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Close a EUR/USD trade the same afternoon you opened it and financing never appears on your statement. Hold it through the daily rollover point and a small number does: a debit on most nights, occasionally a credit. That line is the overnight swap, and although it is rarely more than a few units of currency per night, it is the cost that quietly decides whether a multi-week position was worth holding.

The mechanics are not complicated, but they are rarely spelled out. This article does the spelling: where the number comes from, why long and short positions are charged differently, why both directions can cost money at once, and why Wednesday's charge is three times Tuesday's.

Why holding costs, or pays

A CFD position is financed. Buy one lot of EUR/USD and you control €100,000 of exposure while posting only a fraction of it as margin; the rest is, economically, borrowed. And a currency position is really two money positions at once: buying EUR/USD means holding euros, which earn interest overnight, while borrowing the dollars you sold, which cost interest overnight.

The net of those two flows is the interest-rate differential. Hold the higher-yielding currency and the differential works for you; hold the lower-yielding one and it works against you. On top sits the broker's financing spread, a markup added to the charge and subtracted from the credit. Swap equals differential plus-or-minus markup, scaled to one night.

A swap is not a fee for keeping a trade open. It is the interest on the money you borrowed to hold it.

The anchors are the two central banks' policy rates. As of August 2026, the Federal Reserve's target range for the federal funds rate stands at 3.50–3.75%, where it has been since December 2025 ¹. The European Central Bank's deposit facility rate is 2.25%, with effect from 17 June 2026 ². Euro rates therefore sit roughly 1.4 percentage points below dollar rates. That gap is the raw material of every EUR/USD swap quote.

Fed funds target range

3.50–3.75%^†

ECB deposit facility rate

2.25%^†

A worked example: long and short EUR/USD

Take the midpoint of the Fed's range, 3.625%, against the ECB's 2.25%: a differential of about 1.375 percentage points a year. On a one-lot (€100,000) position, using a 360-day year, that is €100,000 × 1.375% ÷ 360, roughly €3.82 per night. Direction decides the sign. Long EUR/USD, you hold the lower-yielding euro and borrow the higher-yielding dollar, so the differential costs you about €3.82 a night before any markup. Short EUR/USD, the same differential pays you about €3.82.

Now add a financing spread. Suppose a broker applies a made-up 1.5 percentage points a year on each side. The long charge grows from 1.375% to 2.875%, about €7.99 per night. The short credit shrinks from +1.375% to −0.125%: the side that "should" earn carry now pays about €0.35 a night.

Why both directions can cost money

The short row of that table is the detail most traders miss. A swap credit only survives if the interest-rate differential is larger than the broker's financing spread. When two central banks' rates converge, as the Fed's cutting cycle through late 2025 pulled dollar rates toward euro rates ¹, the differential shrinks while the markup does not. Below the crossover, long and short swaps are both debits, and "earning the carry" is no longer available at retail pricing in that pair.

This is not sharp practice; it is the same structure as any dealing spread applied around a mid-price. But it means a swap table is a snapshot, not a constant. Rate decisions move it; see what moves currency prices. A pair that paid you to be short last year can charge you this year without your position changing at all.

Wednesday, and why it charges three nights

Spot FX settles on a two-day cycle: the BIS defines a spot transaction as one settled within two business days of the trade ⁴. A CFD never settles physically, but its financing shadows the value dates of the spot market it prices from. Each night your position is held, its value date rolls one business day forward, and financing accrues for the calendar days between the old value date and the new one.

Follow the dates through a week. A position held over Monday night rolls its value date from Wednesday to Thursday: one day of financing. Tuesday night, Thursday to Friday: one day. Wednesday night is the odd one out: the value date rolls from Friday to the next business day, Monday, crossing the weekend. Three calendar days of interest accrue, so Wednesday's swap is triple. Friday night itself, counter-intuitively, charges a single day: the weekend was already paid for on Wednesday.

Holidays behave the same way: when a settlement calendar in either currency closes, the value date skips the holiday and the extra days attach to whichever roll crosses it. Instruments that settle T+1 rather than T+2 shift the triple charge to Thursday night. None of this changes what a week of holding costs in total. It changes when the cost lands, which matters if you habitually hold midweek and flatten before Friday. The trading week is lumpy in more ways than this one; the 24-hour market is not uniform maps the rest.

Check the contract specs before you hold

Every question this article raises has an instrument-specific answer, and it lives in a broker's contract specifications, not in a general article, including this one. Before holding a position past rollover, five things are worth confirming:

• The long swap and the short swap for the exact instrument, and whether they are quoted in points, in currency, or as an annual percentage.
• Which night carries the triple charge for that instrument: usually Wednesday for T+2 FX pairs, but not universally.
• The rollover time in your platform's timezone, so you know when "overnight" actually begins.
• How often swap rates are updated, and what happened to them after the most recent central-bank decisions.
• Whether a swap-free account variant replaces financing with a flat administration fee, and whether that fee is actually smaller for your holding period.

For context while you research: our own markets pages publish reference pricing on a 60-minute cache (a research view, deliberately not an execution feed), so the binding numbers are always the ones in the platform's contract specifications. How North Stone prices its reference data explains that design choice.

The swap line rarely decides a day trade, but it compounds. At the pricing worked above, holding one long lot of EUR/USD for a month costs about €240 in financing before a single pip of price movement — a hurdle the trade must clear before it earns anything at all. Financing belongs in the same pre-trade arithmetic as the spread and your stop distance: counted before entry, not discovered on the statement afterwards. It is one line in the full cost of a CFD trade, and for held positions it is often the largest.