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Level 01 · Lesson 13 of 14

Swap and Rollover

The overnight interest you earn or pay for holding trades.

4 min read+10 XPUpdated November 2026

Hold a trade past the daily cut-off (about 5:00 pm New York) and your broker applies a swap: interest earned or paid on the position overnight.

+Positive swapYou hold the higher-interest currency: the broker pays you overnight
−Negative swapYou hold the lower-interest currency: you pay overnight
×3Triple swap WednesdayMost brokers charge three nights on Wednesday to cover the weekend
Positive, negative and triple swaps

Why it exists

Each currency has an interest rate. When you buy a pair, you effectively hold the base currency and borrow the quote. If the currency you hold pays more interest than the one you borrow, you may earn swap. If not, you pay.

Example

You buy AUD/JPY when Australian rates are much higher than Japanese rates. Each night you may receive a small positive swap. Sell the same pair and you'd pay it.

Wick says

Swing traders, check the swap before you hold for weeks. Scalpers, you can mostly ignore it. You're gone before the bell rings!

Pro tip

Find the swap rates in MT5: right-click the symbol → Specification. Brokers add a markup, so real swaps are smaller than the raw rate difference.

Key takeaways
  • Swap is overnight interest applied at rollover.
  • It can be positive or negative depending on direction and rates.
  • Wednesday usually charges three days to cover the weekend.