What it does
Hibachi combines the familiar mechanics of an orderbook exchange with a settlement layer that verifies collateral movements using zero-knowledge proofs. The docs describe checks against invalid liquidations, increases in leverage by undercollateralized accounts, and unauthorized withdrawals. These checks concern the settlement design; they do not make trading losses impossible.
The product now spans crypto and foreign exchange, but the two do not share one unrestricted margin account. FX positions require a dedicated FX subaccount, within which supported currency pairs use cross margin. Crypto markets run continuously, while FX markets follow a weekday schedule. This distinction matters when comparing available collateral, weekend access and the points or referral activity attached to an account.
Which network does Hibachi use?
The current signup guide accepts USDT on Arbitrum and USDC on Base or Arc. These are collateral networks, while matching takes place within Hibachi’s exchange infrastructure. On Arc, USDC must be sent as an ERC-20 token transfer rather than a native-token transfer. An older FAQ still omits Arc; the more specific signup guide and Circle’s Arc launch announcement reflect the newer integration.
Where it stands out
- Documented verification rules give a clearer view of how collateral movements are checked than a generic claim that an exchange is secured by cryptography.
- Dedicated FX subaccounts separate currency trading from crypto positions, while cross margin remains available within the FX account.
- The published onboarding guide identifies the exact asset and network combinations, including the newer Arc route, instead of treating every stablecoin transfer as interchangeable.
What you can do
- 01Crypto perpetual markets alongside FX pairs including EUR/USD, GBP/USD and AUD/USD.
- 02FX trading runs 24/5, with a weekend halt from Friday 17:00 to Sunday 17:00 Eastern Time and a short maintenance transition before the pause.
- 03Wallet and email onboarding; API documentation distinguishes wallet-signed accounts from exchange-managed email or social accounts.
Who’s behind it
Co-founder Chip Dempsey has a background in market infrastructure, including the Chicago Board of Trade clearing business, Morgan Stanley and the Options Clearing Corporation, as described in Circle’s founder interview. Hibachi also reports team experience at Citadel, Tower Research, IMC, Meta, Google, Amazon and Hashflow. Those employers are not automatically investors.
Funding and investors
Circle’s February 2026 founder interview reports $8 million raised to date and explicitly confirms Circle Ventures as an investor. Hibachi’s own February announcement confirms Arc Builders Fund participation. The public sources do not provide a complete round-by-round breakdown. An additional $10–15 million was described as a fundraising target, not completed financing.
Supporting sources 2
- 2026-02-12Not disclosed
Circle Ventures investment
Reported investorsCircle Ventures
Confirmed through Hibachi’s Arc Builders Fund announcement. Circle’s February 25 interview reports $8 million in cumulative funding, without assigning an amount to this particular investment.
Referral benefits and conditions
The public referral rules describe commissions paid to the referrer: 10% on direct referrals, 5% at the second level and 1% at the third. They do not establish a standard new-trader discount or signup payment.
Affiliate-specific offers may have separate terms. The standard official link currently shown carries no confirmed ArbuzDAO benefit. Do not read the referrer’s commission percentages as rebates promised to the person signing up.
Supporting sources 1
Fees & availability
Fees and costs
The published base commission is 0% maker and 0.045% taker. Taker tiers depend on rolling 14-day volume and can fall to 0.020%; the fee page denominates charges in USDT. Funding is separate, calculated from market versus spot prices and settled hourly. An FX weekend pause also suspends funding after the maintenance transition.
Supporting sources 3
Eligibility and availability
Use a wallet that supports the required deterministic signatures; the docs specifically warn that incompatible signing can prevent account access. FX and crypto balances need the appropriate subaccount. Check current account and jurisdiction requirements in the interface before funding.