Hibachi
B Tier✓ TOKEN CONFIRMED
LATEST UPDATE · OCTOBER 27, 2026
Official post Oct 26, 2026: 'Hibachi points end on November 8.' The team hinted the ticker in its May 13 Playoffs post ('Then -> $HEAT'). 77.5M points in circulation (Oct 19). OTC points $0.18–0.25. Polymarket: 56-72% odds of a token by end-2026.The numbers
Expected FDV
$80m
$30m – $200m
Airdrop pool
$16m
20% reported by analysts; not in the official docs
Team score
7/10
founders, exits, backers, flags
Wallets earning
a few hundred accounts per epoch
fewer is better for you
Token window
Points end Nov 8 (official); TGE after
points end Nov 8, 2026
points live 20 months; token talk for 5
$10m$100m$1b$10b
How we got the FDV: Paradex DIME ($38m) and APEX ($111m) on $875m of 30-day volume, with a pedigree premium (Hashflow founder, Dragonfly).
A 12-day sprint. Finish the season if you are already in, then stay active: Hibachi says post-points activity may still count.
Roughly $0.20 a point on 77.5M+ points. One million points per epoch are shared by a few hundred accounts, the best points-per-wallet on the board, but volume faded to $12–24m a day and the outcome is small-cap. Polymarket gives 72% odds of a token by end-2026.
Cut it if: the cost per point in the final sprint exceeds what $0.20 a point justifies.
Who's farming it: Dragonfly's tokenless bet (with Perpl and Upshift). The '$HEAT' ticker circulating on X comes from one shill account.
What is Hibachi?
A privacy-preserving (zk) perpetuals order book founded by Varun Kumar (Hashflow co-founder) with engineers from Citadel, Tower, IMC, Meta and Google; $5M seed from Dragonfly, Electric Capital and Echo, plus Circle's Arc Builders Fund. Points have run since March 2025; the current phase is 'the Playoffs', paying 1M points per 7-day epoch on volume, open interest, PnL and drawdown, with per-market multipliers up to 1.5x on BTCUSD and EURUSD. On October 26, 2026 Hibachi posted: 'Hibachi points end on November 8.' Analysts put the airdrop at 20% of supply; that number is not in the docs.
Airdrop parameters
POINTS / CLAIM END
Points end Nov 8, 2026 (official)
ALLOCATION
20% of supply per analysts; not published. Ticker unconfirmed ('$HEAT' is third-party)
METHOD
1M points per epoch (Mondays 03:00 UTC) on volume, OI, PnL, max drawdown and fees; weekly multipliers at $100k / $500k / $1M per market; 0 bps maker, 4.5 bps taker
TGE
After points end Nov 8; no date
ACCESS
Open, email or wallet, no KYC. Deposits: USDT on Arbitrum, USDC on Base or Arc. No published geo-block list.
CHAIN
Multi-chain
How to farm
01
Connect and deposit
Email or wallet. USDT on Arbitrum, USDC on Base or Arc. Minimum order 1 USDT.
02
Open the FX subaccount and trade EURUSD or BTCUSD
$100k a week per market gives 1.05x, $500k 1.25x, $1M 1.5x. Maker fees are 0 bps at every tier, so rest limit orders.
03
Hold modest open interest and avoid drawdowns
OI, PnL and max drawdown are scored, not just volume. Keep a hedged position open through Monday 03:00 UTC.
04
Refer
5% of referee fees (10/5/1% across three levels if you apply to the affiliate program).
05
Keep trading after Nov 8
Hibachi says rewards 'may be associated with social or trading activity after points have ended', and 'Postseason Points' via vaults are coming. Light activity is cheap insurance.