COW funding rate live
The open-interest-weighted COW funding rate is 0.0100% per 8 hours (≈11% APR) across 7 perpetual markets, so longs pay shorts. All 7 markets currently pay the same rate. These markets hold $2.26M of open interest. Rates are converted to an 8-hour equivalent so exchanges with different funding intervals compare directly. Funding is paid every 4 hours on Binance, MEXC, Bybit, KuCoin, Bitget, Gate and Aster. The next payment is on Binance (COWUSDT) at 20:00 UTC, in 3h 36m, at a predicted 0.0050% for its 4h interval. That is unusually high for COW: the latest recorded hourly funding rate (0.0100% per 8h) is higher than or equal to 99% of hourly readings since 14 Oct UTC (30 days of history), which ranged from -1.3792% to 0.0115%.
In dollars, at today's rates a $1,000 long pays about $0.30 a day at the average rate, and a $1,000 short receives about the same. Work out your own size and holding time.
COW funding rate by exchange
8h equivalent · hover a rate for the exact APR| MarketVenue / native contract | Funding 8h | APR | Interval | Next fundingPredicted next payment | Settles in | Who pays | Open interest | OI share | 24h volume | Price | Trade |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Binance COWUSDT | 0.0100% | 11% | 4h | 0.0050% 0.0050% predicted 4h interval Longs pay 2026-11-13 20:00 UTC | 3h 36m | Longs pay | $1.53M | 67.9% | $2.22M | 0.09940 | Trade |
| MEXC COW_USDT | 0.0100% | 11% | 4h | 0.0050% 0.0050% predicted 4h interval Longs pay 2026-11-13 20:00 UTC | 3h 36m | Longs pay | $384K * | — | $116K | 0.09950 | Trade |
| Bybit COWUSDT | 0.0100% | 11% | 4h | 0.0050% 0.0050% predicted 4h interval Longs pay 2026-11-13 20:00 UTC | 3h 36m | Longs pay | $333K | 14.8% | $285K | 0.09955 | Trade |
| KuCoin COWUSDTM | 0.0100% | 11% | 4h | 0.0050% 0.0050% predicted 4h interval Longs pay 2026-11-13 20:00 UTC | 3h 36m | Longs pay | $228K | 10.1% | $23K | 0.09960 | Trade |
| Bitget COWUSDT | 0.0100% | 11% | 4h | 0.0050% 0.0050% predicted 4h interval Longs pay 2026-11-13 20:00 UTC | 3h 36m | Longs pay | $106K | 4.7% | $140K | 0.09940 | Trade |
| Gate COW_USDT | 0.0100% | 11% | 4h | 0.0050% 0.0050% predicted 4h interval Longs pay 2026-11-13 20:00 UTC | 3h 36m | Longs pay | $54K | 2.4% | $69K | 0.09950 | Trade |
| Aster COWUSDT | 0.0100% | 11% | 4h | 0.0050% 0.0050% predicted 4h interval Longs pay 2026-11-13 20:00 UTC | 3h 36m | Longs pay | $2,728 | 0.1% | $861 | 0.09957 | Trade |
Sorted by open interest. Exchanges settle funding every 1, 4 or 8 hours. Funding 8h and APR convert every rate to 8 hours so they compare directly; Next funding is the predicted payment for the market's own interval at its next settlement, which moves with the premium until then. Where an exchange publishes no settlement time (Hyperliquid, Gate), it is the next whole interval on the UTC clock, when those exchanges settle. Trade links go to the exchange and may be referral links. Compare every coin on the funding rates page.
Bybit Trade on Bybit
No account yet? Signing up through our link helps keep Swolecharts free.
Referral link · availability depends on your country (not available in the US)
COW daily funding observations
Daily mean of recorded hourly cross-venue funding quotes, OI-weighted within each hour and expressed as an 8h-equivalent rate. These are quote observations, not settled funding payments or realized yield. This differs from the all-market recap’s market-day/mean-OI weighting.
UTC calendar dates from the source read; today is partial and shown so far. Coverage counts finite observed hourly buckets out of 24; missing or conflicting buckets are unavailable.
| Date (UTC) | Mean quote / 8h | Observed hours | Coverage |
|---|---|---|---|
| · so far | 0.0100% | 17 / 24 | Partial |
| -0.0010% | 24 / 24 | Complete | |
| 0.0001% | 24 / 24 | Complete | |
| 0.0056% | 24 / 24 | Complete | |
| -0.0132% | 24 / 24 | Complete | |
| -0.0239% | 24 / 24 | Complete | |
| -0.0122% | 24 / 24 | Complete |
COW funding history
From recorded history, hourlyCOW recorded funding quotes have averaged -0.0056% per 8 hours over the past 7 days (≈-6% APR, annualized quote). Recorded hourly quote readings were 48% positive, 52% negative and 0% zero. Over the last 24 hours COW funding averaged 0.0099% per 8h, up from -0.0059% the 24 hours before.
COW funding rate
OI-weighted, 8hLoading chart…
Not recorded Chart: TradingView Lightweight Charts™
COW funding rate by exchange
8h equivalent, per exchangeLoading chart…
Not recorded Chart: TradingView Lightweight Charts™
About the COW funding rate
What is the COW funding rate?
COW perpetual futures never expire, so exchanges keep their price near spot with funding: a periodic payment between longs and shorts. When the perp trades above spot, the rate is positive and longs pay shorts; below spot it turns negative and shorts pay longs. The payment is a percentage of position size, charged every 1, 4 or 8 hours depending on the exchange.
How to read it
Binance and Bybit's default rate when the perp is in line with spot is 0.0100% per 8h (about 11% APR). Well above that means leveraged longs are paying up to hold COW; negative means shorts are crowded. The APR column shows what holding a position costs or earns over a year at today's rate. A wide spread between exchanges is what funding arbitrage traders look for.
Why do exchanges show different rates?
Each exchange computes funding from its own order book and premium, so the COW rate differs by venue, and intervals differ too. Swolecharts converts every rate to an 8-hour equivalent and weights the headline figure by open interest. Rates update every few seconds from the exchanges' public feeds.
When is the next COW funding payment?
The next known COW funding payment is on Binance (COWUSDT) at 2026-11-13 20:00 UTC, for its 4h interval, with a predicted payment of 0.0050%. Funding is paid every 4 hours on Binance, MEXC, Bybit, KuCoin, Bitget, Gate and Aster. The predicted payment uses the market’s native interval; the Funding 8h rate is an 8-hour equivalent for comparison. Only traders holding a position at the settlement time pay or receive. The Next funding column is the predicted payment for that interval: the rate the exchange currently shows, which keeps moving with the perp's premium until settlement, so the final figure can differ. The funding history below shows how the COW rate has moved.