Phrags live a (relatively) fast life cycle, and have fast metabolisms compared to almost any paph. They grow quicker, the flower spikes develop much faster, and the flowers die sooner than their Asian cousins. So, if the paph next to it has outpaced it, then it suggests that the spike has blasted altogether.
The thing is, there are so many factors that could come into play that would or could cause a spike to blast, that it'd be difficult to pinpoint the issue. It sounds like your growing conditions are correct for this plant. So, keep up the good culture, and you'll probably have better luck next time. If it happens again, it may be time to re-evaluate your environment, but my guess is, this won't be an issue going forward.
It's unlikely, but still possible, that your particular plant is just prone to blasting buds and spikes. Only time will tell, but if your growing conditions are good (and they sound like they are) and this happens again, you may need to discard this particular plant and get a new one.
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