Swap Calculator

A forex swap (also called rollover or overnight interest) is a fee or credit applied when you hold a position past the daily market close, which typically occurs at 5:00 PM EST (New York time). Since forex involves trading currency pairs, each currency has its own interest rate set by its central bank. When you hold a pair overnight, you're essentially borrowing one currency and lending another. If the interest rate on the currency you're buying is higher than the one you're selling, you earn a positive swap. If it's lower, you pay a negative swap. Check our Forex Market Hours tool to see when the daily close occurs.

Swap rates vary between brokers because they add their own markup or spread to the underlying interbank rates. Some brokers pass through the raw rates more competitively, while others widen them to increase revenue. The base rates come from the interest rate differential between the two currencies in a pair, but brokers adjust these based on their own funding costs and business model. When choosing a forex broker, comparing swap rates is important if you plan to hold positions overnight frequently, especially for swing trades lasting several days or weeks.

Most brokers apply a triple swap (sometimes called 3-day swap) on Wednesday night because the forex settlement date rolls over by 3 days to account for the weekend. If you hold a position through Wednesday's close, you'll pay or receive three times the normal swap amount. This is a standard industry practice, not a broker-specific charge. Long-term position traders should factor this into their strategy — holding through Wednesday can be costly if your pair has a large negative swap. Use this calculator to estimate the impact before deciding whether to close before the Wednesday rollover.

For day traders who close positions before the daily cut-off, swaps have zero impact. But for swing traders and position traders holding positions for days or weeks, swap costs can significantly erode profits or even turn a winning trade into a losing one. For example, holding 1 standard lot of a pair with a -$5 daily swap for 30 days costs $150. Always factor swap costs into your profit/loss calculations and ensure your potential profit justifies the carry cost. This calculator provides estimates for educational purposes only.

A positive swap occurs when you hold a currency pair where you're long the higher-interest currency and short the lower-interest one. For example, if you buy a pair involving a currency with a 5% interest rate and sell one with a 0.5% rate, you earn the difference as a daily credit. This strategy is called a carry trade. While attractive, carry trades come with exchange rate risk — the pair can depreciate enough to wipe out your swap earnings. Never enter a trade solely for the swap; always consider the overall risk of the position.

Yes, swap rates are not fixed. They adjust based on central bank interest rate decisions, market conditions, and broker policies. When a central bank raises or lowers rates, the swap for pairs involving that currency will shift accordingly. Brokers also reserve the right to adjust their swap markups. This means the swap you calculate today may differ next month. Long-term traders should monitor swap rate changes periodically and adjust their strategy if carry costs become unfavorable. Understanding margin and financing costs is part of being a well-informed trader.

Many brokers offer Islamic (swap-free) accounts that comply with Sharia law by eliminating interest-based charges. Instead of swaps, these accounts typically charge a fixed administration fee per lot or per trade, which may be higher or lower than the standard swap depending on the broker and the pair. If you trade in a way that avoids holding overnight, an Islamic account may not be necessary. Check with your broker about their specific swap-free account terms and compare them using our calculator to see which option costs less for your trading style.

Most brokers publish their swap rates (usually in points or pips per lot) on their trading platform or website. In MetaTrader 4/5, you can right-click a pair in the Market Watch window, select Specification, and find the swap long/short values. Your broker's website may also have a swap rates table. Once you have the swap rates, enter them into this calculator along with your lot size and holding period to estimate the total cost or credit. Remember that these are estimates — actual swaps can vary slightly due to broker adjustments and market conditions.