What is a swap?

A swap is the interest charged or earned for holding a trading position overnight. This fee, also known as a rollover fee, is applied to the client's account at 23:59 platform time based on the instrument's specifications (excluding Invest.MT5 account types).  

Swap information is updated daily and applies to both Buy and Sell positions. You can find detailed information about each instrument’s swap value in the Contract Specifications section on our website.  

Swap (Buy) - entry or withdrawal of funds for a position opened for a Buy, with the transaction rollover to the next day. 

Swap (Sell) - entry or withdrawal of funds for a position opened for a Sell when the transaction is carried over to the next day.  

Once a week, a 3-day swap is applied. It is a triple-sized swap that is charged for weekend days. For most currency pairs, this occurs on Wednesday, while for indices, it usually takes place on Friday.   

A swap can take different forms, such as pips or an interest rate, depending on the instrument type. The final value of the swap depends on many factors, such as: 

• The price movement of the currency pair   
• The behaviour of the forward market   
• The swap points of the broker or liquidity provider counterparty  
• The difference between the current interest rate of each country  

Below, we provide an explanation of how swap values are determined for trading instruments.  

Forex

The swap values applied to currency pairs offered by Admirals are based on the interbank rates of our Liquidity Providers, which serve as the benchmarks for calculating swaps. 

A respective admin fee for long and short positions is then added to these rates, forming the final swap value applied to positions held overnight.  

The admin fee is not fixed and is also subject to market conditions. Below, you will find the applicable fees, depending on the currency pairs. 

Please keep in mind that the applicable Admin fees are applied to Market rates that Admirals receives from their Liquidity Providers. The rates are based on current market conditions.   

You can find detailed explanation about the applied rates in our article How to calculate Swap, in the section dedicated to Forex instrument group 

Indices  

The swap values applied to indices offered by Admirals are based on the respective country’s interest rate, known as the reference rate, which serves as the benchmark for calculating swaps.  

Below you will find a table of Reference Rates for our indices:  

These benchmark rates are then subject to an additional markup of up to 2.5%, which determines the final swap value displayed on the Contract Specifications page. 

Commodities  

The swap values applied to commodities offered by Admirals are based on the underlying liquidity providers’ SWAP rates, adjusted by the instrument-specific admin fee, and annualized.  

A respective admin fee for long and short positions is added to the liquidity provider’s swap rates, forming the final swap value applied to positions held overnight.   

The admin fee is not fixed and is also subject to market conditions. Below, you will find the applicable fees, depending on the type of commodity.  

Please keep in mind that the applicable Admin fees are applied to Market rates that Admirals receives from their Liquidity Providers. The rates are based on current market conditions.    

For more details on swap values and how they apply to different instruments, please visit our dedicated section explaining how swaps are calculated.