Swap Calculator
Work out what holding a position overnight costs, including the triple charge that lands midweek.
Rayner5 min read24 September 2026A swap calculator matters most to the trades people forget to cost. A scalper never sees a swap. A swing trader holding a position for three weeks can pay more in financing than in spread, and on a high interest currency the charge can be larger than the move being traded.
The tool below turns the swap rate in your platform into a total cost. Under it are where the rate comes from, why Wednesday is charged three times, which positions pay and which receive, and how swap affects a carry trade.
A swap is the financing charged or paid when a position is held past the daily rollover at 5.00 pm New York time. A swap calculator multiplies the rate per lot per night by your position size and the number of nights. Most brokers charge three nights at once on a Wednesday to cover weekend settlement.
The calculator
Copy the swap rate from the instrument specification in your platform. A negative number is a charge, a positive one is a credit, and the two sides of the same pair are rarely equal.
Where the rate comes from
| Component | Detail |
|---|---|
| Interest rate difference | The gap between the two currencies in the pair |
| Broker markup | Added to both sides, which is why both can be negative |
| Direction | Buying the higher yielding currency usually earns, selling it usually pays |
| Instrument type | Gold, indices and crypto are financed against the dollar rate |
Because the markup applies in both directions, a pair with nearly equal interest rates often charges on both the long and the short side. The rate behind it all is the one covered in what is SOFR.
The triple swap day
| Day | Nights charged | Why |
|---|---|---|
| Monday to Tuesday | One | Normal rollover |
| Wednesday | Three | Covers Saturday and Sunday settlement |
| Thursday and Friday | One | Normal rollover |
| Weekend | None | The market is closed |
A few brokers use Friday instead, and some instruments follow a different day. The calendar reason is that spot forex settles two business days forward, so a Wednesday position rolls over the weekend.
When swap matters
| Holding period | Effect of swap |
|---|---|
| Intraday, closed before 5.00 pm New York | None |
| A few days | Small, but worth checking on a large position |
| Several weeks | Can exceed the spread by a wide margin |
| Months | Often the largest single cost of the trade |
On a one lot position paying 7.50 dollars a night, a month costs around 225 dollars, which is 22.5 pips on a standard EURUSD lot before the trade has done anything.
Swap on the instruments people forget
| Instrument | Usual swap position |
|---|---|
| Gold, long | A charge, because holding metal is financed at dollar rates |
| US indices, long | A charge, offset in part by dividends on some brokers |
| Crypto CFDs | Often a large charge on both sides |
| High yielding currency, long | Sometimes a credit |
A long gold position held for a month can pay a meaningful amount in financing, which is worth adding to the plan for any swing trade in metals.
Swap and the carry trade
A carry trade is a swap credit taken deliberately: buy a high yielding currency against a low yielding one and collect the difference every night.
| Element | Detail |
|---|---|
| The income | A small positive swap each night |
| The risk | The exchange rate moving against the position |
| The pattern | Months of quiet income, then a sharp unwind |
The August 2024 yen episode is the recent example, and the mechanics are covered in how interest rates move currencies.
Checking swap before a trade
- 01Open the instrument specificationRight click the symbol in your platform.
- 02Note both sidesLong and short rates are usually different, and often both negative.
- 03Check the triple dayWednesday for most brokers, and it is easy to forget.
- 04Add it to the planOn a swing trade, include the expected swap in the cost of the idea.
Islamic or swap free accounts remove the charge and usually replace it with an administration fee after a set number of days, which is worth reading carefully.
Keep reading
- Margin calculator what a position ties up
- Forex profit calculator the gross result
- How interest rates move currencies where swap comes from
- Trading tools every calculator on the site
Frequently Asked Questions
What is a swap in forex?
The financing charged or paid when a position is held past the daily rollover, based on the interest rate difference between the two currencies plus a broker markup.
When is swap charged?
At the daily rollover, 5.00 pm New York time. A position closed before then pays nothing.
What is the triple swap day?
The day when three nights of swap are charged at once to cover weekend settlement. It is usually Wednesday, although some brokers use Friday.
Can swap be positive?
Yes. Buying a higher yielding currency against a lower yielding one often earns a credit, although the broker markup can turn it negative.
How much does swap cost?
It depends on the pair, the size and the rate your broker sets. A one lot position at 7.50 dollars a night costs about 225 dollars over a month.
Do swap free accounts really have no cost?
They remove the nightly swap but usually add an administration fee after a number of days, so check the terms before assuming a long hold is free.
Does swap apply to gold and indices?
Yes. They are financed against the relevant interest rate, and the charge on a long position is usually noticeable.
