COW Funding Rate — live across 9 venues

Compared across 9 supported venues · net of estimated fees · updated every few minutes

Live annualized COW perpetual funding across all 9 venues Perpia tracks. Right now COW funding is positive on 7 and negative on 2, ranging from +10.9% on Bybit to -66.1% on KuCoin — a spread of 77.1%. The widest delta-neutral trade is long KuCoin / short Bybit at 73.4% net APR.

venues

paying positive

77.1%

funding spread

Best COW spread now

73.4%

net APR after fees

Long KuCoin→Short Bybit

size depends on live venue depth — see the real cap in the scanner

COW funding trend & liquidity

169h of history

77.1%

current gross APR

83.5%

24h average

21.0%

7-day average

$686K

pair OI · lower leg

$65K

24h volume · lower leg

Averages are historical funding over the window shown. A current rate near the 7-day average may indicate the spread has persisted; a rate far above it is usually a short-lived spike. OI and volume are the smaller (binding) leg of the best pair — the ceiling on tradeable size.

COW funding rate history

30d · 6h buckets · 8 venues

53.9%0-541.0%

3 Aug2 Sep

COW — average across 8 venuesAsterBinanceBitgetKuCoin

Annualized funding, averaged into 6-hour buckets. The bold line is the mean across venues quoting in that bucket; the faint lines are individual venues. Mean over the window: -52.0%. A break in a line means no data was recorded for that stretch, not a zero rate.

COW funding rate by venue

17 pairs scanned

Venue	Funding APR	Interval
Bybit ↗	+10.9%	4h
Gate.io ↗	+10.9%	4h
Bitget ↗	+10.9%	4h
Variational ↗	+10.9%	4h
BingX ↗	+10.9%	4h
Binance ↗	+7.6%	4h
MEXC ↗	+7.0%	4h
Aster ↗	-24.6%	1h
KuCoin ↗	-66.1%	4h

Rates annualized; updated ~every few minutes from live venue data. Venue names link to that exchange's full funding table; ↗ opens the market on the exchange itself. Every spread between these two venues is on the KuCoin vs Bybit page.

COW arbitrage — 30-day backtest

long KuCoin · short Bybit

-24.8%

backtested APR

−$204

historical net P&L on $10,000

5.00%

max drawdown

$10,000$9,796

30 days agostarting capital $10,000today

Over the last 30 days, holding long KuCoin / short Bybit would have produced -24.8% APR — versus the 73.4% the live spread implies right now (equity $10,000 → $9,796). This is a backtest on historical funding, not a live result: funding drifts and decays, so backtested results rarely match the current headline rate — which is why size and holding window matter more than the top-line number.

Open full interactive backtest →

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COW funding — FAQ

Is COW funding positive right now?

COW perpetual funding is positive on 7 of 9 venues Perpia tracks and negative on 2. The highest is +10.9% on Bybit; the lowest is -66.1% on KuCoin.

What is the best COW funding arbitrage right now?

Go long KuCoin and short Bybit for about 73.4% net APR after fees — the widest delta-neutral COW spread Perpia currently sees.

Which exchange has the highest COW funding rate?

Bybit, at +10.9% annualized. Funding shifts continuously, so check the live table above before trading.

How COW funding arbitrage works

Funding arbitrage combines opposing positions on two venues — long the one paying the most negative funding, short the one paying the most positive — to reduce directional exposure and capture the difference between their funding payments. Fees, slippage, basis divergence and liquidation risk can reduce the result. See the methodology for how it is measured and the guide for the full walkthrough.

Markets related to COW

Markets also quoted on both Bybit and KuCoin — the same two exchanges you would already have funded for the COW trade.

See every spread between them on the Bybit vs KuCoin page.

Open the live scanner →All funding rates Funding by exchange How we calculate this