Definition
When you hold a currency pair past the daily rollover (usually 5 p.m. New York), you are effectively borrowing one currency to hold the other. The broker credits or debits the interest difference, adjusted by its own fee. Long positions in a high-rate currency against a low-rate one may earn swap; the reverse pays it. Wednesday rollovers usually charge three days to cover the weekend.
Common questions
Are there swap-free accounts?
Many brokers offer swap-free (often called Islamic) accounts that replace the overnight interest with a fixed administration fee after a number of days. Compare the fee with the swap you would otherwise pay.
Related terms
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Part of the academy's trading glossary. All terms · Updated 17 October 2026