Hibachi 

What is the Hibachi perp DEX?

Hibachi is a decentralized perpetual futures exchange that markets itself as the first privacy-first perp DEX. Hibachi matches trades on an off-chain central limit order book at centralized-exchange speed, while custody and settlement stay on-chain. Each trade batch is proven with zero-knowledge proofs, so positions and balances remain private yet mathematically verifiable. The venue targets professional perp traders exposed to front-running and liquidation hunting on transparent order books. DropsTab classifies Hibachi under DeFi, DEX, and Perpetual.

How does Hibachi's zk-verified perp trading work?

Hibachi executes trades on an off-chain CLOB, then proves each trade batch with a zero-knowledge proof so on-chain settlement matches the off-chain order book. Secondary coverage describes batch proving via a zkVM, with sources citing Succinct's SP1. The design keeps positions and balances private while making results mathematically verifiable — traders do not need to trust Hibachi's internal matching engine. Documentation lists a Verification page alongside standard exchange surfaces: fees, margining, liquidations, and an insurance fund.

Is Hibachi self-custodial?

Hibachi is built so custody and settlement remain on-chain rather than in exchange-held wallets. Zero-knowledge proofs on each trade batch make on-chain state verifiable without exposing individual positions. Hibachi's documentation also covers an insurance fund and liquidation mechanics, the standard protections for a perps venue. No public audit reports are cited in available coverage — an absence to weigh, not a confirmed deficiency. The protocol itself carries no token-related risk, because no token exists yet.

Does Hibachi have a token?

No. Hibachi has no token, no TGE date, and no announced tokenomics or allocation model. No maximum or total token supply is recorded, and no on-chain contract exists to verify — the protocol is premarket. Community TGE timing, such as "Q2 2026," is speculation rather than an announcement. Hibachi appears on 2026 pre-token perp-DEX watchlists alongside Hyperliquid, Lighter, Aster, and edgeX, but the team has confirmed nothing. Any circulating-supply or allocation figure on aggregator placeholder pages is not real data.

Who are the Hibachi investors and how much did it raise?

Hibachi raised $5,000,000 in a Seed Round dated March 19, 2025. Per DropsTab fundraising data, the round lists Electric Capital (Tier 1), Dragonfly Capital (Tier 2), and echo as investors, none flagged as lead — external coverage most often describes Dragonfly as leading. Echo is a community-investment platform, meaning retail co-investors participated alongside the venture funds. A $50M pre-valuation attached to the round is auto-computed and flagged inaccurate; it is not a confirmed figure.

What does Hibachi's seed funding signal about project maturity?

The seed round signals early-stage status with recognized crypto-native backing: Electric Capital ranks as a Tier 1 firm per DropsTab data, and Dragonfly is an established crypto venture fund. The $5M size is modest for the perp-DEX sector, so runway depends on protocol revenue. Echo's participation broadens the cap table beyond VCs, adding mild concentration and complexity. A later "Arc Builders Fund" backing appears in ecosystem coverage but is not confirmed by the team — treat it as unverified.

How do users earn Hibachi points?

Hibachi has run a points and trading campaign since March 5, 2025, with weekly lotteries and trading rewards. Per DropsTab data, the campaign is active, tagged as Trading and Point Farming on the Hibachi platform. Points accrue from perp trading volume and vault deposits — Hibachi's Vaults include FLP liquidity provision and a Growi Alpha Vault. The documentation also lists a PROVE Staking Boost: staking Succinct's PROVE token raises Hibachi point earnings. Referral and affiliate tiers add further earning routes.

Does the Hibachi points program guarantee an airdrop?

No. Hibachi has not announced a token or an airdrop, and no airdrop snapshot exists. The points program fuels TGE expectations in the community, but points carry no confirmed conversion into tokens. Points farming involves real perpetual-trading risk: leveraged positions can produce losses larger than any speculative reward. No token sale, ICO, or IDO has occurred — the only confirmed funding is the March 2025 seed round. Participation should be treated as platform usage, not a guaranteed airdrop qualification.

Can you buy the Hibachi token on exchanges?

No. Hibachi cannot be bought anywhere, because no token exists — the protocol has no spot, derivative, or DEX markets of its own. Trading "on Hibachi" means trading perpetual futures on the Hibachi platform itself: traders post collateral and take long or short positions, with Hibachi acting as the venue rather than a listed asset. When a token launches, exchange listings would become a separate question — none are announced or confirmed today.

Is Hibachi expanding beyond perpetual futures?

Yes. In February 2026, the team announced it was building an FX trading venue on Arc, Circle's stablecoin L1. Hibachi is cited among venues onboarding to Circle's StableFX, and Arc mainnet launched September 16, 2026. The expansion positions Hibachi to offer tokenized foreign-exchange trading alongside its zk-verified perps order book. No launch date for the FX venue has been published, and no second funding round for the expansion has been confirmed.