Free Forex & CFD Swap Rates

A swap (also called rollover or overnight financing) is the interest paid or received for holding a leveraged position overnight. It reflects the cost of borrowing one currency to buy another.

How it works

• When you buy EUR/USD, you are borrowing USD to buy EUR.
• You pay interest on the borrowed USD and receive interest on the EUR you hold.
• The net difference is your swap rate.

If EUR interest rates are lower than USD rates, you pay swap on long positions. If EUR rates were higher, you would receive a swap credit.

Why swaps exist

Forex trades settle on a T+2 basis (two business days). When you hold a position overnight, your broker rolls the trade forward to avoid physical settlement. This rollover involves implicit borrowing costs.

CFD swaps

For indices, commodities, and cryptocurrency CFDs, swaps represent the broker's financing cost for keeping your leveraged position open. These are typically based on interbank rates plus a broker markup.

Forex markets do not charge swaps on weekends because they are closed, but financing costs still apply. To account for this, brokers charge three days of swap on Wednesday night.

• Monday night: 1× swap
• Tuesday night: 1× swap
• Wednesday night: 3× swap
• Thursday night: 1× swap
• Friday night: 1× swap

When estimating multi-day holding costs from the rates above, remember to apply 3× swap for any position held through Wednesday rollover.

Swap is typically charged at the daily rollover time, usually 5 PM New York time (10 PM GMT, or 11 PM GMT during daylight saving). You can view our current swap rates above, updated daily (both long and short swaps).

• If you open and close a position before rollover, no swap is charged.
• Holding a trade for even a few minutes past rollover triggers a full day's swap.
• Holiday swaps may be charged on preceding business days.

Negative swap (you pay)

Most retail positions incur negative swap. You are paying the broker for holding leveraged exposure overnight.

Positive swap (you receive)

In some cases, you may receive swap credits when interest rate differentials favor your position. Historically, carry trades exploited this by buying high-yield currencies and selling low-yield ones.

Reality check

Retail swap rates include broker markup. Even when interbank rates suggest a positive swap, retail traders often receive reduced or negative rates.

Interest rate differentials

Central bank interest rates of both currencies determine the base swap.

Broker markup

Brokers add their own margin, which is why swap rates vary between brokers.

Liquidity conditions

During periods of tight liquidity, swap rates may widen.

Instrument type

Crypto and exotic pairs typically carry higher (more negative) swaps due to increased funding costs.

Many brokers offer swap-free accounts that comply with Islamic finance principles, which prohibit interest (riba).

• Some brokers charge no overnight fee.
• Others apply administration fees.
• Holding period limits may apply.
• Not all instruments may be available swap-free.

If swap costs significantly impact your strategy, a swap-free account may be worth considering regardless of religious requirements.

Day trading

Swaps do not apply if you close positions before rollover.

Swing trading

Multi-day holds accumulate swap. Factor this into profit targets, especially for trades held over weeks.

Carry trading

Positions are held specifically to earn positive swap. This requires favorable interest rate differentials and acceptance of directional risk.

Position trading

Long-term trades can accumulate significant swap costs. A position costing $5 per day equals $150 per month, which can materially impact profitability.