Last updated: August 2026. Swap rates move daily and differ by direction. Always check the current figures on the broker's own site before you hold a position overnight.
A swap is the financing adjustment applied when you hold a position past the daily rollover. It comes from the interest-rate differential between the two currencies, and it is credited or debited every day the position stays open. For anyone holding trades for more than a session, it is a running cost — or a running income — that spreads alone will not tell you about.
How swaps work
- Applied at the broker's daily rollover, once per day the position is held.
- Positive on one side of a pair and negative on the other, though many brokers charge more on the negative side than they pay on the positive.
- Wednesday is usually triple. Most brokers book three days of swap on Wednesday to cover the weekend value dates.
- Rates change with central bank policy and with the broker's own funding costs.
Brokers known for stronger swap credits
| Broker | What it is known for |
|---|---|
| AXIORY | Competitive credits on high-yield pairs; carry traders report meaningful daily amounts on large positions |
| Vantage | Strong on metals as well as currencies |
| Titan FX | Consistently competitive on high-yield pairs |
| XS.com / BigBoss / Axi | Advantage varies by individual pair rather than across the board |
Treat this as a starting shortlist, not a ranking. Swap tables are revised frequently, and a broker that leads on TRY/JPY may trail on AUD/JPY in the same week.
The catch with high-yield currencies
The pairs that pay the most carry are the ones whose spot price can erase a year of carry in a week.
- Turkish lira (TRY): persistent inflation and currency instability.
- Mexican peso (MXN): sensitive to oil prices and to trade policy.
- South African rand (ZAR): exposed to power supply problems and political risk.
The arithmetic that matters is simple: daily carry is small and predictable, while a devaluation is large and sudden. Position size, not the swap rate, decides whether a carry trade survives.
Swap-free accounts
If you scalp, day-trade, or simply do not want financing on the books, swap-free accounts remove the negative side of the equation. Several brokers offer them, including XM (KIWAMI), Exness, FXGT and HFM, usually with conditions attached — eligible instruments, holding-period limits, or an administration fee on long holds.
Swap-free is not automatically cheaper. If you are on the paying side of the differential it saves you money; if you were collecting carry, you give that up.
Where cashback fits
Rebates are paid on traded volume, not on holding time, so they do not offset swap costs directly. What they do is lower the cost of getting in and out — which matters for carry strategies that rebalance or roll positions regularly. Rates for マネチャ's partner brokers are listed on each broker's page.
Frequently asked questions
When exactly is swap charged?
At the broker's daily rollover, for any position still open. Wednesday is typically charged at three times the normal rate to account for the weekend.
Are high-yield currencies profitable?
They can produce steady carry income, but the exchange-rate risk is usually larger than the carry. Sizing the position so a sharp move does not force liquidation matters more than picking the highest rate.
What is the advantage of a swap-free account?
You avoid paying negative swap on positions held overnight, which suits short-term trading. You also forgo any positive swap you would otherwise have collected.
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