Forex Swap Calculator

A point is the smallest quoted price step: 0.00001 on most pairs and 0.001 on JPY pairs. On a standard lot of 100,000 units, one point is worth one unit of the quote currency, so the point value is $1 when USD is the quote currency (EUR/USD, GBP/USD, AUD/USD, NZD/USD). For other quote currencies it is converted to USD using the ECB euro reference rates of 23 September 2026 (EUR 1 = USD 1.1411, JPY 180.2, GBP 0.8595, CHF 0.939), crossed through the euro. One point on USD/JPY or EUR/JPY is 100 yen, or $0.6332 at USD/JPY 157.92 (180.2 / 1.1411); one point on EUR/GBP is £1, or $1.3276 at GBP/USD 1.3276 (1.1411 / 0.8595); one point on USD/CHF is CHF 1, or $1.2152 at USD/CHF 0.8229 (0.939 / 1.1411). These conversion rates are a dated snapshot and move daily.

Worked examples for 1 standard lot held one night. The swap rates are the calculator's illustrative defaults, not any broker's live rates:

• EUR/USD long at -6.5 points: -6.5 x 1 x $1 = -$6.50 a night, or -$19.50 on the Wednesday triple-swap rollover.
• USD/JPY short at -9.8 points: -9.8 x 1 x $0.6332 = -$6.21 a night.
• EUR/GBP long at -3.1 points: -3.1 x 1 x $1.3276 = -$4.12 a night.

A forex swap (also called a rollover fee) is the cost or credit applied to your account when you hold a position overnight. It derives from the interest rate differential between the two currencies in the pair you are trading.

When you buy a currency with a higher interest rate than the one you sell, the swap may be positive -- your broker credits your account. When the bought currency has a lower rate, you pay. In practice, brokers add a markup to both sides, which means positive swaps are smaller and negative swaps larger than the raw interbank differential.

The core of a swap rate is the overnight interest rate differential. Central bank rates for each currency set the baseline. For example, if the euro rate were 2.25% and the US dollar rate 3.75%, holding a long EUR/USD position would mean you effectively borrow USD (at the higher rate) and lend EUR (at the lower rate), resulting in a net cost.

Brokers then apply their own markup on each leg. This is why swap rates differ between brokers even for the same pair on the same day. The result is the swap rate in points that the formula above multiplies by lot size and point value.

Swaps are applied at the daily rollover, which occurs at 17:00 Eastern Time (New York close). Any position open at that moment incurs the swap. If you open and close a trade within the same session, no swap is charged.

On Wednesday evenings, most brokers apply a triple swap. This covers the weekend: forex settles on a T+2 basis, so a Wednesday rollover settles on Friday, and the next settlement after that is Monday. The triple charge accounts for Saturday and Sunday in one go. Some pairs -- particularly those involving currencies with Thursday public holidays -- may have the triple swap on a different day.

For day traders, swaps are irrelevant -- close before the rollover. For swing and position traders, several approaches help:

• Compare brokers: swap rates vary between brokers because each sets its own markup. A lower-markup broker can save significant sums over weeks of holding.
• Trade in the direction of the carry: when possible, align your trade direction with the positive swap side. Carry trades profit from this explicitly.
• Reduce lot size: smaller positions mean proportionally smaller swap costs.
• Use swap-free accounts: many EU-regulated brokers offer Islamic or swap-free accounts that replace overnight interest with flat fees or no charge.
• Shorten holding periods: if your strategy permits, taking profits earlier reduces cumulative swap exposure.

Islamic (swap-free) accounts comply with Sharia law by removing overnight interest charges. Several CySEC- and FCA-authorised brokers offer these accounts to all clients, not only those trading for religious reasons.

Be aware that swap-free accounts often carry alternative costs: wider spreads, a fixed administration fee per night, or a charge applied after a position has been held for a certain number of days. Always compare the total holding cost, not just the absence of a swap label. See our best Islamic forex accounts in Europe guide for a full comparison.