How to start trading on Hibachi

1. Create an account

1. You can sign up with a supported wallet (for example MetaMask, Phantom, Rabby or WalletConnect wallets) or with an email address. With a wallet, click Connect Wallet and approve the connection in the wallet pop-up. source ↗
2. For email sign-up, click Create Account, enter your email, then enter the 6-digit code sent to you and complete two-factor authentication. The sign-up guide has no KYC step. source ↗
3. Your wallet must produce deterministic signatures (RFC 6979). Hibachi lists MetaMask, Phantom, Trust Wallet, Fireblocks and Fordefi as supported and MPCVault and Gnosis Safe as unsupported; an unsupported wallet can lose access to its account. source ↗

2. Deposit collateral

1. Collateral is USDT on Arbitrum or USDC on Base or Arc. Wallet users also need enough of the network's gas token to pay gas. source ↗
2. Email accounts get a unique deposit address: click Deposit and send native USDT on Arbitrum or USDC on Base or Arc to it, from an exchange or a wallet. Arc USDC must be sent as an ERC-20 token transfer, not an Arc native token transfer. source ↗
3. Funds sent on an unsupported network are locked on-chain. source ↗

3. Open your first position

1. Pick a market from the dropdown at the top left, choose the order type on the right, set the size by typing it or using the slider, then click Buy to go long or Sell to go short and confirm on the summary. source ↗
2. Order types are Market, Limit, Stop-Market, Stop-Limit, TWAP and Take-Profit/Stop-Loss; limit orders can be GTC, IOC or Post-Only. The minimum order size is 1 USDT. source ↗
3. Accounts are cross-margined. For isolated margin, create a sub-account per position and fund it with Transfer. source ↗
4. At tier 1 (under $5M 14-day volume) the maker fee is 0% and the taker fee 0.045%. Fees are settled in USDT. source ↗

4. Know how liquidation works

1. Liquidation starts when your account balance falls below maintenance margin. Hibachi then closes part of the position with market orders, repeating until the account is healthy again, so a position can be reduced step by step. source ↗
2. The liquidation price shown in the app is where partial liquidation starts, not where the whole position is closed. If the balance goes negative, the insurance fund covers the shortfall. source ↗
3. Watch the risk score in the risk panel: the closer it gets to 100, the more likely liquidation is. If leverage gets too high, open orders are cancelled first. source ↗
4. Mark price, used for margin and PnL, is the median of two Pyth/Stork index-based prices and the last traded price. Funding is paid every hour. source ↗

5. Withdraw

1. Click Withdraw at the bottom right, complete the security verification, enter the amount and the destination address, and choose a withdrawal speed. Only funds not used as collateral can be withdrawn. source ↗
2. Standard withdrawals take about 10-20 minutes; email accounts still pay a fee for them to cover gas, and instant withdrawal adds a convenience fee. The guide says the address must be compatible with the Arbitrum network. source ↗

6. Common mistakes

1. Withdrawing the maximum while holding open positions sharply raises your risk score and puts you at high risk of liquidation. source ↗
2. Market orders cannot fill more than 0.5% (50 bps) away from the mark price. source ↗
3. FX pairs trade in separate sub-accounts tagged as FX accounts, and only 24/5: trading halts from Friday 17:00 to Sunday 17:00 ET. source ↗
4. A triggered TP/SL places a limit order and is not guaranteed to close the whole position; check for any remaining position afterwards. source ↗

Before you trade

Perpetual futures use leverage: a small price move against you can liquidate your collateral. Start with a small amount and low leverage, and read the venue’s current fee and margin pages, which can change after this guide was checked.