Hibachi DEX (N/A)

Hibachi is a hybrid DEX perpetual trading protocol for crypto and FX built by a talented team headed by the Co-founder & CEO at Hashflow - Varun Kumar.

The project aims to build the future of global finance, where transactions are settled instantly using stablecoins.

Hibachi perp DEX is currently operational on Base and Arbitrum, and focusing on its integration with Arc (Circle ecosystem). By leveraging a CLOB for fast execution and ZK-proofs for secure on-chain verification, Hibachi bridges the gap between the speed of centralized exchanges and the security of decentralized finance. For now, the protocol supports trading for BTC, ETH, and SOL with 5x leverage, and additional markets will be added in the future. 

This architecture provides the protocol with several game-changing features:

• Native Stablecoin Gas: Gas fees are paid directly in stablecoins (like USDC).
• CLOB-based system: Ensures deep liquidity and tight bid-ask spreads that allow high-frequency trading with minimal slippage.
• Self-Custody: Users maintain full control over their assets.
• Configurable Privacy: Utilizes ZK-technology to provide toggleable privacy for orders and positions. This feature allows traders to manually enable or disable privacy for their transactions.

Hibachi Token 🪙: As of February 2026, the platform has not yet confirmed plans to launch a native token or conduct a Hibachi airdrop. However, according to the docs, the project runs a Hibachi Points system to reward active users. 
 

Such campaigns often suggest upcoming token launches or airdrops in the near future. With this in mind, the CoinLaunch team conducted a Hibachi DEX overview and identified the most notable pros and cons:
 

✅ Hibachi pros:

• $10B+ cumulative perp volume tracked by Defillama;
• Strong investors: Dragonfly, Electric Capital, Echo, and Circle Ventures;
• Open security audits conducted;
• Strong team led by the Co-founder & CEO of Hashflow (Varun Kumar);
   

❌ Hibachi cons:

• Below-average Digital Marketing Score;
• Market Competition: Perp DEX sector is already dominated by established giants like Hyperliquid, dYdX, GMX;
• Weak product stage: Low number of instruments with low leverage available to trade;