Financing costs

Find out how we calculate our financing costs, so you can better understand the financing charge or financing credit and other associated potential charges when you trade with us.

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What are financing costs?

Financing costs are daily charges or credits applied to your account to reflect the cost of holding your open position(s). Financing costs are calculated on a per position basis and may result in a charge or a credit being applied to your account. You can review the financing costs applied to your account via the account portal.

How are financing costs calculated?

All financing costs are calculated as follows:

Financing charge or credit = size or position value x applicable funding rate x duration x conversion rate to account currency

(Position value = size of position x price at 5pm ET).

Both duration and funding rates are calculated slightly differently depending on the asset class of the position you are holding.

Calculations

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).

The financing cost is calculated on a per position basis and may be a charge or a credit to your account, depending on whether you hold a buy/long position or a sell/short position, and after also taking into account the impact of our admin fee.

FX CFDs, Gold CFDs and Silver CFDs:	Financing charge or credit = size of position x applicable funding rate/365 x applicable duration x conversion rate to account currency
Indices CFDs and Share CFDs:	Financing charge or credit = position value x applicable funding rate/365 x applicable duration x conversion rate to account currency
Commodities CFDs, Metals CFDs (excluding Gold and Silver CFDs) and Bonds CFDs:	Financing charge or credit = position value x applicable funding rate x [trade duration/ 365] x conversion rate to account currency
Crypto CFDs:	Financing charge or credit = (size of position x applicable funding rate) x 1/365

Funding rates

Funding rates vary depending on the instrument and may change on a daily basis. They are comprised of OANDA’s admin fee and an appropriate market rate. Funding rates are quoted as an annual rate. Each instrument has two quoted rates: one for a buy/long position and the other for a sell/short position. A negative funding rate will result in a charge being debited from your account and a positive funding rate will result in a credit to your account.

The table below details how funding rates are calculated for different asset classes:

Asset	Market rate	Admin fee - long position	Admin fee - short position
FX CFDs	Rates are based on underlying liquidity providers' tom-next SWAP rates.	Instrument-specific admin fees (please see FX CFDs admin fees table below).	Instrument-specific admin fees (FX CFDs admin fees table below).
Gold and Silver CFDs	Rates are based on underlying liquidity providers' tom-next SWAP rates.	1%	1%
Indices CFDs	Rates used in the country whose currency is the instruments' quote currency using the indices CFDs table below.	2.5%	2.5%
Share CFDs	Rates used in the country whose currency is the instruments' quote currency using the share CFDs table below.	2.5%	2.5% (Admin fee may be increased by the additional cost of borrowing rates for short positions held overnight.)
Commodities CFDs, Metals CFDs,(excluding Gold and Silver) and Bonds CFDs	Second-by-second rates are derived from the shape of the underlying futures curve.	2.5%	2.5%
Crypto CFDs	SOFR	- 25% - SOFR	- 25% + SOFR
Bitcoin CFDs	SOFR	- 15% - SOFR	0% + SOFR

Applicable market rates:

Indices CFDs

Index	Reference rate
Australia 200	AONIA
China A50	SOFR
Germany 30	ESTR
Europe 50	ESTR
France 40	ESTR
Hong Kong 33	HKD DEPOSIT 1WK
Japan 225	SOFR
US Nas 100	SOFR
Netherlands 25	ESTR
Singapore 30	SORA
US SPX 500	SOFR
Taiwan Index	SOFR
UK 100	SONIA
US Russell 2000	SOFR
US Wall St 30	SOFR
Spain 35	ESTR
Switzerland 20	SARON
ChinaH Shares	HKD DEPOSIT 1WK
Japan 225 (JPY)	TONA

Shares CFDs

Share CFD	Alternative reference rate
EUR	ESTR
USD	SOFR
GBX	SONIA
SEK	SWESTR
DKK	DESTRA

FX CFDs admin fees

Instrument	Admin fee
TRY pairs	4.00%
CZK, HUF, SAR, THB, ZAR pairs	2.00%
Other pairs	0.75%

Daily funding rates and associated anticipated daily financing cost

The table below shows the anticipated funding rates for all instruments and historical funding rates. Today’s rates 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.

How it works

The date picker uses your local time. If your local date is ahead of the ET date, the selected day represents fees for your local date minus one day.

When the local date is the same as the ET date, the selected date represents fees for that same selected day.

Example scenario

You’re in Singapore, and it's 10am on July 25th. You check the Daily Financing Rates table for July 23rd. Because SGT is ahead of ET time (at 10am on July 25th, it’s 10pm on July 24th in ET time), the table will show you the financing charges for the trading day of July 22nd ET.

If you check the table again for July 23rd on July 25th at 3pm SGT, the table will show you the financing rates for July 23rd ET – which is the same trading day. This is because by 3pm SGT, it's already past 12am in ET (July 25th ET), and the date picker in the Daily Financing Cost table relates to the current ET date.

^*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, 1 unit for Indices, 10 units for Gold, Silver, Palladium and Platinum, and 100 units for Commodities, Metals & Bonds)

^†Copper is included within commodities

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.

Duration

Instruments priced by futures contacts

OANDA prices Commodity CFDs, Metals CFDs (excluding Gold and Silver CFDs) and Bonds CFDs based on underlying futures contracts. When an underlying futures contract is near expiry, we calculate the basis rate, which represents the difference in price between the expiring futures contract and the next futures contract. From that point forward, our CFD price is calculated as the present value of the price of the next futures contract, using the basis rate for the present value calculation. The present value is calculated continuously, second-by-second.

When the basis rate is positive, the price will tend to move upwards towards the contract price. When the basis rate is negative, the price will tend to move downwards towards the contract price.

Example of positive basis rate

(CFD/spread bet price trending to move higher towards next contract price)

Example of negative basis rate

(CFD/spread bet price trending to move lower towards next contract price)

Financing costs on Commodity CFDs, Metal CFDs (excluding gold and silver CFDs) and Bond CFDs positions are therefore calculated on a continuous, second-by-second basis. This is why ‘duration’ is calculated differently when applying financing costs for Commodity CFDs, Metal CFDs and Bonds CFDs positions.

For the duration of the trade, the resultant financing charge/credit is debited/credited at the end of each day (5pm ET), and when the trade is closed.

For all other instruments

All positions on a client’s account at the end of each trading day (5pm ET) are considered to be held overnight and subject to either a financing charge or a financing credit.

How do holidays and weekends affect financing costs?

Different asset classes settle on different days.

FX CFDs, Gold CFDs, and Silver CFD trades typically settle on a T+2 basis, which effectively 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.

Indices and Shares 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.

When are financing costs applied?

The basis of financing costs is the same across open positions held on all accounts irrespective of the trading platform used to place the trades, but the time of application varies.

v20 accounts & v20 MT4 accounts

Financing costs are credited/debited to your account daily.

This cost is usually applied to your account daily at 5pm ET, but may occur earlier for closed positions in Metals CFDs, Commodity CFDs and Bonds CFDs (see above).

OANDA One accounts

For most instruments, financing costs accrue on your open position, impacting unrealised profit or loss. These accumulated costs are credited or debited to your account when the position is closed.

However, for commodity CFD positions, financing costs are credited/debited to the account daily.

Financing cost calculation examples

Example 1

You have a long position of 200,000 EURUSD on your account that is denominated in SGD. This position is still open at the end of the trading day on a Tuesday, 5pm ET.

The long funding rate noted for EURUSD on this particular day is -2.68% (including 1% admin fee); which means that you will pay financing for holding this position at 2.68% per annum.

Financing charge or credit = size of position x applicable funding rate/365 x applicable duration x conversion rate to account currency

As you are converting a negative EUR value to SGD (your account currency) you need to buy EURSGD, (the end of day price was 1.5126/1.5128).

This rate is calculated by applying a 0.5% mark-up/mark-down (depending on whether a debit or credit is to be applied) to the midpoint price (buy plus sell price divided in half) at the time of conversion.

So conversion rate to account currency is: [(1.5128 - 1.5126)/ 2 + 1.5126] + 0.5% = 1.5203

Therefore, the calculation is:

Daily financing charge = 200,000 x (2.68% / 365) x 1 x 1.5203 = SGD 22.33

Example 2

You have a long position of 100 units of XPDUSD (Palladium) on your account that is denominated in USD.

As outlined above, financing costs in this instrument are calculated on a continuous second-by-second financing basis.

You opened your position at 11:00:00 and closed it at 16:30:54.

Firstly, you need to know the number of seconds in which the position was open, so 5hr, 30 mins, 54 seconds converted to seconds is 19,854 seconds.

The number of seconds in a 365-day year is 31,536,000.

The funding rate for Palladium is -4.40% (including 2.5% admin fee).

The price of XPDUSD when the position was closed was 1209.565/1213.557.

If the funding rate is positive, then the bid/sell price is used, if negative, then the ask/buy price.

Financing charge or credit = position value x applicable funding rate x [trade duration (in seconds)/ 31,536,000] x conversion rate to account currency

Financing charge = (100 x 1213.557) x 4.40 x (19,854/ 31,536,000) x 1 = USD3.36

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