official X, 2026-04-27

Risks and caveats

  • Orders are matched off-chain and settlement is backed by ZK proofs. Withdrawals wait for proof batches and take 10–30 minutes.
  • Every market settles in USDT. USDC deposits are converted at about 0.9992.
  • Email-registered accounts have keys held by the exchange, which signs on your behalf. Register with a wallet if you want to hold your own keys.
  • Wash trading, multiple accounts and manipulation are stated to lead to "disqualification or adjustment". Point weights are not disclosed.
  • The HEAT contract (public on GitHub) has per-account freeze and mint permissions.
  • FX trades 24/5 and stops from Friday 17:00 ET to Sunday 17:00 ET.
  • Audited by Hexens and Quantstamp. The Immunefi scope covers only the API (up to $20K).
  • The terms of service exclude the US and UK.

Links

Start on Hibachi (ref link)

This is a referral link. The author may be rewarded when you sign up or trade. What is written here is not tied to those rewards.

Sources

This page is for information only and is not a solicitation to use any crypto asset or service. Airdrops and their amounts are not guaranteed, and you may lose the funds you deposit.