Swap Calculator

A swap is an interest rate adjustment applied to leveraged positions held past the daily rollover time. It reflects the cost of borrowing the currency you are long and the credit/debit from holding the currency you are short.

In forex, trades settle two business days after execution. A position opened on Wednesday settles on Friday - but if held past Wednesday rollover, the settlement rolls to the following Monday, crossing the weekend. Three days of financing are charged in one night.

No. Swap rates change with central bank interest rates. When the SARB raises the repo rate, ZAR-related swaps change accordingly.

Yes. If you are short a high-interest currency and long a lower-interest currency, you may receive a daily credit rather than paying a cost. This forms the basis of carry trading.

Swap costs are deductible trading expenses. Swap credits are taxable income. Keep records of all swap charges and credits from your annual broker statement for your ITR12.

Islamic (swap-free) accounts do not charge or credit overnight swaps, replacing them with a flat administrative fee. FSCA-regulated brokers offering swap-free accounts must disclose the fee structure clearly.

Broker calculators use the exact current swap rate for each instrument. This calculator uses a rate you enter, which allows comparison across brokers and scenarios.

This depends on the interest rate differential between the two currencies in the pair, and your position direction, holding the higher-yielding currency typically earns swap, holding the lower-yielding one typically costs swap, subject to your broker's specific markup.

No, swap is specifically charged or credited only for positions held open overnight, past your broker's defined rollover time, intraday positions closed before this cutoff don't incur swap charges.

Standard forex settlement conventions mean Wednesday's rollover often accounts for the weekend (when banks are closed), most brokers apply triple swap on this day to reflect the three days of value date movement.

Swap rates can and do change, generally following shifts in the underlying interest rate differential between the two currencies, or changes in your specific broker's own markup policy, worth checking current rates periodically.

Yes, many brokers offer Islamic or swap-free account types specifically designed to avoid overnight interest charges, often used by traders following Islamic finance principles, worth checking if your broker offers this option.