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Swap fees by asset: who pays and who earns

On central bank rates as of 20 Oct 2026, a long position earns a swap on USD/JPY, USD/CAD, USD/CHF, EUR/CHF, GBP/CAD and AUD/CAD; a short earns on EUR/USD, NZD/USD, EUR/GBP, EUR/AUD, WTI crude oil, US30 (Dow Jones), S&P 500 (US500) and Nasdaq 100 (NAS100); and both sides pay on the other 10. The side that earns holds the higher-yielding currency; gold, silver, oil, the indices and crypto CFDs are financed with borrowed money, so a long pays. Every figure is an estimate; your broker’s own swap always wins.

By RB Trading · Updated 21 Oct 2026 · rates as of 20 Oct 2026 · Educational analysis, not financial advice

6assets where a long earns

8where a short earns

10where both sides pay

20 Oct 2026rates as of

Forex majors

Asset	Long, a night	Short, a night	Who earns
EUR/USD	−$7.30	+$1.15	short earns
GBP/USD	−$4.13	−$3.21	both sides pay
USD/JPY	+$4.45	−$9.93	long earns
AUD/USD	−$0.53	−$3.32	both sides pay
NZD/USD	−$3.31	+$0.19	short earns
USD/CAD	+$1.71	−$7.19	long earns
USD/CHF	+$7.88	−$13.36	long earns

Forex crosses

Asset	Long, a night	Short, a night	Who earns
EUR/GBP	−$6.92	+$0.77	short earns
EUR/AUD	−$9.53	+$3.38	short earns
EUR/CAD	−$2.31	−$3.84	both sides pay
EUR/CHF	+$4.61	−$10.76	long earns
EUR/NZD	−$3.84	−$2.31	both sides pay
GBP/AUD	−$6.79	−$0.55	both sides pay
GBP/CAD	+$1.83	−$9.17	long earns
GBP/NZD	$0.00	−$7.34	both sides pay
AUD/CAD	+$2.60	−$6.45	long earns

Metals and oil

Asset	Long, a night	Short, a night	Who earns
Gold (XAU/USD)	−$49.60	−$5.67	both sides pay
Silver (XAG/USD)	−$32.42	−$1.96	both sides pay
WTI crude oil	−$17.37	+$3.75	short earns

Indices

Asset	Long, a night	Short, a night	Who earns
US30 (Dow Jones)	−$9.17	+$1.98	short earns
S&P 500 (US500)	−$1.35	+$0.29	short earns
Nasdaq 100 (NAS100)	−$5.15	+$1.11	short earns
DAX (DE40)	−$3.47	$0.00	both sides pay

Crypto

Asset	Long, a night	Short, a night	Who earns
Bitcoin (BTC)	−$41.03	−$41.03	both sides pay (per coin)

Estimates, per 1 lot a night unless marked: 100,000 base units on forex, 100 oz of gold, 5,000 oz of silver, 1,000 barrels of oil, $1 a point on an index, one coin on a crypto CFD.

Who pays and who earns, and why

A forex swap is the gap between two interest rates. Long a pair means holding the first currency, which earns its central bank’s rate, with the second currency borrowed at its rate. If the first rate is higher by more than the broker’s markup, the long earns a little each night; if not, it pays. The short is the mirror image, and when the gap is smaller than the markup both sides pay.

Gold and silver are held with borrowed dollars, so a long pays the dollar rate plus a markup, less a small allowance for what lending the metal earns. An index or oil CFD long pays its currency’s rate plus a markup on the whole position; a short receives the rate less the markup. A crypto CFD charges both sides, every night.

Where the rates come from

The eight policy rates behind every estimate update themselves: each rate decision is read from the economic calendar as it prints, checked against FRED for the dollar and the euro, with every bank’s own published rate as the fallback. Each asset’s page shows the rates it rests on and the day they were confirmed.

How to check your exact broker swap

MT4 or MT5: open Market Watch, right-click the symbol, choose Specification, and read Swap long and Swap short. They are usually in points per lot; multiply by the value of one point per lot to get money.
cTrader: open the symbol’s information panel and read the swap figures for long and short.
TradingView with a broker connected: open the symbol’s info in the order panel, or your broker’s contract specifications page.
Swap-free (Islamic) accounts: no overnight interest, but most charge a fixed fee after a few nights or widen the spread, so read the terms before you hold.
Prop firms: most charge swaps like any broker and the swap counts toward your daily and overall loss limits.

Your broker’s own figure always wins. Brokers set their own markup and change swaps weekly, so the figures here can be a few dollars either way on a lot.

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FAQ

Which forex pairs pay positive swap?

On today’s rates, a long earns on USD/JPY, USD/CAD, USD/CHF, EUR/CHF, GBP/CAD and AUD/CAD and a short on EUR/USD, NZD/USD, EUR/GBP and EUR/AUD, after a typical broker markup. The list moves with every rate decision.

Why do both sides of a pair sometimes pay swap?

Because the broker takes a markup on each side. When the gap between the two currencies’ rates is smaller than that markup, neither side is left with a credit.

Why is a gold long always charged swap?

Holding gold is financed with borrowed dollars, so a long pays the dollar rate plus the broker’s markup, less a small lease allowance. The short pays only about the markup less that allowance.

How often do swap rates change?

Brokers update them weekly. The rates behind them move when a central bank decides; these pages pick up each decision automatically.

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