Holding NZD/USD long costs about $3.31 a night per 1 lot ($0.33 per 0.10 lot); a short may earn about $0.19 a night per 1 lot. Wednesday night is charged three times. A week held long costs about $23.18 per 1 lot. These are estimates from central bank rates as of 20 Oct 2026; your broker’s figure always wins.
| Side | A year | 1 lot, a night | 0.10 lot, a night | Triple night | A week |
|---|---|---|---|---|---|
| Long | −2.13% | −$3.31 | −$0.33 | −$9.93 | −$23.18 |
| Short | +0.13% | +$0.19 | +$0.02 | +$0.58 | +$1.36 |
1 lot is 100,000 NZD, about $56,870 at the dollar rate when this page was built. A night is that amount times the yearly rate, divided by 365.
Long NZD/USD means holding NZD (earning 2.75%) with borrowed USD (paying 3.875%). That gap is −1.13% a year for a long and +1.13% for a short, then the broker’s markup of about 1% comes off both sides.
One side earns because the gap between the two rates is wider than the broker’s markup. When a central bank moves, the gap moves with it, and the side that earns can change.
| Currency | Rate | Level | Decided | As of | Next decision |
|---|---|---|---|---|---|
| NZD | RBNZ official cash rate | 2.75% | 2 Sep 2026 | 20 Oct 2026 | 28 Oct 2026 |
| USD | Fed funds target range | 3.75 to 4.00% | 17 Sep 2026 | 20 Oct 2026 | 28 Oct 2026 |
| Held for | Long, 1 lot | Short, 1 lot |
|---|---|---|
| One week | −$23.18 | +$1.36 |
| Two weeks | −$46.35 | +$2.73 |
| Four weeks | −$92.71 | +$5.45 |
Over a two-week swing the swap is usually small next to the trade’s risk, but on a large position or a long hold it adds up. The swap fee calculator works it out at your own size and for any number of nights, and the position size calculator gives that size from your risk.
Hold a leveraged position past 5 pm New York time and the broker books a swap: one night of interest on the full value of the position, not just the margin. Close before 5 pm and there is none. Wednesday night is charged three times, because a trade held then settles over the weekend, so a week is seven nights’ worth.
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.
An estimate from central bank policy rates. It assumes a broker markup of 1% a year on forex and metals and 2.5% on index, oil and stock CFDs, a lease allowance of 0.5% on gold and 0.75% on silver, and 18% a year on crypto CFDs. These are typical figures, not any one broker’s.
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Get this week’s setupsOn today’s central bank rates a short may earn a small credit, about +$0.19 a night per 1 lot, while a long pays about $3.31. It depends on your broker’s markup.
Usually Wednesday night, when three nights are charged at once because the trade settles over the weekend. A few brokers book it on Friday instead; your broker’s specification says which.
Close the position before 5 pm New York time, hold the side that earns when there is one, or use a swap-free account, which usually charges a fee instead after a few nights.
Brokers add their own markup, quote swaps in points rather than money, and update them weekly. This page uses a typical markup on the central bank rates, so treat it as an estimate and read the exact figure in your platform.