Hibachi vs Bulk Exchange: Costs & Reward Rules

Hibachi is the better-documented farming experiment; Bulk is the Solana alternative with a more restrictive entry path. Hibachi publishes a weekly cadence and several scoring inputs. Bulk now publishes the Challenger Series rank structure, but not a token or prize value. Neither has a confirmed TGE date, so program clarity matters more than a payout assumption.

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 Challenger Series confirms that trading-earned Aura sets weekly rank, while pre-deposit and BulkSOL AURA remains outside the ladder. Neither platform has announced a firm TGE date, so “more documented” does not mean “more certain when it pays out.”

Fees: Bulk is cheaper on the taker side

Both describe 0 bps maker pricing in the relevant phase or schedule. Hibachi’s taker fee is separate from Bulk’s tiered schedule. Bulk’s official docs now list Phase 2 at 2.0 bps base maker and 3.5 bps taker for the lowest volume tier, with higher tiers and maker rebates changing the effective cost. On Hibachi, the fee structure rewards a different activity mix than high-frequency taker volume. Compare the live schedule before choosing.

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 points program should you prioritize in 2026?

• 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 Q4 2026 outer boundary, both of these are open-ended — check our pre-TGE farming roundup for how they stack up against platforms that do have a stated program boundary.

Before farming either venue, identify the cost of earning the next point: check Hibachi’s current scoring inputs and trading fees, then compare them with Bulk’s access requirements and current fee terms. The Hibachi review and Bulk Exchange review give you the venue checks; only proceed if the underlying execution still makes sense without assuming a token payout.