Swap (overnight carry)(Swap / overnight financing)

A position that buys the high-interest currency and sells the low-interest one (a carry) can receive positive swap; the reverse pays. The broker adds its own markup, so most positions are net payers. On Wednesdays a triple swap is applied (to cover the weekend).

On "swap-free" (Islamic) accounts, a fixed fee may apply instead of swap. On positions held for a long time, swap can be a larger cost than the spread.