Hibachi

Hibachi is a privacy-focused perpetuals DEX on Arbitrum using zero-knowledge infrastructure, with a confirmed $HEAT token ticker and an active weekly points season ahead of that token’s launch. It’s one of the few pre-TGE mid-cap perps platforms where the program specifics (ticker, weekly cadence, scoring inputs) are actually documented rather than pure social-media speculation — though the exact TGE date remains unconfirmed in our research.

What you’d actually use Hibachi for

Hibachi is used for leveraged perpetuals trading with an emphasis on privacy (ZK-based order/position confidentiality) on Arbitrum. Maker orders are free; taker orders carry a real cost (roughly 4.5 basis points), which shapes how you’d actually farm it — as a maker-focused, OI-holding strategy rather than high-frequency taker volume.

Hibachi’s points program

Points are distributed weekly, with an earlier program (roughly March–September 2025) already concluded and a current, separate season active. Scoring reportedly weighs a combination of trading volume, open interest, realized PnL, vault deposits, and referrals across multiple levels — Hibachi hasn’t published the exact formula, which is typical for a program still running (publishing weights invites gaming them). Given the 0%/4.5bps fee split, the platform structurally rewards makers and position-holders over pure taker-volume churn.

Confirmed ticker and real program details versus an unconfirmed TGE date

• Pro: $HEAT is a confirmed ticker, not a rumor — a real distinction from platforms where farmers are speculating about whether a token exists at all.
• Pro: documented weekly cadence and scoring inputs (even without exact weights) give you more to work with than a platform that’s purely “trust us, points are coming.”
• Con: we could not independently confirm a specific TGE date — anything you see citing an exact quarter or month should be treated as unconfirmed until Hibachi’s own channels say so.
• Con: the 4.5bps taker fee is meaningfully higher than several zero-fee competitors (Variational, Lighter), so pure volume-churn farming here has real fee drag — a maker/OI-holding approach matters more than on a zero-fee venue.

Risks specific to farming a ZK privacy platform pre-TGE

Beyond standard perps leverage risk, Hibachi’s privacy-focused ZK design means less of your activity is independently, publicly verifiable on-chain than on a fully transparent order book — you’re trusting the platform’s own points accounting more than you would on a venue where anyone can audit trade history directly. As with any pre-TGE program, there’s no guarantee points convert to token value at what farmers expect, and no confirmed TGE date means no way to size a farming effort against an actual deadline the way Variational’s confirmed Q3 cutoff allows. See our pre-TGE farming roundup and airdrop farming guide before committing meaningful capital or trading volume purely to farm.

How Hibachi stacks up head-to-head

See how Hibachi compares directly against Bulk Exchange — two real, verified pre-TGE programs with different fee structures and program transparency.

How this Hibachi review was researched

This review is based on Hibachi’s public-facing information and independent third-party coverage of its points program and fee structure. We haven’t run an original audit of Hibachi’s contracts, and we could not independently confirm a specific TGE date — verify current program terms, fee schedule, and any token-launch timeline directly on Hibachi’s own channels before trading or farming.