How to Calculate Forex Swap Cost in Dollars (With Worked Examples)

Swap is shown in points, percentages or money depending on your broker. Here is the formula for each, worked examples for EUR/USD, USD/JPY and gold, and how to check the result against your statement.

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To calculate forex swap in money, multiply the swap rate by the value of one point, by your lot size and by the number of nights. When the swap is quoted in points, the formula is: swap = swap points × point value per lot × lots × nights. On a standard lot of a pair quoted in US dollars, such as EUR/USD, one point is worth $1, so a swap of minus 6 points costs $6 per lot per night.

How to Calculate Forex Swap Cost in Dollars (With Worked Examples). Formula (points): Swap points × point value × lots × nights; EUR/USD point value: $1 per standard lot (five-digit quote); Wednesday: Counts as three nights on most forex pairs; Where rates are shown: Swap long and Swap short in Specification; Swap types: Points, percentage or money — How to Calculate Forex Swap Cost in Dollars (With Worked Examples): the figures from this section at a glance.

The formula changes slightly for pairs quoted in other currencies, for gold, and when brokers quote swap as a percentage. This page walks through each case with numbers you can check against your own account.

Formula (points)	Swap points × point value × lots × nights
EUR/USD point value	$1 per standard lot (five-digit quote)
Wednesday	Counts as three nights on most forex pairs
Where rates are shown	Swap long and Swap short in Specification
Swap types	Points, percentage or money

Step 1: read the swap rate

Open the symbol's Specification in MetaTrader. Swap long applies to buy positions and swap short to sell positions. The Swap type line says how the numbers are expressed: in points, as a percentage of the position value per year, or in money of the deposit currency. Most forex symbols use points.

Step 2: work out the point value

A point is the smallest price step, 0.00001 on a five-digit pair and 0.001 on a three-digit yen pair. Its value per standard lot equals the contract size times the point size, in the quote currency. For EUR/USD that is 100,000 × 0.00001 = 1 US dollar. USD/JPY works out at 100,000 × 0.001 = 100 yen, which you convert to your account currency at the current rate.

Symbol	Contract size	Point size	Point value per lot
EUR/USD	100,000 EUR	0.00001	$1
GBP/USD	100,000 GBP	0.00001	$1
USD/JPY	100,000 USD	0.001	100 yen (about $0.63 at 158)
USD/CHF	100,000 USD	0.00001	1 franc
XAU/USD	100 oz	0.01	$1

Gold contract sizes vary by broker, though 100 ounces per lot is common. Check the contract size in the Specification before using the gold line.

Step 3: multiply by lots and nights

Multiply the point value by the swap points and your lot size, then by the number of rollovers the position is open for. Count Wednesday as three nights on standard forex pairs, since it covers the weekend. A position opened Monday and closed Thursday after the rollover is held through Monday, Tuesday and Wednesday nights, which is five nights of swap.

Worked examples

Trade	Swap rate	Calculation	Cost or credit
Buy 1 lot EUR/USD, 1 night	−7 points	$1 × −7 × 1 lot × 1 night	−$7
Sell 2 lots EUR/USD, Wednesday	−3 points	$1 × −3 × 2 lots × 3 nights	−$18
Buy 0.5 lots USD/JPY, 1 night	+12 points	¥100 × 12 × 0.5 lots = ¥600	+$3.80 at 158
Buy 0.1 lots gold, 1 night	−45 points	Points × $1 × 0.1 lot × 1 night	−$4.50

The swap rates in the table are examples to show the method. Real rates differ by broker and change over time, so use your own Specification figures or the swap calculator.

When swap is shown as a percentage

Some brokers quote swap as an annual percentage of the position's value, especially on CFDs. The daily swap is then: position value × annual rate ÷ 360 (or 365, depending on the broker) × nights. A $10,000 index position with a swap of −5% a year costs about $10,000 × 0.05 ÷ 360 = $1.39 per night.

Worked example

Consider a trader in Lagos who holds 1 lot of USD/JPY long for a week. The Specification shows a long swap of +15 points. Each normal night credits 15 × ¥100 = ¥1,500, about $9.50 at 158. Over five rollovers including the triple Wednesday, that is seven nights, or about $66 of credit. The trader's statement shows $65.80, the difference coming from the exchange rate on each night.

Checking your statement

MetaTrader shows accumulated swap in the Swap column of the Trade tab for open positions and in the History tab for closed ones. Compare it with your calculation. Small differences come from exchange-rate conversion and rounding. Large differences usually mean the swap rate changed during the trade or the position was held through more rollovers than you counted.

Converting into your account currency

If your account is in a different currency from the pair's quote currency, the platform converts each night's swap at the current exchange rate. A rand or naira account holding EUR/USD sees the dollar swap converted to rand or naira each night, so the amount in your currency drifts slightly with the exchange rate even when the swap points stay the same. This is the most common reason a calculated total and the statement differ by a few units.

Swap-free accounts

Islamic accounts remove interest-based swaps, but brokers often charge a fixed administration fee per lot per night instead, sometimes after a grace period. The calculation is simpler, a flat fee times lots times nights, but the fee can be larger than the swap it replaces on some pairs. Our guide to Islamic account fees shows what to look for.

For trades lasting a few days, estimate the swap before entry and include it in the reward-to-risk calculation. On high-swap pairs it can turn a small winner into a loser.

Swap rates move with interest rates. After a central bank decision, check the new rate in the Specification before holding a large position overnight.

Frequently asked

How do I calculate swap in forex?

Multiply the swap rate in points by the point value per lot, the number of lots and the nights held. On EUR/USD a point is worth $1 per lot, so −5 points on 2 lots for one night costs $10. Count Wednesday as three nights on most forex pairs.

What is a swap point?

It is the smallest price unit, such as 0.00001 on EUR/USD or 0.001 on USD/JPY, used to quote the swap rate. Its money value depends on the contract size and the quote currency, so the same number of points can be worth different amounts on different pairs.

Why is my swap different from my calculation?

Common reasons are exchange-rate conversion into your account currency, a rate change during the trade, or counting the wrong number of rollovers, especially forgetting Wednesday's triple charge. Small rounding differences are normal.

How is swap calculated on gold?

Usually the same way as forex, in points. With a 100-ounce contract and a point of $0.01, one point is worth $1 per lot. Multiply by the swap points, lots and nights. Some brokers quote gold swap as a percentage, so check the Swap type.

Is swap charged on the day I open a trade?

Only if the position is still open at that day's rollover, 17:00 New York time. A trade opened and closed before the rollover pays no swap at all.

Where can I see swap rates in MT5?

Right-click the symbol in Market Watch and choose Specification. Swap long, Swap short, the Swap type and the 3-day swap day are listed there. The Trade tab shows the swap already charged on each open position.

Official sources: MetaTrader 5 Help