PHA Funding Rate — live across 9 venues
Perpetual funding · compared across 9 venues · net of estimated fees · updated every few minutesLive annualized PHA perpetual funding across all 9 venues Perpia tracks. Right now PHA funding is positive on 0 and negative on 9, ranging from -11.7% on Aster to -281.9% on Bybit — a spread of 270.2%. The widest delta-neutral trade is long Bybit / short Aster at 265.1% net APR.
PHA funding trend & liquidity
168h of historyAverages are historical funding over the window shown. A current rate near the 7-day average may indicate the spread has persisted; a rate far above it is usually a short-lived spike. OI and volume are the smaller (binding) leg of the best pair — the ceiling on tradeable size.
Loading PHA rate history…
Build a route
any two of the 9 venuesThis is the widest route right now. The number is gross: fees, the entry spread and slippage are not in it, and both legs must be tradeable for you. The scanner carries the same pairs net of costs.
Venues: pick the two legs
sorted by rate · 9 venuesRates annualized; updated ~every few minutes from live venue data. Venue names link to that exchange's full funding table; ↗ opens the market on the exchange itself. Every spread between these two venues is on the Bybit vs Aster page. 34 pairs scanned for PHA.
PHA arbitrage — 30-day backtest
long Bybit · short AsterOver the last 30 days, holding long Bybit / short Aster would have produced -7.8% APR — versus the 265.1% the live spread implies right now (equity $10,000 → $9,936). This is a backtest on historical funding, not a live result: funding drifts and decays, so backtested results rarely match the current headline rate — which is why size and holding window matter more than the top-line number.
Open full interactive backtest →PHA — FAQ
Is PHA funding positive right now?
PHA perpetual funding is positive on 0 of 9 venues Perpia tracks and negative on 9. The highest is -11.7% on Aster; the lowest is -281.9% on Bybit.
What is the best PHA funding arbitrage right now?
Go long Bybit and short Aster for about 265.1% net APR after fees — the widest delta-neutral PHA spread Perpia currently sees.
Which exchange has the highest PHA funding rate?
Aster, at -11.7% annualized. Funding shifts continuously, so check the live table above before trading.
How PHA funding arbitrage works
Funding arbitrage combines opposing positions on two venues — long the one paying the most negative funding, short the one paying the most positive — to reduce directional exposure and capture the difference between their funding payments. Fees, slippage, basis divergence and liquidation risk can reduce the result. See the methodology for how it is measured and the guide for the full walkthrough.
Markets related to PHA
also quoted on both Aster and BybitThe same two exchanges you would already have funded for the PHA trade. Every spread between them is on the Aster vs Bybit page.