PHA arbitrage explained
Right now PHALA (PHA) trades on 9 venues we scan: 8 perpetual markets, 6 spot markets and 0 DEX pools. The lowest ask is on MEXC perp at $0.0661 and the highest bid on Bybit perp at $0.0662.
The widest PHA perpetual spread is between Binance and Bybit: long PHA on Binance at $0.0661 and short on Bybit at $0.0662 for +0.12% gross, or -0.04% after the 0.16% two-leg fee model. No transfer is needed: both positions stay on their exchanges until the prices converge. The funding difference on this pair is 0.000% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best PHA route is to buy spot on Gate and short the perpetual on Bybit: +0.12% gross, -0.08% net, with +0.030% a day of funding on the short leg.
Spot–spot PHA arbitrage (buy on Gate, withdraw, deposit and sell on Bitget) shows +0.02% gross right now. It only works if withdrawals on the buying exchange and deposits on the selling exchange are open, so check the D/W dots before moving coins.
Small PHA gaps usually disappear after fees, slippage and funding. Look at the Net column, the executable Depth and the spread history before trading: a gap that has been open for days is a different trade from a one-minute spike.
Related: PHA funding rates · PHA spread charts · PHALA price · arbitrage scanner for all coins.