Use the calculator above to estimate the swap (rollover) fee or credit applied when you hold a forex position overnight.
How to Use This Calculator
- Select a currency pair — each pair has a different swap rate based on the interest rate differential
- Enter your lot size — 1 standard lot = 100,000 units
- Enter the swap rate — your broker publishes swap rates in their contract specifications (check your trading platform under "Symbol Info" or "Contract Specifications")
- Choose direction — long (buy) or short (sell), as swap rates differ by direction
- Calculate — see the daily swap charge or credit in your account currency
What Is a Forex Swap?
A swap (also called rollover or overnight interest) is the fee or credit applied to your account when you hold a position past the daily rollover time — typically 5:00 PM New York time (22:00 GMT).
The swap reflects the interest rate differential between the two currencies in the pair. When you buy a currency with a higher interest rate than the one you sell, you may receive a positive swap (credit). When the relationship is reversed, you pay a negative swap (charge).
The Swap Formula
Swap = (Contract Size × [Interest Rate Differential + Broker Markup] / 100) × (Price / 365)
Worked Example
- Currency pair: EUR/USD
- Contract size: 100,000 units (1 standard lot)
- Interest rate differential: 0.75% (Fed rate minus ECB rate)
- Broker markup: 2.5%
- Price: 1.25
Swap = (100,000 × 3.25 / 100) × (1.25 / 365) = $11.13 per day
Wednesday Triple Swap
Most brokers apply triple swap on Wednesdays to account for the weekend settlement period (Saturday and Sunday). This means your Wednesday overnight position costs three times the normal swap rate.
| Day Held Overnight | Swap Multiplier |
|---|---|
| Monday | 1× |
| Tuesday | 1× |
| Wednesday | 3× (covers weekend) |
| Thursday | 1× |
| Friday | 1× |
Some brokers shift the triple swap to Friday. Check your broker's specific schedule.
Swap-Free (Islamic) Accounts
Brokers offering Islamic accounts do not charge or pay swap. Instead, they may apply an administration fee after a set number of days. If you need a swap-free account, verify that your broker is regulated and that the alternative fee structure is transparent.
How Swap Affects Long-Term Positions
For day traders who close positions before rollover, swap is irrelevant. For swing traders and position holders, it adds up:
| Holding Period | Daily Swap (−$11.13) | Total Cost |
|---|---|---|
| 1 week | 7 days (incl. triple Wed) | −$100.17 |
| 1 month | 30 days | −$333.90 |
| 3 months | 90 days | −$1,001.70 |
Use the Forex Profit Calculator alongside this tool to ensure your expected profit exceeds the cumulative swap cost.
Related Tools
- Forex Margin Calculator — check margin requirements before opening a position
- Forex Profit Calculator — estimate P&L including swap costs
- Forex Leverage Calculator — determine leverage for your trade size
- Forex Compounding Calculator — project account growth over time
Frequently Asked Questions
Where do I find my broker's swap rates?
In MetaTrader 4/5, right-click on a symbol in Market Watch and select "Specification" or "Symbol Info." The swap long and swap short values are listed there. Your broker also publishes these on their website under contract specifications.
Can swap rates be positive?
Yes. If you buy a currency with a higher interest rate than the currency you sell, your broker may credit a positive swap to your account. However, the broker's markup often reduces or eliminates positive swaps even when the rate differential is in your favour.
Why are my swap charges different from the formula?
Brokers add their own markup to the raw interest rate differential. This markup varies by broker and account type. Some brokers also adjust swap rates weekly based on central bank rate changes. The formula gives an approximation — always check your broker's published rates for exact figures.
How do I avoid paying swap?
Close your positions before the daily rollover time (typically 5:00 PM New York / 22:00 GMT). Alternatively, request a swap-free Islamic account from your broker if available. Note that swap-free accounts may have alternative fees or restrictions on how long you can hold positions.