Swap calculator
What holding overnight costs, triple night included.
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FX forward rate calculator
The forward rate and forward points of any currency pair, from spot and the two interest rates.
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The pair
The forward
The 91-day forward is 1.09114 against 1.08500 spot: +61.4 pips, a forward premium of 2.24% a year.
- Why
- The quote currency pays 4.25% and the base currency 2%, so the base trades at a forward premium that cancels the gap.
- For a holder
- Holding the base earns the lower rate, and the forward is higher: the carry and the forward price even out. Broker swaps follow the same gap, less their mark-up.
The forward rate and the forward points at the usual dates, same rates. Your date is marked when it matches one.
| Date | Forward | Points (pips) |
|---|---|---|
| 1 week | 1.08547 | +4.7 |
| 1 month | 1.08703 | +20.3 |
| 3 months | 1.09114 | +61.4 |
| 6 months | 1.09722 | +122.2 |
| 1 year | 1.10926 | +242.6 |
Education only, not investment advice. The answer comes from the numbers you typed in, not from your account or the market. Simulated results are hypothetical and have limits: real trading has slippage, gaps, changing results and emotions. Trading leveraged products can lose money quickly, including all of it. Risk warning
Educational only, not financial advice; trading involves risk.
No free carry
A forward fixes today the rate for swapping two currencies on a later date. Its price is set so that nobody can lock in a free gain from the gap between the two interest rates: the currency with the higher rate trades lower forward, by about the rate gap times the time. That gap, in pips, is the forward points.
Real forward points also carry a small basis and the bank's spread, so quotes differ a little from this arithmetic. The same gap drives the overnight swap on a spot position: see it in money with the swap calculator, and the cost-of-carry price of a futures contract with the futures fair value calculator.
Not advice. Arithmetic on the numbers you type; real quotes include spreads and basis.
Next tools
Futures fair value calculator
The fair futures price over spot, and rich or cheap.
Cross pair pip value
One pip on GBPJPY, EURGBP and the other crosses.
Pricing
Three ways in. Pick yours.
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Baroq never holds your money and never trades for you. Educational only, not financial advice; trading involves risk.