Question 1

Which exchange has the highest COW funding rate right now?

Accepted Answer

BloFin shows the highest COW funding at +15.49% 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.

Question 2

Which exchange is best to long COW for funding?

Accepted Answer

LBank has the lowest COW funding at +10.96% annualized, which makes the long leg cheapest (or paid). Pair it with the highest-funding venue to capture the spread delta-neutral.

Question 3

What is the best COW funding-arbitrage pair?

Accepted Answer

The widest spread is long Binance Futures / short BloFin at about 4.5% APR before costs. Verify it in the ORBIT backtester, which subtracts real fees and slippage, before sizing a position.

Question 4

How often does COW funding settle?

Accepted Answer

COW funding settles every 4h. Longer intervals concentrate the same annualized rate into fewer, larger payments. ORBIT normalizes every venue to a common APR so they are directly comparable.

Question 5

Is COW funding positive or negative?

Accepted Answer

COW funding is currently positive across venues (longs pay shorts), ranging +10.96% to +15.49% APR.

Question 6

What is the current COW perpetual swap funding rate?

Accepted Answer

The current COW perpetual swap funding rate ranges from +10.96% to +15.49% annualized depending on the exchange — LBank is lowest and BloFin is highest right now. There is no single COW funding rate: every venue runs its own funding formula and order book, which is why the rate has to be read by exchange rather than as one number.

Question 7

What is the aggregated COW funding rate across exchanges?

Accepted Answer

Aggregated across the 14 venues ORBIT tracks, COW funding currently spans +10.96% to +15.49% APR, a spread of 4.5 percentage points. An aggregated average hides the part that matters for trading — the gap between the cheapest and dearest venue — so the table above lists each exchange separately.

Question 8

How do I read the COW 8h funding rate versus the annualized rate?

Accepted Answer

COW does not settle on an 8-hour schedule on the venues tracked here. Because intervals differ by exchange, comparing raw per-payment rates is misleading; ORBIT normalizes each venue to annualized APR so the numbers are directly comparable.

Exchange	Funding APR↓	Interval	Open Interest↕	Mark Price↕
BloFinBest Short	+15.49%	4h	$180K	$0.1673
Binance FuturesBest Long	+10.96%	4h	$2.5M	$0.1664
Bybit	+10.96%	4h	$966K	$0.1665
BingX	+10.96%	4h	$1.3M	$0.1663
Bitget	+10.96%	4h	$406K	$0.1674
Gate.io	+10.96%	4h	$113K	$0.167
KuCoin	+10.96%	4h	$258K	$0.1672
MEXC	+10.96%	4h	$560K	$0.1672
Aster	+10.96%	4h	$22K	$0.1664
Variational	+10.96%	4h	$13K	$0.1663
Toobit	+10.96%	4h	$479K	$0.1664
Bitunix	+10.96%	4h	—	$0.1673
WEEX	+10.96%	4h	—	$0.1666
LBank	+10.96%	4h	—	$0.1673

COW Perpetual Swap Funding Rate by Exchange

How COW funding actually paid this week

Funding Rates by Exchange

Funding Rates by Exchange

COW funding rates explained

Frequently asked questions