diff --git a/CHANGELOG.md b/CHANGELOG.md
index 0d5b9f3d..7afbc4e8 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -89,6 +89,7 @@
 - 被淘汰后观战（以及观战席）会一直跟着上次查看的玩家，每回合开始不再跳回自己的空棋盘；没查看过时跟随第一位仍在场的玩家，人机也算（社区反馈；思路来自 PR #189，感谢 @2321Robin）。
 - 观战领袖回合的休整期时，看到的是领袖战场和站在那里的领袖，不再是没有领袖的普通棋盘（社区反馈）。
 - 最终攻势和隐秘核心的休整期，像作战时一样把同组两名玩家放在同一个战场上（队友的一半只能看），从回合开始到作战结束，左侧队伍栏用官方的绿框标出同组两人（社区反馈；参考了 PR #191，感谢 @2321Robin）。
+- 被淘汰后（以及观战席）每回合开始的横幅改为显示「观战中」，不再显示「资金已到账」：回合资金只发给仍在场的玩家（GitHub #236；思路来自 PR #237，感谢 @2321Robin）。
 
 ### 人机
 
diff --git a/docs/history/0.2.0.md b/docs/history/0.2.0.md
index 58e95a4b..0db943f6 100644
--- a/docs/history/0.2.0.md
+++ b/docs/history/0.2.0.md
@@ -1856,3 +1856,20 @@ are.
   intents too (+3 layers, ATK, block). Two NORMAL copies of one item merge (the official rule), so two 空弦 need a normal
   and an 进阶 set; and the pair counts once toward the 3 members.
 - Pinned: `test/content/feedback5-cb1-pins.test.js`.
+
+#### 25.22.2 GitHub #236 「被淘汰后每回合开始横幅仍显示「资金已到账」(观战席同理)」 (@2321Robin, with PR #237): the round-start banner reads 观战中 to an eliminated player and a spectator seat — `ui/gameLogic/phases.js phaseBanner`, `screens/game.js`
+
+- **Seen** (a real Match with fake battles: three humans and a spectator seat, p_0 out of LP at round 1's settlement):
+  at the round-2 start p_0 (funds 0, pending 0) and the spectator seat (no seat, no funds) got 「第 2 回合 · 资金已到账」,
+  the same as p_1 (funds 5). The sub had been fixed text since 0.1.0.
+- **Official**: no rule for the banner's text. The money: round income goes only to the players still in.
+  `startRound` runs `ps.startRound` (income + pending coins) for `alivePlayers()` only, and `eliminate()` zeroes
+  `funds` / `pendingFunds` (server/match/match/phases.js, player/round.js). An eliminated player keeps watching
+  (research 09: KEEP_WATCH).
+- **Now**: `phaseBanner(phase, pub, { alive, spectator })`. The match screen passes its `alive` and `spectator`.
+  `alive` is false for an eliminated player and for a spectator seat. A spectator seat has no row in m.public, so `pub`
+  alone cannot tell. For those viewers ROUND_START's sub is 「观战中」 (en "Spectating", the combat HUD's spectator
+  caption). A player still in keeps 「资金已到账」. The title and the other phases do not change. PR #237 was read for the
+  idea only: its fourth `alive` argument sits on top of the #189 / #191 stack and Match.js changes, so it was not merged.
+- Golden: unchanged (client text only). Tests: `test/ui/gameLogic.test.js` +1 (a player still in, an eliminated
+  player, a spectator seat, the screen's call). It fails on the parent: 「资金已到账」 where 「观战中」 is expected.
diff --git a/public/js/screens/game.js b/public/js/screens/game.js
index 3065e4ef..520493f0 100644
--- a/public/js/screens/game.js
+++ b/public/js/screens/game.js
@@ -576,7 +576,7 @@ function MatchScreen() {
     const prev = prevPhase.current;
     prevPhase.current = phase;
     if (prev === phase) return;
-    const b = phaseBanner(phase, pub);
+    const b = phaseBanner(phase, pub, { alive, spectator });
     if (b) setBanner({ ...b, key: phaseKey });
     if (phase === PHASE.ROUND_START) audio.sfx('roundStart');
     else if (phase === PHASE.PREP) audio.sfx('rest', { volume: 0.7 });
diff --git a/public/js/ui/gameLogic/phases.js b/public/js/ui/gameLogic/phases.js
index f7afe13d..ddedfaab 100644
--- a/public/js/ui/gameLogic/phases.js
+++ b/public/js/ui/gameLogic/phases.js
@@ -40,12 +40,21 @@ export const isCombatPhase = (phase) => COMBAT_PHASES.has(phase);
 export const showDeadPill = (alive, phase) => !alive && !COMBAT_PHASES.has(phase) && phase !== PHASE.SETTLE;
 export const isBossPhase = (phase) => phase === PHASE.FINAL_ASSAULT || phase === PHASE.HIDDEN_CORE;
 
-/** Banner shown when a phase starts: { title, sub?, tone } or null. */
-export function phaseBanner(phase, pub) {
+/**
+ * Banner shown when a phase starts: { title, sub?, tone } or null.
+ * @param {string|null|undefined} phase
+ * @param {any} pub m.public
+ * @param {{ alive?: boolean, spectator?: boolean }} [viewer] the local viewer (screens/game.js): `alive` false for an
+ *   eliminated player, `spectator` for a spectator seat — it has no row in m.public, so `pub` cannot tell
+ */
+export function phaseBanner(phase, pub, { alive = true, spectator = false } = {}) {
   const r = int(pub?.round, 0);
   switch (phase) {
     case PHASE.BATTLE_CHECK: return { title: t('协议启动'), micro: 'PROTOCOL START', tone: 'mint', sub: t('模拟即将开始'), duration: 2600 };
-    case PHASE.ROUND_START: return { title: t('第 {r} 回合', { r }), micro: `ROUND ${String(r).padStart(2, '0')}`, tone: 'mint', sub: t('资金已到账') };
+    // round income goes to the seats still in only (server/match/match/phases.js startRound; eliminate() zeroes funds
+    // and pendingFunds): an eliminated player or a spectator seat reads 观战中, never 资金已到账 (GitHub #236, PR #237)
+    case PHASE.ROUND_START: return { title: t('第 {r} 回合', { r }), micro: `ROUND ${String(r).padStart(2, '0')}`, tone: 'mint',
+      sub: spectator || alive === false ? t('观战中') : t('资金已到账') };
     case PHASE.SP_DRAFT: return { title: t('机变阶段'), micro: 'CONTINGENCY', tone: 'gold', sub: t('依次选择机变') };
     case PHASE.PREP: return { title: t('休整期'), micro: `ROUND ${String(r).padStart(2, '0')} // REST`, tone: 'mint', sub: t('部署干员，准备迎敌') };
     case PHASE.COMBAT: return { title: t('作战开始'), micro: 'COMBAT', tone: 'orange', sub: t('各自行动阶段') };
diff --git a/test/ui/gameLogic.test.js b/test/ui/gameLogic.test.js
index 3d65c8ad..997ace61 100644
--- a/test/ui/gameLogic.test.js
+++ b/test/ui/gameLogic.test.js
@@ -72,6 +72,29 @@ describe('phases', () => {
     assert.equal(phaseBanner(PHASE.SETTLE, {}), null);
     assert.equal(prepCapsuleLabel(PHASE.PREP), '休息一下');
   });
+  test('the round-start banner says 资金已到账 to a player still in only — 观战中 to an eliminated player and a spectator seat (GitHub #236)', () => {
+    // round 2 after p_0 ran out of LP: p_1 is still in; the spectator seat s_spec has no row in m.public
+    const pub = { round: 2, phase: PHASE.ROUND_START, players: [
+      { playerId: 'p_0', seat: 0, alive: false }, { playerId: 'p_1', seat: 1, alive: true },
+    ] };
+    const round = (viewer) => phaseBanner(PHASE.ROUND_START, pub, viewer);
+    // a player still in (the server paid the round's income)
+    assert.equal(round({ alive: true, spectator: false }).sub, '资金已到账');
+    assert.equal(round().sub, '资金已到账', 'no viewer given: the copy of a player still in');
+    // an eliminated player (eliminate() zeroed funds and pendingFunds; startRound pays the seats still in only)
+    assert.equal(round({ alive: false, spectator: false }).sub, '观战中');
+    // a spectator seat (no seat, no funds), also when only `spectator` is given
+    assert.equal(round({ alive: false, spectator: true }).sub, '观战中');
+    assert.equal(round({ spectator: true }).sub, '观战中');
+    // the title and the other phases' copy are the same for every viewer
+    for (const v of [{ alive: true }, { alive: false }, { alive: false, spectator: true }]) {
+      assert.equal(round(v).title, '第 2 回合');
+      assert.equal(phaseBanner(PHASE.PREP, pub, v).sub, phaseBanner(PHASE.PREP, pub).sub);
+    }
+    // the match screen hands the banner its viewer (screens/game.js `alive` folds a spectator seat in)
+    const src = readFileSync(path.join(ROOT, 'public/js/screens/game.js'), 'utf8');
+    assert.match(src, /phaseBanner\(phase, pub, \{ alive, spectator \}\)/);
+  });
 });
 
 describe('countdown', () => {