Hibachi is a decentralized perpetual exchange deployed on Arbitrum that launched in September 2024. The platform goes for simplicity over feature density, offering a basic perpetual trading interface without the extras of larger competitors.

Arbitrum is the chain of choice for a significant portion of DeFi derivatives activity, and Hibachi inherits its core benefits: fast block times, low gas costs, and broad wallet and tooling compatibility. The Arbitrum ecosystem also provides access to a large pool of existing DeFi users who may be exploring derivatives trading alongside other on-chain activities.

The fee structure is attractive: 0% for makers and 0.045% for takers. With up to 50x leverage available and approximately 15 trading pairs, the selection is focused on the highest-liquidity crypto perpetual markets. This narrower pair selection may be intentional, concentrating liquidity on fewer markets rather than spreading it thin across a wider list.

Cross-margin support is included, meaning traders can use a unified collateral pool across multiple positions. Combined with the clean trading interface, this gives Hibachi a profile that is reasonably approachable for traders new to decentralized perpetuals who are familiar with centralized exchange mechanics.

The points program offers a 10% referral bonus, consistent with the lower end of what is currently available in the category. Points are distributed based on trading activity and referrals, with the implied expectation of future token value. This type of program is standard for protocols in bootstrap mode.

The main concerns with Hibachi are no published security audits and limited trading history. No audit has been conducted as of this review, which means the smart contracts have not been independently verified. For a protocol handling leveraged user funds, this represents a meaningful risk that traders should weigh carefully. Liquidity is also limited. As one of the smaller protocols in the space, Hibachi's depth on any given market is likely shallower than top-tier alternatives.

Hibachi keeps things simple, which is either its strength or its limitation depending on what you need. No audit, limited depth. Keep position sizes small.

Related Resources

Hibachi deal — Points Fee Cost Calculator Live Funding Rates

Frederick Cormack

VC & Crypto Derivatives Analyst

Derivatives analyst with 8+ years in crypto & venture capital. Tested every protocol on PerpFinder with real funds.

8+ years in crypto derivativesFormer VC analystTested 40+ perp protocols with real fundsOn-chain data verification specialist

Last reviewed: April 4, 2026LinkedIn |Our Methodology

Affiliate Disclosure: This page contains affiliate links. We may earn a commission when you sign up through our links, at no extra cost to you. This does not influence our ratings or recommendations.

Risk Warning: Trading perpetual futures involves substantial risk of loss and is not suitable for all investors. Past performance does not guarantee future results. Only trade with funds you can afford to lose.

Key Features

Fast executionPoints programCompetitive feesClean trading UICross-margin support

Audits

Frequently Asked Questions

What is the maximum leverage on Hibachi?▾

Hibachi supports up to 50x leverage on perpetual futures. The platform targets active traders who want meaningful leverage without the complexity of larger multi-feature exchanges.

What are the trading fees on Hibachi?▾

Hibachi charges 0% for makers and 4.5 basis points (0.045%) for takers. The zero maker fee incentivizes limit order placement, while the taker fee is competitive with comparable perpetual DEXes.

How many trading pairs does Hibachi offer?▾

Hibachi currently lists approximately 15 trading pairs, the smallest selection among the protocols reviewed here. The narrower focus concentrates liquidity on the highest-volume crypto perpetual markets.

Has Hibachi been audited for security?▾

Hibachi has not published any security audits as of this review. Traders should treat this as a significant risk factor and keep position sizes small on an unaudited protocol.

Why is Hibachi built on Arbitrum?▾

Arbitrum is one of the most active DeFi chains, offering fast block times, low gas costs, and broad wallet compatibility. Hibachi inherits these benefits and can tap into Arbitrum's large existing user base.

How fast is execution on Hibachi?▾

Hibachi is designed around fast execution leveraging Arbitrum's low-latency block times. The clean trading interface is built to minimize friction from order placement to fill.

Does Hibachi have a points program?▾

Yes, Hibachi runs a points program with a referral bonus for users who join via a referral link. Points are distributed based on trading activity and are expected to carry future value.

Trading Tools

Fee Calculator Position Calculator Cost Comparison Funding Rates Open Interest Liquidations Long/Short Ratio Volume Tracker

Centralized Alternatives

Compare centralized exchanges like Binance, Bybit, and OKX with live futures data.

Browse CEX Exchanges

Exclusive Deals & Bonuses

Sign-up bonuses, fee discounts, and referral rewards across exchanges.

View All Deals

Trade on Hibachi

Get back when you sign up through our link.

Visit Hibachi — Referral bonus

Trading perpetual futures carries significant risk, including potential total loss of capital. Past performance is not indicative of future results.