What is a swap?

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 indices. 

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.