Hibachi is a decentralized perpetuals exchange (PerpDEX) built to deliver the speed, user experience, and reliability of centralized exchanges like Binance — but with full transparency, self-custody, and zero reliance on trust.
It’s described as the first “provable exchange”, designed for professional traders and powered by zero-knowledge (ZK) math to guarantee both privacy and verifiable solvency.
Launched in 2024, Hibachi runs on Base, Coinbase’s Layer-2 built on the OP Stack, chosen for its low latency, scalability, and strong ecosystem support.
The goal is clear: to solve one of the biggest problems in crypto — the opacity of centralized exchanges, which led to disasters like FTX’s collapse in 2022, where billions of user funds vanished due to lack of transparency.
Instead of trusting centralized operators, Hibachi uses cryptography and on-chain proofs to ensure all user funds are fully backed, auditable, and always available for withdrawal.
*Advertisement.*
How Hibachi Works
Hibachi operates using a hybrid architecture, balancing CEX-level speed with on-chain verifiability. Below is a breakdown of how it works.
1. On-Chain Custody
All user funds are managed by smart contracts on the Base network.
This ensures that Hibachi never has custody of user assets, eliminating the risk of mismanagement or insolvency.
Users can independently verify solvency through cryptographic proofs that confirm all deposits are fully collateralized and recoverable.
2. Off-Chain Matching (CLOB)
Trades are executed via a Central Limit Order Book (CLOB) powered by ExchangeOS, the same technology stack used by Hashflow.
This design enables extremely low latency — order round trips are processed in as little as 6 milliseconds, making Hibachi over 30x faster than competitors like Hyperliquid.
It feels as fast as a centralized exchange — but every trade is verifiable and provable through the chain.
3. Zero-Knowledge (ZK) Proof Verification
All transactions are batched and verified using ZK proofs, powered by RISC Zero’s Boundless or, in newer updates, Succinct under the Wynn Upgrade.
These ZK systems allow Hibachi to prove the integrity of trading data without revealing any private information — meaning your trading strategies remain completely confidential.
Input data is posted to Celestia, which serves as a data availability layer, ensuring the records are public and verifiable but encrypted for privacy.
4. On-Chain Settlement
After trades are matched off-chain, settlement occurs on-chain within smart contracts on Base.
This ensures transparency and immutability.
If the exchange ever went offline, users could still recover their funds by accessing encrypted data blobs on Celestia and decrypting them independently — a true “don’t trust, verify” model.
5. Privacy and Security by Design
All trading data is encrypted by default, protecting both user privacy and trading strategies.
Withdrawals are permissionless, and users have on-chain guarantees that funds are always recoverable.
This eliminates counterparty risk — no one, not even Hibachi, can misuse deposits.
Core Features and Innovations
Hibachi introduces a long list of features that make it stand out from other DeFi perpetuals exchanges:
- Flash Markets: Temporary trading environments for high-demand assets during volatile events.
- Points System: A dynamic rewards system that distributes points weekly based on user activity, designed to serve as the foundation for a future airdrop.
- Gamified Incentives: Trading competitions, referral leaderboards, and tiered point rewards to increase liquidity and volume.
- Referral Program: Invite friends and earn 50% of their trading fees for a limited time (typically 25% thereafter).
- Advanced Quests: Weekly missions encourage volume on specific pairs and consistent platform use.
Future Roadmap Highlights
- Multi-Chain Support: Seamless trading between EVM and SVM chains (e.g., Base and Solana) without bridges.
- AI Trading Assistant: A built-in chatbot to assist traders with position sizing and market strategy.
- Multi-Collateral Trading: Use assets like SOL or ARB as collateral to open leveraged ETH or BTC positions.
- RWAs Integration: Access to commodities, FX, and equities directly from the platform.
- Yield-Optimized Collateral: Earn yield in vaults while simultaneously using funds as trading margin.
- Decentralized Validator Network: Expanding network decentralization and performance.
- Encrypted Client-Side Order Flow: Enables private matching and dark pool trading with verifiable outcomes.
The upcoming Wynn Upgrade will integrate CEX-level speed with permissionless access, solidifying Hibachi’s role as one of the most advanced PerpDEX architectures on Base.
Team and Backers
Hibachi’s team comes from a mix of high-frequency trading, fintech, and DeFi backgrounds — with veterans from Citadel and Magic Eden.
Funding:
Hibachi raised $5 million in a seed round, led by Dragonfly, Electric Capital, and Echo — some of the most respected names in crypto venture capital.
How to Farm the Hibachi Airdrop
Hibachi’s Points System is the foundation for all potential future airdrops and rewards.
Even without an official token yet, farming points is the key way to qualify for future token distributions.
Here’s the full process, step by step — based exactly on the current working system.
1. Prepare Your Wallet and Assets
- Use an EVM-compatible wallet such as MetaMask or Rabby.
- Hibachi operates on Base, but some features also extend to Arbitrum.
- Ensure you have:
- ETH (on Base or Arbitrum) to pay gas fees.
- USDC as collateral for perpetual trading.
You can bridge funds using Jumper or Stargate, both of which are compatible with the exchange.
2. Access the Platform and Start Farming
- Visit the official Hibachi platform.
- Connect your wallet and access the trading interface.
- Once connected, start trading to accumulate points.
Points Distribution Details
Hibachi distributes approximately 1 million points per week among active users.
The algorithm takes into account:
- Trading volume: Higher volume earns more points (prioritize consistent trading over risky size).
- Open Interest (OI): Maintaining open leveraged positions helps boost rewards.
- PnL (Profit and Loss): Positive performance improves your ranking for bonus points.
- Pair diversification: Trade across multiple pairs such as ETH/USDC, BTC/USDC, and others to avoid concentration.
Points are updated weekly, and leaderboards are published to show top traders across different tiers.
3. Engage With the Community
To maximize potential rewards:
- Join the official Discord for access to exclusive campaigns and quests.
- Follow @hibachi_xyz on X for weekly announcements and “points landed” updates.
- Stay active and participate in discussions — some events and bonuses are limited to community members.
Weekly “Flash Markets” and quests often feature boosted rewards for trading specific assets.
Important Notes and Risks
While Hibachi offers an exciting opportunity to farm points early, it’s still a perpetual trading platform — meaning leverage amplifies both gains and losses.
Keep in mind:
- Beginners should start with small leverage (2x–5x) on major assets.
- Always manage liquidation risk and set stop-losses.
- Even professional traders can be liquidated during major market swings — as seen recently when several assets dropped over 50%.
- Treat this as a strategic farming opportunity, not a pure profit chase.
Hibachi is quickly becoming one of the most sophisticated perpetuals platforms on Base, merging the best of CEX performance with DeFi transparency and zk-level security.
The product is polished, the technology is impressive, and the incentives are well-structured.
For traders who understand how to manage risk, farming points now could translate into meaningful rewards once the token generation event goes live.
🔗Links
Hibachi: Official Website
Hibachi Documentation: Docs
Disclaimer
This is not financial advice. If you decide to interact with the mentioned protocols, you do so at your own risk. Airdrop Guild is not responsible for any potential losses resulting from participation. Always do your own research before engaging with blockchain-based projects.