I don't know of any product that will work in cold water. If your fabric is 100% cotton, the water temperature will not harm the fabric. I use Rit Dye Setter, and because of the small amount I'm doing at a time, I put it in a stainless steel stew pot and heat it on top of my range instead of doing the process in the washer. Fabric is not harmed! With the experience I have had, I would never make a quilt using fabrics such as reds, orange, intense blues and greens, etc. without setting the dye BEFORE I cut the quilt pieces. I don't know of any other way to keep your colors from bleeding into the neighboring piece!
Jeanette