Hibachi review

What Hibachi is

Hibachi is a decentralized exchange (DEX) for perpetual futures contracts (perps). A perp is a futures contract with no fixed expiry date. The Hibachi FAQ says that deposits and withdrawals are available only on Base and Arbitrum.

Hibachi uses zero-knowledge (zk) proofs. A zk proof shows that a statement is true without a display of the data behind it. The verification page says that collateral can move on-chain only after a zk proof validates the movement.

Fees

The fee page sets the maker fee at 0.000% and the taker fee at 0.045%. The public exchange-info API shows the same two rates. A maker order adds liquidity to the order book, and a taker order removes liquidity from it.

On a $10,000 taker fill, a 0.045% fee is $4.50. On a $10,000 maker fill, the trading fee is $0. Fees can change, so the fee page is the reference for the current rate. You can model a full trade with the fee calculator.

Funding is a payment between long and short positions. The funding page says that funding is paid every hour. The venue samples the premium every 5 seconds over a trailing one-hour window. You can compare funding across venues with the funding rate tool.

Audits

The audits page says that Hibachi has completed two audits. Hexens did one audit, and Quantstamp did the other. An audit examines code at one point in time. It does not guarantee that later code is safe.

Main risks

• Leverage risk. At 30x, a price move of about 3.3% against a position can remove its initial margin.
• Short market list. The venue has 15 live contracts, and most of them allow 20x or less.
• Code risk. Smart contracts and proof systems can have faults that an audit does not find.
• Funding cost. Funding occurs every hour, so a position can pay funding many times in one day.
• Chain limits. Deposits and withdrawals work only on Base and Arbitrum.

Leverage and markets

The exchange-info API lists 15 live contracts. Each contract has its own initial margin rate, and that rate sets the maximum leverage. BTC/USDT-P and EUR/USDT-P have a rate of 0.033333, which gives 30x.

The ETH, SOL, AUD, GBP, NZD, PAXG, JPY and CAD contracts have a rate of 0.05, which gives 20x. BNB allows 12x, and XAG allows 10x. The SUI, XRP and HYPE contracts allow 7x.

The list includes currency contracts such as EUR, GBP and JPY. It also includes metal contracts, with PAXG for gold and XAG for silver. Traders who want many small crypto tokens will find a short list. You can see other venues in the perp DEX directory.

Custody and exit path

The exit path for collateral is a withdrawal to Base or Arbitrum. The verification page says that proofs show each liquidation is correct. It also says that no user can withdraw the funds of another user.

These statements come from the Hibachi documentation. PerpFinder did not examine the proof system or its code.

Who Hibachi may fit

Hibachi may fit traders who use limit orders and want a 0.000% maker fee. It may also fit traders who want currency and metal contracts in the same account as crypto contracts.

Traders who need many altcoin markets or leverage above 30x can compare other venues. The comparison tool shows venues side by side. The cheapest perp exchange page compares trading costs.