Hibachi is a perpetual-futures DEX running on its own chain, with hourly funding and a 0 bps maker / 4.5 bps taker schedule. It sits firmly in the pre-TGE points-farming category: no token yet, an active points program, and enough volume on majors to run a hedged position.
What is Hibachi?
Its hourly funding is computed as an estimated/predicted rate that can move sharply between settlements on thinner markets — which is both an opportunity (large transient spreads) and a caution (verify before trusting a headline). For majors the rate is steadier and more reliably tradeable against an 8-hour CEX leg.
Hibachi points & airdrop
Hibachi is pre-TGE with an active points program plus periodic fee discounts — trading accrues points expected to convert to a future airdrop. As always, the dollar value depends on the eventual token FDV and allocation, both unknown until launch.
Pair Hibachi with a deeper venue and farm points on the leg you hold for the funding spread. The ORBIT Points Calculator gives an FDV-based estimate so you can decide whether Hibachi or another points venue is the better leg right now.
Hibachi trading fees
Hibachi charges 4.5 bps taker and 0 bps maker on perpetuals. On a round-trip — entry and exit, and across two venues if you trade delta-neutral — those fees are the first thing any spread has to overcome. ORBIT's backtester subtracts both legs' taker fees plus live order-book slippage, so the PnL it shows is net, not headline.
Funding rates on Hibachi
Hibachi settles funding every 1h. Funding is the payment between longs and shorts that anchors the perpetual to spot — and because every venue computes its own rate, the same asset can pay very differently on Hibachi than on another exchange at the same moment. That gap is a tradeable, delta-neutral edge.
Is Hibachi safe?
Hibachi is non-custodial. Because it runs its own newer chain and uses predicted funding, the main risks are smart-contract/operational immaturity and transient rate spikes on thin markets — not directional exposure, which a delta-neutral pair cancels.
Stick to majors, keep leverage low, and lean on the backtester: it dedupes the predicted-rate noise to settlement-level PnL, so you see what would actually accrue rather than a flickering headline.
How to get started with Hibachi
- Open Hibachi and connect your wallet.
- Deposit margin (USDC on its own L1) and start with a small size while you learn the interface.
- Open the Funding Screener to see where Hibachi's funding diverges from another venue.
- Confirm the net edge in the backtester — it subtracts fees and slippage — before sizing up.
Hibachi vs Hyperliquid
The most common comparison for Hibachi is Hyperliquid. Rather than restate fees here, see the live side-by-side — funding, fees, open interest and airdrop status — on the Hibachi vs Hyperliquid comparison. For funding arbitrage you often use both: long the lower-funding venue, short the higher one.
Hibachi review: verdict
Hibachi is a viable pre-TGE points leg for majors: hourly funding, a maker-rebate schedule, and an active points program. Treat its predicted alt-coin rates with caution and verify everything in the backtester, but for a hedged BTC/ETH funding pair it is a reasonable venue to farm points while collecting the spread.