CoW Protocol (COW) Funding Rate History
CoW Protocol (COW) perpetual futures funding ranges from -1.90 bps on BYBIT to 1.00 bps on BINGX across 10 reporting venues, a spread of 2.90 bps. The most extreme rate (-20.80% APY annualized) is on BYBIT. Currently funding signs are mixed: 8 positive, 2 negative.
A non-zero funding rate spread between venues is the basis for delta-neutral funding arbitrage: long the cheaper-funding exchange and short the more expensive one to capture the spread without picking a side on COW price.
COW Per-Exchange Funding Rates
| Exchange | Current Funding (bps) | Funding APY | 7-Day Avg Funding (bps) | 24h Volume |
|---|---|---|---|---|
| BYBIT | -1.90 bps | -20.80% APY | -2.20 bps | $252.21K |
| BINGX | 1.00 bps | 10.95% APY | 0.90 bps | $6.93M |
| BINANCE | 1.00 bps | 10.95% APY | 0.60 bps | $1.30M |
| BITGET | 1.00 bps | 10.95% APY | 0.60 bps | $530.62K |
| MEXC | 1.00 bps | 10.95% APY | 0.60 bps | $162.04K |
| PHEMEX | 1.00 bps | 10.95% APY | 1.00 bps | $107.14K |
| GATEIO | 1.00 bps | 10.95% APY | 1.00 bps | $30.45K |
| KUCOIN | 1.00 bps | 10.95% APY | -0.50 bps | $29.31K |
| VARIATIONAL | 1.00 bps | 10.95% APY | 0.80 bps | $409.11 |
| ASTER | -0.70 bps | -7.66% APY | -7.40 bps | $18.48K |
Last updated 2026-07-16T08:24:35Z (UTC).
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Related: COW open interest, COW volume, COW perp market data.