Howdy,
Cobras hold from approx 64 oz-108oz depending on the model.
Yours should be "around" 64 oz, filled from the "fill" port until "Full' on the dipstick when the dipstick is resting on the threads.
This allows for a slight "over-fill" when you replace the fluid after draining. Then you run the drive a bit and and then wait a while to allow any air bubbles to rise to the top. Then check the level with the dipstick screwed all the way in.
Subsequent level checks are accomplished with the dip-stick threaded all the way IN.
DO NOT fill from the bottom (drain) port. (Yes, I know that some suggest a different way
http://www.sterndrive.info/id270.html And it evidently works just fine)
BUT, you won't go wrong filling the drive IAW the OEM OMC service manual.
Regards,
Rick