COW
CoW Protocol
Funding Rates by Exchange
| Exchange | Funding APR↓ | Interval | Open Interest↕ | Mark Price↕ |
|---|---|---|---|---|
 ToobitBest Short | +11.01% | 4h | $36K | $0.1413 |
 Binance Futures | +10.96% | 4h | $1.2M | $0.1407 |
 Bybit | +10.96% | 4h | $473K | $0.141 |
 BingX | +10.96% | 4h | $1.0M | $0.1416 |
 Bitget | +10.96% | 4h | $178K | $0.1412 |
 Gate.io | +10.96% | 4h | $66K | $0.1415 |
 MEXC | +10.96% | 4h | $0K | $0.1411 |
 Variational | +10.96% | 4h | $9K | $0.1408 |
 BitMart | +10.41% | 4h | $15.2M | $0.1417 |
 BloFin | +9.67% | 4h | $114K | $0.1406 |
 KuCoin | +8.99% | 4h | $400K | $0.1416 |
 AsterBest Long | -101.17% | 1h | — | $0.1416 |
COW funding rates explained
Funding data updated 14:43 UTC, 2026-07-07
COW (CoW Protocol) perpetual futures funding rates are tracked live across 12 exchanges on ORBIT. Funding is the recurring payment exchanged between long and short traders that keeps a perpetual contract tethered to the spot price — when it is positive, longs pay shorts; when negative, shorts pay longs. Right now COW funding ranges from -101.17% annualized on Aster to +11.01% on Toobit.
The widest cross-exchange funding spread for COW is currently 112.2% APR. A delta-neutral funding trade captures this gap by going long on Aster — where funding is lowest, so the long leg is paid or pays the least — and short on Toobit, where funding is highest, so the short leg collects. Because the two legs are equal and opposite, the asset's price moves cancel out and what is left is the funding spread. ORBIT's backtester replays the real funding history of both legs and subtracts live taker fees and order-book slippage, so the result is net PnL, not a headline number.
COW ranks #194 by open interest among tracked perpetual assets, total open interest across covered venues is $18.7M, 24h volume is $17.9M, the volume-weighted mark price is $0.1416. Deeper liquidity means a funding spread can be traded at larger size with lower slippage — use the Min OI filter on the screener to surface only markets you can realistically enter and exit.
Frequently asked questions
- Which exchange has the highest COW funding rate right now?
- Toobit shows the highest COW funding at +11.01% annualized. A high positive rate means shorts get paid, so this is the venue to short COW when running a funding-arbitrage pair. Rates change every settlement window — check the live screener for the current value.
- Which exchange is best to long COW for funding?
- Aster has the lowest COW funding at -101.17% annualized, which makes the long leg cheapest (or paid). Pair it with the highest-funding venue to capture the spread delta-neutral.
- What is the best COW funding-arbitrage pair?
- The widest spread is long Aster / short Toobit at about 112.2% APR before costs. Verify it in the ORBIT backtester, which subtracts real fees and slippage, before sizing a position.