Hibachi is a privacy-focused, ZK-based perps DEX on Arbitrum with a confirmed token ticker and a documented weekly points season; Bulk Exchange is an invite-gated Solana perps DEX still in its Genesis fee window. Both are genuinely pre-token with real, verified programs — the differences are in documentation depth, fee structure, and access.

Program transparency: Hibachi publishes more, but not everything

Hibachi’s points program has a documented weekly cadence and disclosed scoring inputs — trading volume, open interest, PnL, vault deposits, and multi-level referrals — even without exact published weights. Bulk’s AURA program is tied to trading volume, BulkSOL holdings, and referrals, with less granular public detail on scoring than Hibachi’s. Neither platform has announced a firm TGE date, so “more documented” doesn’t mean “more certain when it pays out.”

Fees: Bulk is cheaper on the taker side

Both charge 0% maker. Hibachi’s taker fee (roughly 4.5bps) is meaningfully higher than Bulk’s Genesis-phase 0.035% taker fee, which is also explicitly temporary. On Hibachi specifically, that fee structure rewards holding open interest as a maker over churning taker volume; Bulk’s lower taker cost makes volume-based farming somewhat cheaper regardless of order type.

Access and chain

Hibachi runs on Arbitrum and, per our research, doesn’t require an access code to start trading. Bulk runs on Solana and is invite-gated at the mainnet level, with additional codes reportedly tied to your own trading volume — a tighter initial gate than Hibachi’s.

Which one to actually prioritize

• Prioritize Hibachi if you want more documented program mechanics and don’t mind the higher taker fee, and can farm effectively as a maker/OI-holder.
• Prioritize Bulk if you want the lower fee floor and can get an access code, accepting a program with less publicly disclosed scoring detail.
• Neither has a confirmed deadline. Unlike Variational’s Q3 2026 cutoff, both of these are open-ended — check our pre-TGE farming roundup for how they stack up against platforms that do have a stated end date.

Read the full Hibachi review and Bulk Exchange review — including current access codes — before farming either.