Forex Swap Explained: What Is Overnight Swap?

All swap rates below are illustrative examples. Your broker publishes the rates that apply to your account.

Overnight financing

A forex position is effectively borrowing one currency to hold another. If the currency you hold pays a higher interest rate than the one you borrow, the swap may be a credit; if lower, a charge. Broker markups mean both sides are often negative.

Long vs short

Brokers publish separate swap rates for long and short positions on each pair, usually per lot per night, either as money or in points.

Swap = Lots × Swap rate per lot per night × Nights charged

Triple swap

Forex trades typically settle two business days later, so positions held over a particular weekday — commonly Wednesday — are often charged three nights to cover the weekend. Which day applies depends on the broker and instrument.

Example

Broker-specific rules

• Swap rates change as interest rates and broker policies change.
• Some accounts are swap-free but may charge other fees instead.
• Rollover time and triple-swap day vary.
• Swap is usually shown in your account currency after conversion.

How the calculator works

1. Open the Forex Swap Calculator.
2. Enter lot size and the long and short swap rates from your broker.
3. Choose direction and number of nights.
4. Press Calculate to see the estimated swap.