Hibachi Review 2025: Privacy-First Perpetual Futures DEX
Zero-Knowledge Proof DEX on Arbitrum & Base
Last Updated: November 14, 2025
Quick Summary
| Feature | Details |
|---|---|
| Type | Privacy-First Perpetual Futures DEX |
| Blockchains | Arbitrum & Base (Ethereum L2) |
| Technology | ZK-Proofs (Succinct) + Celestia DA |
| Max Leverage | 100x |
| Privacy | ✅ Encrypted transactions & balances |
| KYC Required | No |
| Token Status | Pre-TGE (Airdrop Active - 20% allocation) |
| Funding | $5M from Dragonfly, Electric Capital |
| Best For | Privacy-focused traders, airdrop farmers |
What is Hibachi?
Hibachi is a next-generation decentralized perpetual futures exchange that prioritizes privacy, transparency, and trust through mathematical verification rather than verbal promises. Built onArbitrum and Base (Ethereum Layer 2 networks), Hibachi uses zero-knowledge proofs (ZK-proofs) to encrypt transactions, hide balances, and verify trades without exposing sensitive data.
Unlike traditional DEXs where all transactions are publicly visible on-chain, Hibachi ensures that your trading history, positions, and account balances remain private while still being mathematically verifiable. This makes it the only major perpetual DEX with comprehensive on-chain privacy protection.
The platform combines an off-chain Central Limit Order Book (CLOB) for CEX-level execution speeds with on-chain ZK-proof settlement for security. Data is stored on Celestia's modular data availability layer, ensuring decentralization without sacrificing performance.
Key Features
1. Privacy-First Architecture 🔒
Hibachi's standout feature is its zero-knowledge proof privacy system:
- Encrypted transactions: All trading activity hidden from public view
- Hidden balances: Account balances not visible on-chain
- Position concealment: Your open positions remain private
- Mathematical verification: ZK-proofs ensure fairness without data exposure
This solves the major privacy problem of traditional DEXs where anyone can track your trades, copy your strategies, or front-run your orders.
2. Hybrid Speed + Security
Hibachi achieves CEX-level execution speeds through a clever hybrid architecture:
- Off-chain order book: Orders match instantly off-chain
- ZK-proof settlement: Every trade verified on-chain via Succinct
- Celestia data availability: Encrypted data blobs stored decentrally
You get the speed of Binance with the security and non-custodial benefits of a DEX.
3. Professional Trading Features
- Portfolio margin: Capital-efficient cross-margining
- Subaccounts: Manage multiple strategies under one account
- 100x leverage: High leverage for experienced traders
- Multiple order types: Market, limit, and stop orders
- Risk panel: Real-time view of equity, margin, and exposure
4. Pre-TGE Airdrop Program 🎁
Hibachi has allocated 20% of total token supply for community rewards. Earn points through:
- Trading volume (primary criterion)
- Weekly quests for specific pairs
- Referral program
- Mystery boxes
- Community engagement
With $5M raised from top VCs (Dragonfly, Electric Capital), a future token launch is highly anticipated.
How Hibachi Technology Works
Architecture Overview
- Order submission: You submit orders through your wallet
- Off-chain matching: Orders match instantly in off-chain CLOB
- ZK-proof generation: Succinct creates zero-knowledge proof of trade
- Data storage: Encrypted data blob posted to Celestia
- On-chain settlement: Trade settles on Arbitrum/Base with ZK verification
Why This Matters
Traditional DEXs force you to choose between speed OR privacy OR custody. Hibachi delivers all three simultaneously through cutting-edge ZK-proof technology.
Comparison with Competitors
| DEX | Privacy | Max Leverage | Blockchain | Status |
|---|---|---|---|---|
| Hibachi | ✅ ZK-Proofs | 100x | Arbitrum/Base | Pre-TGE |
| AsterDEX | ❌ Standard | 1001x | Multi-chain (4) | Established |
| Hyperliquid | ❌ Transparent | 50x | Own L1 | Established |
| Lighter | ❌ Standard | 20x | Arbitrum | Established |
Key Insight: Hibachi is the ONLY major perpetual DEX with true privacy via ZK-proofs. If privacy matters to you, there's no real alternative.
Advantages
- Privacy-first: Only perp DEX with ZK-proof transaction encryption
- CEX-level speed: Off-chain CLOB with instant matching
- Non-custodial security: You control your keys + ZK verification
- No KYC required: Trade anonymously with just a wallet
- Low fees: Arbitrum/Base L2 gas costs minimal
- Strong backing: $5M from Dragonfly, Electric Capital
- Pre-TGE airdrop: Early participant rewards (20% allocation)
- Professional features: Portfolio margin, subaccounts, risk panel
- Audited contracts: Third-party security audits completed
- Innovative tech stack: Succinct ZK + Celestia DA
Disadvantages
- Limited chains: Only Arbitrum/Base (no multi-chain like AsterDEX)
- Pre-TGE stage: No native token yet, platform still maturing
- Lower volume: Newer platform with less liquidity than established DEXs
- Less battle-tested: Hyperliquid has 2+ years proven track record
- Limited pairs: Fewer trading options than larger exchanges
- Lower max leverage: 100x vs AsterDEX's 1001x
- Smaller community: Growing but not yet massive like competitors
Hibachi vs Competitors: When to Choose What
Choose Hibachi if:
- Privacy is your #1 priority (hidden trades, balances, positions)
- You trade on Arbitrum or Base ecosystem
- You want to farm a Pre-TGE airdrop (20% allocation)
- You need professional trading features with privacy
- You value cutting-edge ZK-proof technology
Choose AsterDEX if:
- You need maximum leverage (1001x vs 100x)
- You want multi-chain support (4 chains)
- You need deeper liquidity ($32B volume)
- You use hidden orders feature
- Privacy is less important than liquidity
Choose Hyperliquid if:
- You want zero gas fees (own L1)
- You need proven platform (2+ years)
- You trade high volume ($9B daily)
- Privacy is not a concern
→ Read full AsterDEX review | Read Hyperliquid review | Compare all DEX platforms
How to Maximize Hibachi Airdrop
With 20% token allocation reserved for community and $5M VC backing, Hibachi's airdrop could be significant. Here's the strategy:
1. Trading Volume (Primary Factor)
- Trade regularly, not just one large trade
- Complete weekly quests for specific pairs (bonus points)
- Maintain consistent activity over months
- Explore different perpetual pairs
2. Referral Program
- Invite active traders (quality over quantity)
- Earn points from referred users' trading volume
3. Community Engagement
- Join official Discord and X (Twitter)
- Participate in discussions
- Provide feedback
- Mystery boxes for engaged users
4. Early Adoption Advantage
As a pre-TGE platform, early users typically receive bonuses in airdrops. The longer you participate, the better your multiplier.
How to Start Trading on Hibachi
- Get a wallet: Install MetaMask, Phantom, or Raby Wallet
- Choose network: Arbitrum (USDT collateral) or Base (USDC collateral)
- Add funds: Bridge ETH for gas + USDT/USDC for trading
- Connect to Hibachi: Visit Hibachi website and connect wallet
- Deposit collateral: Deposit USDT (Arbitrum) or USDC (Base)
- Start trading: Choose pair, set leverage, open positions
- Earn points: Track points in dashboard for airdrop
Frequently Asked Questions (FAQ)
What is Hibachi DEX?
Hibachi is a privacy-first decentralized perpetual futures exchange built on Arbitrum and Base. It uses zero-knowledge proofs (ZK-proofs) via Succinct and Celestia's data availability layer to provide encrypted transactions, hidden balances, and mathematical verifiability while maintaining CEX-level execution speeds through an off-chain order book.
What blockchains does Hibachi support?
Hibachi operates on two Ethereum Layer 2 networks: Arbitrum and Base. Users can deposit USDT as collateral on Arbitrum or USDC as collateral on Base. These are NOT Solana networks—Hibachi is built on Ethereum's L2 ecosystem for lower fees and higher throughput.
How does Hibachi protect privacy?
Hibachi uses zero-knowledge proofs (ZK-proofs) through Succinct's infrastructure to encrypt transaction records, account balances, and trading positions. Data is stored on Celestia's modular data availability layer as encrypted blobs, ensuring privacy while maintaining mathematical verifiability. This makes Hibachi the only major perpetual DEX with comprehensive on-chain privacy protection.
What is Hibachi maximum leverage?
Hibachi offers up to 100x leverage on perpetual futures contracts. This is comparable to many professional trading platforms but lower than AsterDEX's 1001x leverage. The platform also features portfolio margin and subaccounts for advanced risk management.
Does Hibachi require KYC?
No, Hibachi is fully decentralized and does not require KYC verification. You only need a compatible wallet (MetaMask, Phantom, or Raby Wallet) to start trading. Combined with its zero-knowledge privacy features, Hibachi offers maximum anonymity for traders.
Is there a Hibachi airdrop?
Hibachi is pre-TGE (Token Generation Event pending) and has allocated 20% of total token supplyfor community rewards. Users earn points through trading volume, referrals, weekly quests, mystery boxes, and community engagement. The platform raised $5M from Dragonfly and Electric Capital, indicating strong backing for a future token launch. Early participants typically receive bonus multipliers.
How fast are Hibachi transactions?
Hibachi provides CEX-level execution speeds using an off-chain Central Limit Order Book (CLOB). Orders execute off-chain for ultra-low latency, while zero-knowledge proofs verify every balance update and settlement on-chain. This hybrid approach combines centralized exchange speed with decentralized security.
What wallets work with Hibachi?
Hibachi supports:
- MetaMask (most popular for Ethereum/Arbitrum/Base)
- Phantom (multi-chain wallet)
- Raby Wallet
- Any WalletConnect-compatible wallet
You need ETH for gas fees on Arbitrum or Base, plus USDT (Arbitrum) or USDC (Base) as trading collateral.
Who backs Hibachi?
Hibachi raised $5 million in seed funding led by:
- Dragonfly (major crypto VC)
- Electric Capital (leading DeFi investor)
- Echo
The team includes professionals from Citadel, Tower Research, IMC, Meta, Google, Amazon, and Hashflow, bringing deep expertise in traditional finance, technology, and DeFi.
Is Hibachi safe to use?
Hibachi is non-custodial (you control your keys) and has undergone security audits by third-party firms. Zero-knowledge proofs provide mathematical verification of all trades without exposing sensitive data. However, as with all DeFi protocols, smart contract risk exists. The platform uses battle-tested technology (Succinct ZK, Celestia DA) but is newer than competitors like Hyperliquid. Never invest more than you can afford to lose. Start with small positions to familiarize yourself with the platform.
What are Hibachi advantages?
Main advantages:
- Privacy-first with ZK-proof encryption (ONLY major perp DEX with this)
- CEX-level execution speed via off-chain CLOB
- Non-custodial security—you control keys
- No KYC required for maximum anonymity
- Low fees on Arbitrum/Base L2 networks
- Strong VC backing ($5M from Dragonfly, Electric Capital)
- Pre-TGE airdrop opportunity (20% allocation)
- Professional features: portfolio margin, subaccounts, risk panel
- Audited contracts by reputable security firms
- Cutting-edge tech: Succinct ZK + Celestia DA
What are Hibachi disadvantages?
Main disadvantages:
- Limited to Arbitrum/Base (no multi-chain like AsterDEX's 4 chains)
- Pre-TGE stage—no native token yet, platform still maturing
- Lower trading volume than established DEXs
- Newer platform (less battle-tested than Hyperliquid's 2+ years)
- Limited trading pairs compared to larger exchanges
- Lower max leverage than AsterDEX (100x vs 1001x)
- Smaller community and ecosystem currently
Is Hibachi better than AsterDEX?
Hibachi and AsterDEX serve different needs:
Choose Hibachi for: Privacy (ZK-proofs), Arbitrum/Base ecosystem, airdrop farming, professional trading with hidden positions, cutting-edge technology.
Choose AsterDEX for: Maximum leverage (1001x), multi-chain support (4 chains), higher liquidity ($32B volume), hidden orders feature, established platform.
Bottom line: Hibachi excels in privacy and innovation; AsterDEX excels in leverage and liquidity.
What trading pairs are available on Hibachi?
Hibachi offers perpetual futures for major cryptocurrencies including:
- BTC (Bitcoin)
- ETH (Ethereum)
- Major altcoins with sufficient liquidity
The platform focuses on quality pairs with adequate depth. Weekly quests often feature specific asset pairs for bonus airdrop points.
What is Hibachi roadmap?
Current features:
- Perpetual futures trading
- Portfolio margin
- Subaccounts
- ZK-proof privacy
Planned features:
- Strategy vaults (automated strategies)
- Native lending markets
- Multi-asset collateral
- Spot trading functionality
- Private order books
- Dark pool functionality
- Decentralized validator model
- Client-side encrypted order flow with enclave-based matching
Conclusion
Hibachi is best for: Privacy-conscious traders who want perpetual futures with encrypted transactions and hidden balances. If you value anonymity, trade on Arbitrum/Base, or want to farm a Pre-TGE airdrop from a well-funded project, Hibachi is your top choice. The ZK-proof privacy is unmatched in the perpetual DEX space.
However, consider alternatives if: You need multi-chain support (choose AsterDEX), want maximum leverage beyond 100x (AsterDEX's 1001x), require deep liquidity for large positions (Hyperliquid's $9B or AsterDEX's $32B), or prefer a more battle-tested platform (Hyperliquid's 2+ years).
Airdrop opportunity: With 20% token allocation reserved and $5M from top VCs, early participants are well-positioned for potential rewards. Focus on consistent trading volume and community engagement.