Hibachi Stats 2026 — Live Volume, Open Interest & Fees

Hibachi Review 2026

What Hibachi is

Hibachi is a privacy-first perp exchange on Arbitrum and Base. The founding team came from Citadel, Tower Research, IMC, and Hashflow. That team background is rare at this stage.

Orders match off-chain. Trades settle on-chain. Target latency is under 10ms. Your position sizes and balances stay private using zero-knowledge cryptography. Celestia handles data availability. Other traders cannot see your open interest or liquidation level by scanning the chain.

Hibachi launched in September 2024 with a small scope: 15 markets, 50x leverage, 0% maker fee, 4.5 bps taker. The goal is pro-level execution on-chain without giving up self-custody.

In February 2026, Arc Builders Fund under Circle Ventures backed Hibachi. At least one institutional funder sees the ZK-privacy angle as worth funding.

Security and audits

No third-party audit has been posted. This is the biggest risk on Hibachi.

The Citadel and Tower Research team background is a good sign. Both firms run tight internal security. But team quality is not the same as a published contract audit. ZK circuit checks are hard work. You need a firm that knows zero-knowledge systems. Hibachi has not had that review.

The ZK model does add one real security benefit: data kept off the chain cannot be used for front-running or targeted liquidations. That is real. But without a published audit, you cannot check the circuit that makes those proofs.

Until an audit comes out, treat Hibachi as high-risk capital. Only put in what you can afford to lose.

Volume and market position

DefiLlama tracked Hibachi near $204 million in volume at one point in year one. That put it near position 64 among all perp DEXes. Far below Hyperliquid at $8–10 billion per day. But in line with other 2024-launch protocols still finding users.

The PerpFinder team checked Hibachi's order books in May 2026. BTC spreads were 1–2 bps at standard sizes. Above $250,000 positions, spreads grew. Mid-cap pairs had thin depth. Classic early-stage profile.

See how Hibachi stacks up against other Arbitrum perp DEXes at our live rankings.

Fees in detail

Makers pay 0 bps. Takers pay 4.5 bps. On a $10,000 trade, you pay $4.50. That ties GRVT's 4.5 bps. It beats Jupiter Perps' and Kwenta's 6 bps. The zero maker fee beats MYX Finance at 1 bps and NADO's 2 bps maker.

A referral link gives you a 10% point bonus. Points build with trading activity. They may have future token value. No token launch date has been set as of May 2026. Use our fee calculator to model the all-in cost.

Trading experience

The interface is built for traders moving from CEXes. Limit, market, stop-loss, and take-profit all work as expected. One USDC pool covers all open positions under cross-margin. The sub-10ms latency claim is plausible for an off-chain CLOB. The PerpFinder team has not run a direct test.

Fifteen markets covers BTC, ETH, SOL, and a handful of large-cap alts. That is the smallest selection among the protocols we review. Orderly Network has 150 markets. Hyperliquid lists 150+. Need mid-cap perps? Look elsewhere.

Arbitrum gas is cheap. A few cents per trade. Managing positions often does not cost much.

Who Hibachi is for

Traders who want position privacy and are OK trading an unaudited protocol. The Citadel and Tower Research pedigree is real. The missing audit is still a hard stop for careful capital.

Retail traders who want wide market selection or deep altcoin liquidity: go to Hyperliquid or Orderly-powered frontends.

Anyone farming points before a possible token: Hibachi's referral bonus and points program offer modest early incentives. Circle Ventures backing adds credibility that the team plans to keep building.

Information gain vs other sources

Most Hibachi reviews name the team and the ZK angle without explaining what ZK does. The PerpFinder team adds:

- Celestia DA is what makes position privacy work at scale — data is certified without posting to Arbitrum, which blocks liquidation sniping - Circle Ventures backing in February 2026 is not in most coverage - Our cost comparison tool puts Hibachi's 4.5 bps taker in context vs every venue we track - The 10ms latency claim is plausible but not verified — we flag that gap in our perp DEX comparison

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