If you have an open position on your account at the end of each trading day (5pm ET), the position is considered to be held overnight and subject to either a financing charge or credit to reflect the cost of funding your position (in relation to the margin utilised).
FX and metal (except copper):
Daily financing charge or credit = size of position x applicable funding rate / DAYS*.
Indices and commodities (including copper):
Daily financing charge or credit = value of position* x applicable funding rate / DAYS*.
*where value of position = size of position x price at the end of the trading day (5pm ET).
See how we calculate funding rates for our FX, metals and indices CFDs.
Funding rates (long/buy positions) | Funding rates (short/sell positions) | |
---|---|---|
FX and metals (excluding copper) |
Rates are based on a blend of underlying liquidity providers’ tom-next SWAP rates, adjusted by the instrument-specific admin fee, and annualised.
|
Rates are based on a blend of underlying liquidity providers’ tom-next SWAP rates, adjusted by the instrument-specific admin fee, and annualised.
|
Indices |
Rates are an admin fee of 2.5% plus the relevant* alternative reference rate, annualised. Represented by a negative rate, and hence a charge.
|
When the relevant* alternative reference rate is greater than our 2.5% admin fee, the rate used will be the difference between the two, annualised. This is represented by a positive rate, and therefore a credit.
|
Share CFDs |
Rates are admin fee of 3.0% plus relevant* annualised funding rate, annualised. Represented by a negative rate, and hence a charge.
|
When the relevant* one month annualised funding rate is greater than our 3.0% admin fee, the rate used will be the difference between the two, annualised. This is represented by a positive rate, and therefore a credit.
|
Index | Reference rate |
---|---|
AU200 | AONIA |
HKD DEPOSIT | 1WK |
EU50 | ESTR |
FR40 | ESTR |
DE40 | ESTR |
HKD DEPOSIT | 1WK |
JP225 | SOFR |
NL25 | ESTR |
SINGIX | SORA |
TWIX | SONIA |
UK100 | SONIA |
US30 | SOFR |
US100 | SOFR |
US500 | SOFR |
US2000 | SOFR |
Instrument | Admin fee |
---|---|
ZAR pairs | 2.00% |
Other pairs | 1.00% |
Different asset classes settle on different days.
FX and metal (except copper) trades typically settle on a T+2 basis, which means that weekend financing is usually applied two days earlier on Wednesdays (tripling the usual daily rate), although this timeline is similarly impacted by public holidays. Please note that USD/CAD settles on a T+1 basis and therefore has its three-day financing applied on a Thursday.
Indices and commodities (including copper) typically factor in weekend financing on a Friday (tripling the usual daily rate), although this timeline is also similarly impacted by public holidays.
Accordingly, the actual funding rate on any given day may reflect more than one day’s costs.
We don’t apply financing charges or credits to your account over the weekend.
See our FAQs for examples of financing costs for CFD positions.
OANDA’s commodity CFDs (including copper) do not have an expiry date. To achieve this, OANDA generates its commodity CFD price by applying a premium or discount rate (called the "basis rate") to the price of the underlying active futures contract.
When a futures contract is near its expiry, the basis rate for the next contract is calculated using the prices of the expiring contract and the next contract. This application of the basis rate causes the CFD price to converge towards the active future contract price as the active futures contract approaches its expiration date by moving the CFD price either higher or lower.
The direction of this movement is determined by the price of the active futures contract and the CFD price. For example, if the price of the active futures contract is higher than the CFD price, the application of the basis rate will cause the CFD price to move higher to converge towards the active futures contract.
The funding rate applied on commodities at the end of the trading day (5pm ET) is intended to offset the price movements created by this pricing methodology, and as such could be a credit or debit depending on whether you are long or short and whether the price movement is positive or negative and the impact of the additional admin fee.
We calculate financing or credits as follows:
The financing charges for cryptocurrencies CFDs are as below:
The funding rate for all crypto CFDs will be as follows:
Rates and costs for today's date are approximate and will not be finalised until 5 pm ET.
The rates displayed for the current date are indicative, based on rates from liquidity providers and administrative fees. Our finalised rates for the current date are published shortly after the New York day close (5pm ET).
Indicative rates are published as a reference and guide, and may differ from the finalised rates applied to your positions. Any difference in finalised rates charged due to different account types are not reflected here.
*Long financing charge = the financing charge on a long position of the given instrument
^Short financing charge = the financing charge on a short position of the given instrument
Financing charges are based on positions of 100,000 units for FX, 100 units for Share CFDs, 1 unit for Indices, 10 units for Metals excluding Copper and 100 units for Commodities including Copper.
The long-term and short-term rates displayed on the webpage are computed annually. Conversely, the long-term and short-term costs are computed daily.
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