Swap is an overnight commission deducted or added to a trader’s equity at 21:00 GMT+0 in Summer and 22:00 GMT+0 in Winter. Depending on the day and trading instrument, swap can be applied as standard, triple, or not applied at all.

Note: In Exness, we calculate swap rates in pips, while MetaTrader platforms calculate swap in point. Conveniently calculate swap and more using the Exness Trading Calculator.

Exness offers swap-free status in certain circumstances and automatically to accounts registered in Islamic countries. Read more about swap-free status.

Swap might be applied triple for some instruments on Wednesdays or Fridays.

For example, a triple swap is applied on Wednesdays for most forex, metals, and crypto crosses (e.g., BTCXAU) instruments. In contrast, a triple swap is applied on Fridays for stocks and cryptocurrencies (e.g., BTCUSD, ETHUSD).

The swap rate varies widely, as each trading instrument determines these rates in several ways. Factors that impact swap for an instrument include:

• Interest rates of central banks
• Currency pair exchange rate (when applicable)
• Order type (short for sell or long for buy)
• Broker’s commission

Note: Broker's commission is subject to change based on market conditions and the risk management policy for particular trading instruments.

Standard swap schedule

Triple swap

A triple swap is applied when the settlement date of the instrument lags behind closing the order. For example, since most forex trading instruments take up to 2 working days to settle, any order closed after Wednesday at 10pm (GMT+0) will only settle the following Monday. Therefore, a triple swap is applied to account for the three days the order must be maintained overnight.

For Energies (under Commodities), there is no triple swap. There is a single overnight charge for each day of the week.

How to calculate swap

Swap = Swap long/short × number of days × pip value
Pip value = number of lots x contract size x pip size

Calculation example:

You opened a buy (long) order of 1 lot EURUSDm with a Standard account on Tuesday at 15:00, then closed that order on Thursday at 23:00.

First, we make the calculation:

• Lots: 1
• Contract size: 100,000 EUR
• Pip size: 0.0001 (for the majority of forex instruments)
• Pip value: 1 x 100 000 x 0.0001 = 10
• Swap rate:-0.86852 pips (for demonstration purposes; not based on live swap rate data)
• Number of days: 5
  • Standard swap on Tuesday at 10:00 pm = 1
  • Triple swap on Wednesday at 10:00 pm = 3
  • Standard swap on Thursday at 10:00 pm = 1

Therefore:

Swap = -0.86852 x 5 x 10 = -43.42 USD

This charge is negative, and is deducted from your trading account balance. Had it been positive, no swap charge would be applied.