Actually, me and some friends came up with a tier list a while back, it looks a lot like this:
Banned/S+
Duragon
Mugetsu 2
S tier
Dominique +10
Volt +7
A tier
Kaldea +4
1st form Mugetsu +2
Sion +2
B tier
Leann 0
Wong -.5
C tier
Echidna -1
Kou -4
D tier
PD4 -13.5
Duragon 1 is actually the most broken due to the first hit of his kick rekka. Incredibly safe on block, a pressure string in itself (meaning defense rape*, and doing First Hit pause x N is an infinite. so you pretty much just mash the first hit non stop and win. The otehr forms are bullshit as well, but Duragon 1 takes the cake 
Mugetsuâs 2nd form has that retarded spin bullshit. beats out every move in the game and is very rarely punishable depending on which direction he flies in. Also too fast to punish the activation of it. Mugetsu 1 is significantly worse, but not bad. some of the quickest jabs in the game, Gen-setsu (Heaven) and Gen-setsu (Hell) are decent for okizeme, but I donât really remember much else D:
Grapplers easily top the tier list beyond that, since EVERYTHING in this game, jabs and Duragonâs rekka withstanding, are unsafe on block by Volt/Dominiqueâs throw, leading to BIG damage. Voltâs strategy is to turtle, then throw, then combo that throw into Giant Swing, which OTGs. Throws make it a little bit harder, but Volt can still do offensive grabs. His normals are trash though. Voltâs bad matchups are Dominique and Wong, Dominiqueâs only bad matchup is Sion. Kaldea and Wong also break even with her
Wong is very interesting, and is probably one of the few characters with mixup. Running grab AND running unblockable make him a serious threat to turtling characters, but his damge is only decent, and if you react you can run away. He should probably be higher, but whatever
Kaldea is also interesting. In most of her matchups, youâll prefer panther form, which has a tackle grab, a modestly safe normal tackle, and a jab infinite if you hit them from behind and in a corner. her Human form is very niche, and only really preferable against Mugetsu and Echidna
Dominique has both a damaging throw AND can punish with Destruction Upper -> Ground Pound which does GIGANTIS damage.
PD4 is just trash, everything gets beaten out, has to fight from a distance, and his normals are ALL unsafe except maybe his jab.
Echidna is ok. Very weird normals that are easy to block and generally unsafe, but usually move her in random directions, making her difficult to counter. a lot of her normals also tend to whiff though. x:
Leann is pretty average as well. Her Fei long Flame Kick esque move beats out a ton of stuff, but she has little outside of it.
Kou has a throw, but it does shit damage and sends the opponent far, far away from him. his only real damage is Circular Uppercut loop: Circular Uppercut x 1~4 (random, based on character), xx Axe Kick, but heâs usable, unlike PD4.
It should be noted that Blocking is TOO GOOD in this game, since theres no mixup outside of throwing, and everything is punishable on block. shit is rediculous
