Swap and Rollover Calculator: What Holding a Trade Costs
Swap is the quiet cost of holding. It is small per night and large per month, and it is the reason a swing strategy can test well and still lose money in an account.
Swap is the interest adjustment for holding a position overnight, set by the rate difference between the two currencies plus your broker's mark-up, and it can be a credit or a charge. Most brokers apply three days of swap on one weekday, usually Wednesday, to cover weekend settlement. Rates change, so take them from your own platform.
Swap / rollover cost
Total = swap × lots × (nights + 2 × triple days). A negative rate is a cost, a positive one a credit. Rates are your broker's, change with interest rates, and differ long versus short.
What a swap actually is
Hold a currency position past the daily rollover and you are effectively borrowing one currency to hold another, so the interest difference between them is credited or debited to your account. The same mechanism applies to CFDs on indices, metals and crypto, usually as a financing charge based on the position's value.
Your broker publishes the rate per lot per night, and it can be positive or negative on either side of the same pair. The calculator takes those numbers from your platform rather than guessing them - rates differ by broker and change with interest rates.
The triple-swap day
Because spot settlement skips the weekend, most brokers charge or credit three days of swap on one weekday, commonly Wednesday. A position held across that day pays three nights at once, which is the part people forget when they size a swing trade.
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The calculator shows the cost per night, over your intended hold, and as a percentage of the money you have at risk on the trade. That last number is the useful one: if financing is a large share of your risk, the trade needs a bigger target simply to break even, and long holds on a negative-swap position quietly eat the edge.
What it does not cover
- Rates change; a rate that is positive today can be negative next month.
- Some brokers apply a mark-up, and some quote swap in points rather than money.
- Account-currency conversion is applied by your broker at its own rate.
- Carry is not an edge on its own: the interest you earn can be erased by a small move against you.
Frequently asked questions
What is swap in forex?
The interest adjustment for holding a position overnight, set by the interest rate difference between the two currencies and your broker's mark-up.
Why was I charged three times?
Most brokers apply three days of swap on one weekday, usually Wednesday, to cover weekend settlement.
Can swap be positive?
Yes. Holding the higher-yielding side can credit your account, though the amount is small relative to typical price moves and the rate can change.
Do all instruments have swap?
Most leveraged products carry a financing charge of some kind. Check your broker's specification for the instrument you trade.
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