CoW Protocol (COW) Funding Rate History
CoW Protocol (COW) perpetual futures funding ranges from -1.30 bps on BYBIT to 1.00 bps on BINGX across 10 reporting venues, a spread of 2.30 bps. The most extreme rate (-14.23% APY annualized) is on BYBIT. Currently funding signs are mixed: 9 positive, 1 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 | -1.30 bps | -14.23% APY | -2.20 bps | $269.38K |
| BINGX | 1.00 bps | 10.95% APY | 0.90 bps | $6.81M |
| BINANCE | 1.00 bps | 10.95% APY | 0.60 bps | $1.22M |
| BITGET | 1.00 bps | 10.95% APY | 0.60 bps | $369.51K |
| MEXC | 1.00 bps | 10.95% APY | 0.60 bps | $140.72K |
| PHEMEX | 1.00 bps | 10.95% APY | 1.00 bps | $97.51K |
| GATEIO | 1.00 bps | 10.95% APY | 1.00 bps | $30.95K |
| KUCOIN | 1.00 bps | 10.95% APY | -0.50 bps | $29.90K |
| ASTER | 1.00 bps | 10.95% APY | -7.50 bps | $20.13K |
| VARIATIONAL | 1.00 bps | 10.95% APY | 0.80 bps | $420.10 |
Last updated 2026-07-16T05:51:25Z (UTC).
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Related: COW open interest, COW volume, COW perp market data.