# Borrow PHA: rates on every exchange

Annualised margin borrow rates for PHA at VIP 0, and whether borrowing it to collect negative funding pays after every cost.

Updated 2026-10-30 05:06 UTC · https://afterfees.xyz/borrow/PHA

## PHA borrow rates by exchange

| Exchange | Now | 24 h avg | 7-day avg | Rate counted | Per-account limit | Platform remaining | Status |
|---|---|---|---|---|---|---|---|
| [Gate](https://afterfees.xyz/venues/gate) | 10.33% | 13.65% | 18.49% | 13.65% * | $30K | not published | Borrowable |
| [Binance](https://afterfees.xyz/venues/binance) | 35.31% | 43.32% | 43.61% | 43.32% | $8.1K | not published | Borrowable |

_Annualised simply (hourly rate × 8,760). Rate counted = the higher of the current rate and the 24 h average, as in every calculation on AfterFees. * Gate: rate × the published VIP multiplier (inferred)._

## Reverse carry on PHA: borrow and sell spot, long the perp

No reverse PHA carry nets a profit at this size right now.

_At $10,000 per side, held 7 days, after taker fees, order-book slippage and carry._

## PHA perps, most negative funding first

| Exchange | Contract | Rate | Every | Annualised |
|---|---|---|---|---|
| [MEXC](https://afterfees.xyz/venues/mexc) | PHA_USDT | 0.0050% | 4 h | +10.9% |
| [Bitget](https://afterfees.xyz/venues/bitget) | PHAUSDT | 0.0050% | 4 h | +10.9% |
| [Bybit](https://afterfees.xyz/venues/bybit) | PHAUSDT | 0.0050% | 4 h | +10.9% |
| [KuCoin](https://afterfees.xyz/venues/kucoin) | PHAUSDTM | 0.0050% | 4 h | +10.9% |
| [BingX](https://afterfees.xyz/venues/bingx) | PHA-USDT | 0.0050% | 4 h | +10.9% |
| [Binance](https://afterfees.xyz/venues/binance) | PHAUSDT | 0.0050% | 4 h | +10.9% |
| [Aster](https://afterfees.xyz/venues/aster) | PHAUSDT | 0.0050% | 4 h | +10.9% |
| [Gate](https://afterfees.xyz/venues/gate) | PHA_USDT | 0.0050% | 4 h | +10.9% |

## Coins

|   |   |
|---|---|
| Funding rates and every arbitrage on this coin | [PHA](https://afterfees.xyz/coin/PHA) |

## Questions

**Where is it cheapest to borrow PHA?**

Gate, at 13.65% a year at the rate we count (the higher of the current rate and the 24 h average), among 2 exchanges that lend PHA.

**Can I earn negative funding on PHA by borrowing it?**

Not right now: no reverse PHA carry covers its borrow interest, fees and slippage at $10,000 for 7 days.

_The method behind every number on AfterFees is published; Pro opens each figure into its line-by-line calculation. Estimates from current data, not investment advice. We never hold funds or trade for you._