Forex Swap Calculator
Calculate the overnight swap charged or credited on a forex position, including triple-swap days.
Every forex trade is technically an agreement to exchange two currencies on a settlement date. Holding a position past the daily rollover pushes that date forward, and doing so incurs the interest rate differential between the two currencies — the overnight swap fee, which brokers list simply as swap or rollover. This forex swap calculator turns the rate in your broker's contract specifications into the amount the account actually pays or receives.
Formula: swap = points per lot x lots x point value x nights charged
Your figures
Choose Custom to enter your broker's own pip size and contract size.
Points per lot per night, from your broker. Negative is a charge, positive a credit.
Days carrying three nights of swap. Usually one per week held.
Rate to convert the pair's quote currency into your account currency. Enter 1 if they are the same.
Optional — needed for the annualised figure, which is a percentage of the position's value.
Price increment of one pip. Only used when Instrument is Custom.
Units of the base asset in one lot. Only used when Instrument is Custom.
Results
Total swap cost
-US$96.00
over 12 charged nights
- Swap per night
- -US$8.00
- Nights chargedIncludes two extra nights for each triple-swap day.
- 12
- Value of one swap point
- US$10.00
- Units of base currency
- 100,000
- Annualised cost of carrySwap per night, annualised against the position's notional value.
- —
What this means
Holding 1.00 lots of EUR/USD for 10 nights costs US$96.00 in swap. Add an entry price to see that as an annual percentage of the position's value. It accrues regardless of whether the trade moves in your favour.
- Swap rates change and differ for long and short positions. Use the published rate for the direction you are actually holding.
- The published rate already includes the broker's markup, so it cannot be derived from central bank interest rates.
Total swap cost: -US$96.00
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Continue with these figures
About the Forex Swap calculation
It can go either way. Holding a currency with a higher interest rate against one with a lower rate earns a credit; the reverse is charged. Either way it accrues every night the position stays open, regardless of whether the trade is winning.
Used as a rollover calculator, it estimates the total swap over a holding period from the swap rate your broker publishes, including the triple-swap day that compresses the weekend into a single charge.
Forex Swap formula
point value per lot = pip size × 100,000 × quote-to-account rate
swap per night = swap points per lot × lots × point value per lot
charged nights = nights held + (triple-swap days × 2)
total swap = swap per night × charged nights
annualised = swap per night × 365 ÷ notional value × 100- swap points
- The rate the broker publishes, per lot per night. Negative is a charge.
- triple-swap day
- The day carrying three nights of swap to cover the weekend — usually Wednesday.
- notional value
- Full value of the position, which the annualised figure is measured against.
A swap point is the same increment as a pip, so it is valued the same way: pip size multiplied by position size, converted into the account currency. The broker's published rate is then simply multiplied through.
The weekend is the part that catches people out. Markets are closed Saturday and Sunday, but those days still settle, so the weekend's swap is charged in one go on a single weekday. Most brokers use Wednesday; some use Friday. A position held for a fortnight therefore pays roughly eighteen nights of swap, not fourteen.
The annualised figure exists to make the carry cost of a forex position legible. A charge of $8 a night on a $100,000 position sounds small, but it is 2.92% a year against the notional — a meaningful headwind on a position held for months, and one that accrues whether or not the trade is working.
Forex Swap: a worked example
One standard lot of EUR/USD held for 10 nights, with the broker quoting −0.8 points per lot per night, one triple-swap day in the period, and a USD-denominated account.
- Point value per lot0.0001 × 100,000 × 1 = $10.00
- Swap per night−0.8 × 1 × 10 = −$8.00
- Charged nights10 + (1 × 2) = 12
- Total swap−8.00 × 12 = −$96.00
- Annualised−8 × 365 ÷ 100,000 = −2.92%
$96 charged over ten calendar nights — 20% more than the ten nights alone would suggest, because the triple-swap day adds two extra charges.
How to use the Forex Swap calculator
- Select the pair and enter your position size in lots.
- Enter the swap rate your broker publishes for the direction you are holding. Long and short rates differ, and both are usually listed in the contract specifications.
- Enter the rate as negative for a charge and positive for a credit — brokers show it either way, so check the sign.
- Enter the number of nights held, then the number of triple-swap days in that period. Roughly one per week held.
- Set the quote-to-account conversion rate, or leave it at 1 if they match.
Limitations of the Forex Swap calculator
Every calculation makes assumptions. These are the ones that matter here.
- Swap rates change, often daily, and are set by the broker rather than by the market. A rate that applied last month may not apply now.
- The published rate already includes the broker's markup, so it cannot be derived from central bank interest rates and will differ between brokers on the same pair.
- Long and short rates are not mirror images. On many pairs both directions are charged.
- Some accounts, including Islamic accounts, are swap-free and substitute an administration fee instead.
- Assumes a constant position size held continuously. Adding to or reducing a position changes the nightly figure.
Frequently asked questions about Forex Swap
Why is triple swap charged on a Wednesday?
Because Saturday and Sunday still settle even though markets are closed. Rather than charge on days with no trading, brokers compress the weekend into one weekday — usually Wednesday, since spot forex settles two business days forward. A position open on that day pays three nights at once.
Can swap ever be positive?
Yes. Holding the higher-yielding currency against the lower-yielding one can produce a credit, which is the basis of the carry trade. Broker markup means the credit is smaller than the raw rate differential, and on many pairs both directions end up being charged.
Does swap apply to intraday trades?
No. It is only charged on positions still open at the daily rollover, typically 5pm New York time. A position opened and closed within the same session pays none.
Where do I find my broker's swap rate?
In the contract specifications for each instrument, or in the platform itself — MetaTrader shows swap long and swap short in the symbol properties. Rates are quoted per lot per night, either in points or directly in the account currency, and that is the figure this swap rate calculator expects.
Last reviewed . See our methodology and editorial policy.
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