CoW Protocol (COW) Funding Rate History
CoW Protocol (COW) perpetual futures funding ranges from 1.00 bps on BINGX to 3.60 bps on KUCOIN across 10 reporting venues, a spread of 2.60 bps. The most extreme rate (39.42% APY annualized) is on KUCOIN. Currently all venues currently report positive funding (longs paying shorts).
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 |
|---|---|---|---|---|
| KUCOIN | 3.60 bps | 39.42% APY | -2.10 bps | $730.00K |
| BINGX | 1.00 bps | 10.95% APY | 1.00 bps | $6.51M |
| BINANCE | 1.00 bps | 10.95% APY | 0.90 bps | $740.31K |
| MEXC | 1.00 bps | 10.95% APY | 0.90 bps | $92.31K |
| BITGET | 1.00 bps | 10.95% APY | 0.80 bps | $82.35K |
| BYBIT | 1.00 bps | 10.95% APY | 0.80 bps | $59.43K |
| PHEMEX | 1.00 bps | 10.95% APY | 1.00 bps | $59.34K |
| GATEIO | 1.00 bps | 10.95% APY | 0.90 bps | $5.55K |
| ASTER | 1.00 bps | 10.95% APY | -1.40 bps | $4.60K |
| VARIATIONAL | 1.00 bps | 10.95% APY | 0.90 bps | $1.04K |
Last updated 2026-05-31T19:48:22.889609Z (UTC).
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Related: COW open interest, COW volume, COW perp market data.