A night’s swap = the position’s value × the yearly swap rate ÷ 365, where the yearly rate is the gap between the interest rates involved, less the broker’s markup. Wednesday is usually charged three times. On the central bank rates of 20 Oct 2026, 0.10 lot of gold long at $4,000 (10 oz, $40,000 held) costs about $4.79 a night, at 4.375% a year.
Held 10 nights, 2 of them a Wednesday charged three times: about −$67.12.
A year: −4.38% of the position’s value, about $40,000 held. 1 lot = 100 oz.
Central bank rates as of 20 Oct 2026. An estimate: your broker’s swap always wins.
The yearly rate depends on what you hold. On a forex pair, a long earns the first currency’s policy rate and pays the second’s; the broker then takes a markup from both sides, which is why both are often negative. Gold and silver are held with borrowed dollars, so a long pays the dollar rate plus the markup, less a small lease allowance. An index or oil CFD long pays its currency’s rate plus a markup, and a short receives the rate less the markup. A crypto CFD charges both sides every night.
On the central bank rates of 20 Oct 2026: USD 3.875%, EUR 2.5%, with a 1% markup on forex and metals and a 0.5% gold lease allowance.
| Position | A year | A night | A week |
|---|---|---|---|
| Gold long, 0.10 lot at 4,000 | −4.375% | −$4.79 | −$33.56 |
| Gold short, 0.10 lot at 4,000 | −0.5% | −$0.55 | −$3.84 |
| EUR/USD long, 1 lot | −2.375% | −$7.29 | −$51.01 |
| EUR/USD short, 1 lot | +0.375% | +$1.15 | +$8.05 |
Gold long: 3.875 (the dollar rate) + 1 (markup) − 0.5 (lease) = 4.375% a year, so $40,000 × 4.375% ÷ 365 = $4.79 a night. A week, with Wednesday counted three times, is seven nights’ worth: $33.56.
The swap fees by asset page lists the long and short swap on 24 forex pairs, metals, oil, indices and bitcoin, with the rates they rest on and the day each was confirmed. It updates itself when a central bank decides. Popular ones: EUR/USD, GBP/USD, USD/JPY, Gold (XAU/USD), S&P 500 (US500).
In MT4 or MT5, right-click the symbol in Market Watch, choose Specification and read Swap long and Swap short; in cTrader, open the symbol’s information panel. Brokers set their own markup and change swaps weekly, so your platform’s figure always wins over an estimate.
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Get this week’s setupsFrom the gap between the two currencies’ interest rates, less the broker’s markup, applied to the full position value: a night is the value × the yearly rate ÷ 365.
A trade held over Wednesday night settles over the weekend, so the broker books Saturday and Sunday then. Some brokers do it on Friday instead.
Yes, on the side that holds the higher-yielding currency, when the gap between the two rates is wider than the broker’s markup. When it is narrower, both sides pay.
Most do, like any broker, and the swap counts toward the daily and overall loss limits. Some funded accounts are swap-free with a fee on longer holds.