COW Funding Rate History — Settled Payments by Exchange
CoW Protocol
| Exchange | Settlements | Total Paid | Average APR | Largest | Smallest | Last Settled |
|---|---|---|---|---|---|---|
 Bybit | 180 | +0.1374% | +1.67% | +0.0509% | -0.3657% | 2026-10-01 04:00 UTC |
 BloFin | 180 | +0.0335% | +0.41% | +0.0170% | -0.2738% | 2026-10-01 04:00 UTC |
 BingX | 180 | +0.0021% | +0.03% | +0.0489% | -0.3655% | 2026-10-01 04:00 UTC |
 Binance Futures | 180 | -0.0141% | -0.17% | +0.0050% | -0.2656% | 2026-10-01 04:00 UTC |
 Toobit | 180 | -0.0182% | -0.22% | +0.0050% | -0.2690% | 2026-10-01 04:00 UTC |
 WEEX | 180 | -0.0182% | -0.22% | +0.0050% | -0.2690% | 2026-10-01 04:00 UTC |
 MEXC | 180 | -0.0207% | -0.25% | +0.0050% | -0.2723% | 2026-10-01 04:00 UTC |
 Bitunix | 180 | -0.0447% | -0.54% | +0.0050% | -0.2808% | 2026-10-01 04:00 UTC |
 Bitget | 180 | -0.1176% | -1.43% | +0.0050% | -0.2441% | 2026-10-01 04:00 UTC |
 KuCoin | 180 | -0.6430% | -7.83% | +0.0328% | -0.2140% | 2026-10-01 04:00 UTC |
 Gate.io | 180 | -0.6966% | -8.48% | +0.0050% | -0.2158% | 2026-10-01 04:00 UTC |
 Aster | 306 | -0.7675% | -5.50% | +0.0050% | -0.3075% | 2026-10-01 04:00 UTC |
What the COW funding rate means
What COW (CoW Protocol) actually paid over the last 30 days: 2,286 settlements across 12 venues, broken down venue by venue. These are settled payments — the amount an exchange actually charged or credited each funding interval — not the rate currently quoted for the next payment. Bybit paid the most over the window at +0.1374% of position size.
A funding rate quoted right now is a forecast of the next payment; what a position actually earned is the sum of payments that already settled. Two venues can quote a similar rate and still pay very differently over a month, because they settle on different schedules and compute the rate from their own order book rather than a shared index. The rate was positive in 88% of the 2,286 settlements recorded here, meaning longs paid shorts that often.
Over the window, settled totals ranged from +0.1374% on Bybit to -0.7675% on Aster — the gap between them is what a delta-neutral position collecting on both legs would have captured before fees and slippage. Verify the live version of this spread on the ORBIT funding screener before sizing a trade: settled history shows what already happened, not what will happen next.
Frequently asked questions
- Is the COW funding rate a live quote or an actual payment?
- A funding rate quoted right now is a forecast of the next payment; what a position actually earned is the sum of payments that already settled. Two venues can quote a similar rate and still pay very differently over a month, because they settle on different schedules and compute the rate from their own order book rather than a shared index. The rate was positive in 88% of the 2,286 settlements recorded here.
- Which exchange has paid the most settled COW funding recently?
- Bybit paid the most over the last 30 days at +0.1374% of position size across 180 settlements, an average annualized rate of +1.67%. This is a sum of actual payments, not a forecast.
- How often is COW funding actually paid?
- Over the last 30 days, ORBIT recorded 2,286 funding settlements for COW across 12 venues. Settlement schedules differ by venue — some pay hourly, others every 4 or 8 hours — so the number of payments per venue in the table above is not the same for all of them.