A swap is the interest charged or earned for holding a trading position overnight. This fee, also known as a rollover fee, is applied to the client's account at 23:59 platform time based on the instrument's specifications (excluding Invest.MT5 account types).
Swap information is updated daily and applies to both Buy and Sell positions. You can find detailed information about each instrument’s swap value in the Contract Specifications section on our website.
Swap (Buy) - entry or withdrawal of funds for a position opened for a Buy, with the transaction rollover to the next day.
Swap (Sell) - entry or withdrawal of funds for a position opened for a Sell when the transaction is carried over to the next day.
Once a week, a 3-day swap is applied. It is a triple-sized swap that is charged for weekend days. For most currency pairs, this occurs on Wednesday, while for indices, it usually takes place on Friday.
A swap can take different forms, such as pips or an interest rate, depending on the instrument type. The final value of the swap depends on many factors, such as:
The price movement of the currency pair
The behaviour of the forward market
The swap points of the broker or liquidity provider counterparty
The difference between the current interest rate of each country
Below, we provide an explanation of how swap values are determined for our instrument groups.
Forex:
The swap values applied to indices offered by Admirals are based on the swap rates that Admirals receives from its Liquidity Providers. These rates are determined by Liquidity Providers based on current market conditions and associated costs.
A respective admin fee for long and short positions is then added to these rates, forming the final swap value applied to positions held overnight.
The admin fee is not fixed and is also subject to market conditions. Below, you will find the applicable fees, depending on the currency pairs.
Instruments | Admin fee |
FX Major / Minor / Exotic pairs | 3% |
ZAR, HUF, MXN, CZK, SGD, HKD, CNH, BRL, CLP pairs | 5% |
USDRON-T, USDBRL-T, USDCLP-T | 10% |
USDTBH-T, USDTRY-T | 10% |
Please keep in mind that the applicable Admin fees are applied to Market rates that Admirals receives from their Liquidity Providers. The rates are based on current market conditions.
Indices
The swap values applied to indices offered by Admirals are based on the respective country’s interest rate, known as the reference rate, which serves as the benchmark for calculating swaps.
Below you will find a table of Reference Rates for our indices:
Index | Currency | Reference rate |
USD.indx-T | USD | SOFR |
[AUS200]-T | AUD | Bank Bill |
[FRA40]-T | EUR | EUROSTR |
[GER40]-T | EUR | EUROSTR |
[HK50]-T | HKD | Hong Kong Interbank (HIDOR 1 month) |
[JP225]-T | JPY | TONAR |
[SPA35]-T | EUR | EUROSTR |
STXE50-T | EUR | EUROSTR |
[UK100]-T | GBP | SONIA |
[USA30]-T | USD | SOFR |
[USA500]-T | USD | SOFR |
US100-T | USD | SOFR |
These benchmark rates are then subject to an additional markup of up to 2.5%, which determines the final swap value displayed on the Contract Specifications page.
For more details on swap values and how they apply to different instruments, please visit our dedicated section explaining how swaps are calculated.
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