PHA Funding Rate — live across 7 venues

Compared across 7 supported venues · net of estimated fees · updated every few minutes

Live annualized PHA perpetual funding across all 7 venues Perpia tracks. Right now PHA funding is positive on 7 and negative on 0, ranging from +85.7% on Bybit to +10.9% on KuCoin — a spread of 74.8%. The widest delta-neutral trade is long MEXC / short Bybit at 71.0% net APR.

venues

paying positive

74.8%

funding spread

Best PHA spread now

71.0%

net APR after fees

Long MEXC→Short Bybit

size depends on live venue depth — see the real cap in the scanner

PHA funding trend & liquidity

167h of history

74.8%

current gross APR

4.6%

24h average

-5.7%

7-day average

$556K

pair OI · lower leg

$144K

24h volume · lower leg

Averages 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.

PHA funding rate history

30d · 6h buckets · 8 venues

75.2%0-119.9%

7 Aug6 Sep

PHA — average across 8 venuesAsterBinanceBitgetKuCoin

Annualized funding, averaged into 6-hour buckets. The bold line is the mean across venues quoting in that bucket; the faint lines are individual venues. Mean over the window: +7.8%. A break in a line means no data was recorded for that stretch, not a zero rate.

PHA funding rate by venue

14 pairs scanned

Venue	Funding APR	Interval
Bybit ↗	+85.7%	4h
BingX ↗	+84.1%	4h
Gate.io ↗	+21.5%	4h
MEXC ↗	+10.9%	4h
Binance ↗	+10.9%	4h
Bitget ↗	+10.9%	4h
KuCoin ↗	+10.9%	4h

Rates 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 MEXC vs Bybit page.

PHA arbitrage — 30-day backtest

long MEXC · short Bybit

-1.7%

backtested APR

−$14

historical net P&L on $10,000

0.19%

max drawdown

$10,000$9,986

30 days agostarting capital $10,000today

Over the last 30 days, holding long MEXC / short Bybit would have produced -1.7% APR — versus the 71.0% the live spread implies right now (equity $10,000 → $9,986). 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 →

Loading PHA backtest…

PHA funding — FAQ

Is PHA funding positive right now?

PHA perpetual funding is positive on 7 of 7 venues Perpia tracks. The highest is +85.7% on Bybit; the lowest is +10.9% on KuCoin.

What is the best PHA funding arbitrage right now?

Go long MEXC and short Bybit for about 71.0% net APR after fees — the widest delta-neutral PHA spread Perpia currently sees.

Which exchange has the highest PHA funding rate?

Bybit, at +85.7% 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

Markets also quoted on both Bybit and MEXC — the same two exchanges you would already have funded for the PHA trade.

See every spread between them on the Bybit vs MEXC page.

Open the live scanner →All funding rates Funding by exchange How we calculate this