Financing costs on commodity (including copper) and bond CFDs are therefore calculated on a continuous second-by-second basis.
For the duration of the trade the resultant financing charge/credit is debited/credited at the end of each day (5pm ET), including weekends and public holidays, and when the trade is closed.
Financing charges or credits are calculated as follows:
Financing charge or credit = size of position x applicable funding rate x [trade duration (in days) / 365] x conversion rate to account currency
OANDA charges financing on commodity (including copper) and bond CFDs using the basis rate with a % admin fee applied. The basis rate portion of the financing amount is intended to offset the price movements caused by the present value calculation.
For long positions, your account will be debited the basis rate plus a 2.5% admin fee. For short positions, your account will be credited the basis rate minus a 2.5% admin fee (which could result in a charge where the basis rate is less than the admin fee).
See our FAQs for examples of financing costs for CFDs on commodities (plus copper) and bonds.