Swap Fee is an overnight financing adjustment that may be charged or credited when you hold a position past the applicable daily swap settlement time. At Moneta Markets, the applicable swap fee depends on the specific instrument, whether your position is long or short, the published swap rate, your position size, and the number of nights the position is held.
Can swap be a charge or credit?
Swap can be:
- Negative: An amount is deducted from your account.
- Positive: An amount is credited to your account.
The applicable swap rate can differ between buy and sell positions. As a result, holding a buy and sell position on the same instrument does not necessarily cancel out the swap.
When is swap applied?
Swap is applied automatically while the position remains open at the applicable daily swap settlement time, approximately 00:00 server time.
Server time is GMT+2 during non-daylight-saving time and GMT+3 during daylight-saving time, so settlement may occur at a different time in your local time zone.
If you open and close a position before the applicable swap settlement time, overnight swap is normally not applied.
Some instruments apply a higher daily multiplier on designated days to account for weekends or settlement periods. Check the instrument's specifications rather than assuming every overnight holding incurs the same amount.
How is swap calculated?
There are three general calculation methods for swap, depending on the instrument:
- In currency:
Swap Rate × Lot Size × Number of Nights Held
- In points:
Swap Rate × Contract Size × 10^(-Digits) × Lot Size × Number of Nights Held
- In percentage:
Swap Rate ÷ 100 ÷ 360 × Contract Size × EOD Price × Lot Size × Number of Nights Held
The applicable calculation method depends on the instrument and can be found in the Product Specifications for the relevant instrument.
For positions held over several charging days, use the applicable rate and multiplier for each day. Currency conversion may also be needed to express the result in your trading account currency.
Is swap fee separate from other trading costs?
Yes. The main costs have different purposes:
- Spread: The difference between the Bid and Ask prices.
- Commission: A separate charge that may apply depending on your account type and product.
- Swap Fee: An overnight financing charge or credit applied to eligible positions.
Where can I see swap fees on my account?
When swap fee is applied, the resulting debit or credit is reflected in your position details and trading account history.
The amount depends on the applicable swap rate, position size, trade direction, and number of nights the position is held.
You can review swap amounts recorded on your trading account through the platform's Account History or trade history.
The exact display may differ between MT4 and MT5.
Look for the Swap field or column associated with the relevant position or transaction.
