Interest and Financing

IB Forex CFDs


Carry interest is calculated daily on all open CFD positions held at the close of the trading session, and is applied as a blended rate based on notional balances as shown below.

The carry interest for IB Forex CFDs is based on a currency-pair specific benchmark and a spread. The benchmark is the difference between the IB benchmark rates for the two currencies. It is calculated as + BM Base currency - BM Quote currency. For example, April 21, 2016 the GBP benchmark rate was 0.483%, the USD rate was 0.37%. The applicable benchmark rate is:

Currency Pair BM Base Currency BM Quote Currency Pair BM (Base BM - Quote BM)
GBP.USD 0.483% 0.370% = 0.113%

The applicable customer rate is Pair BM - IB spread for long positions, Pair BM + spread for short positions. It is important to note that the long rate is applied as a credit, the short rate as a debit. Consequently for a long position a positive rate means a credit, a negative rate a charge. However for short positions a positive rate means a charge, a negative rate a credit. For example:

Currency Pair Position Pair BM IB Spread Applicable Customer Rate
GBP.USD Long 0.113% -1.00% = -0.887%
GBP.USD Short 0.113% 1.00% = 1.113%

Interest is calculated on the contract value expressed in the quote currency, and credited or debited in that currency. For example:

Currency Pair Position GBP.USD Close USD Value Daily Interest Rate USD
GBP.USD -20,000 1.43232 -28,646.40 1.113% -0.89


IB Forex CFDs*

  Balance Cutoffs (in Quote Currency) Contract Interest Charged/Paid on Open CFD Positions
Currency Pair Position Tier I Tier II Pair BM Forex CFDs
Below Tier I
Forex CFDs
Between Tier I & II
Forex CFDs
Above Tier II
AUD.CAD Long/Short1 1300000 13000000 0.750% -0.250% / 1.750% (BM -/+ 1%) 0.000% / 1.500% (BM -/+ 0.75%) 0.250% / 1.250% (BM -/+ 0.5%)
AUD.CHF Long/Short1 1000000 10000000 2.282% 1.282% / 3.282% (BM -/+ 1%) 1.532% / 3.032% (BM -/+ 0.75%) 1.782% / 2.782% (BM -/+ 0.5%)
AUD.CNH Long/Short1 6500000 65000000 -0.823% -2.323% / 0.677% (BM -/+ 1.5%) -2.073% / 0.427% (BM -/+ 1.25%) -1.823% / 0.177% (BM -/+ 1%)
AUD.HKD Long/Short1 8000000 80000000 1.419% -0.081% / 2.919% (BM -/+ 1.5%) 0.169% / 2.669% (BM -/+ 1.25%) 0.419% / 2.419% (BM -/+ 1%)
AUD.JPY Long/Short1 110000000 1100000000 1.522% 0.522% / 2.522% (BM -/+ 1%) 0.772% / 2.272% (BM -/+ 0.75%) 1.022% / 2.022% (BM -/+ 0.5%)
AUD.NZD Long/Short1 1300000 13000000 -0.250% -1.250% / 0.750% (BM -/+ 1%) -1.000% / 0.500% (BM -/+ 0.75%) -0.750% / 0.250% (BM -/+ 0.5%)
AUD.SGD Long/Short1 1300000 13000000 0.725% -0.275% / 1.725% (BM -/+ 1%) -0.025% / 1.475% (BM -/+ 0.75%) 0.225% / 1.225% (BM -/+ 0.5%)
AUD.USD Long/Short1 1000000 10000000 0.320% -0.680% / 1.320% (BM -/+ 1%) -0.430% / 1.070% (BM -/+ 0.75%) -0.180% / 0.820% (BM -/+ 0.5%)
AUD.ZAR Long/Short1 14000000 140000000 -5.240% -6.740% / -3.740% (BM -/+ 1.5%) -6.490% / -3.990% (BM -/+ 1.25%) -6.240% / -4.240% (BM -/+ 1%)
CAD.CHF Long/Short1 1000000 10000000 1.532% 0.532% / 2.532% (BM -/+ 1%) 0.782% / 2.282% (BM -/+ 0.75%) 1.032% / 2.032% (BM -/+ 0.5%)
CAD.CNH Long/Short1 6500000 65000000 -1.573% -3.073% / -0.073% (BM -/+ 1.5%) -2.823% / -0.323% (BM -/+ 1.25%) -2.573% / -0.573% (BM -/+ 1%)
CAD.HKD Long/Short1 8000000 80000000 0.669% -0.831% / 2.169% (BM -/+ 1.5%) -0.581% / 1.919% (BM -/+ 1.25%) -0.331% / 1.669% (BM -/+ 1%)
CAD.JPY Long/Short1 110000000 1100000000 0.772% -0.228% / 1.772% (BM -/+ 1%) 0.022% / 1.522% (BM -/+ 0.75%) 0.272% / 1.272% (BM -/+ 0.5%)
CHF.CNH Long/Short1 6500000 65000000 -3.105% -4.605% / -1.605% (BM -/+ 1.5%) -4.355% / -1.855% (BM -/+ 1.25%) -4.105% / -2.105% (BM -/+ 1%)
CHF.DKK Long/Short1 6500000 65000000 -0.286% -1.286% / 0.714% (BM -/+ 1%) -1.036% / 0.464% (BM -/+ 0.75%) -0.786% / 0.214% (BM -/+ 0.5%)
CHF.JPY Long/Short1 110000000 1100000000 -0.760% -1.760% / 0.240% (BM -/+ 1%) -1.510% / -0.010% (BM -/+ 0.75%) -1.260% / -0.260% (BM -/+ 0.5%)
CHF.NOK Long/Short1 8000000 80000000 -1.272% -2.272% / -0.272% (BM -/+ 1%) -2.022% / -0.522% (BM -/+ 0.75%) -1.772% / -0.772% (BM -/+ 0.5%)
CHF.SEK Long/Short1 8000000 80000000 -0.248% -1.248% / 0.752% (BM -/+ 1%) -0.998% / 0.502% (BM -/+ 0.75%) -0.748% / 0.252% (BM -/+ 0.5%)
CHF.ZAR Long/Short1 14000000 140000000 -7.522% -9.022% / -6.022% (BM -/+ 1.5%) -8.772% / -6.272% (BM -/+ 1.25%) -8.522% / -6.522% (BM -/+ 1%)
CNH.HKD Long/Short1 8000000 80000000 2.242% 0.742% / 3.742% (BM -/+ 1.5%) 0.992% / 3.492% (BM -/+ 1.25%) 1.242% / 3.242% (BM -/+ 1%)
CNH.JPY Long/Short1 110000000 1100000000 2.345% 0.845% / 3.845% (BM -/+ 1.5%) 1.095% / 3.595% (BM -/+ 1.25%) 1.345% / 3.345% (BM -/+ 1%)
DKK.JPY Long/Short1 110000000 1100000000 -0.474% -1.474% / 0.526% (BM -/+ 1%) -1.224% / 0.276% (BM -/+ 0.75%) -0.974% / 0.026% (BM -/+ 0.5%)
DKK.NOK Long/Short1 8000000 80000000 -0.986% -1.986% / 0.014% (BM -/+ 1%) -1.736% / -0.236% (BM -/+ 0.75%) -1.486% / -0.486% (BM -/+ 0.5%)
DKK.SEK Long/Short1 8000000 80000000 0.038% -0.962% / 1.038% (BM -/+ 1%) -0.712% / 0.788% (BM -/+ 0.75%) -0.462% / 0.538% (BM -/+ 0.5%)
EUR.AUD Long/Short1 1300000 13000000 -1.862% -2.862% / -0.862% (BM -/+ 1%) -2.612% / -1.112% (BM -/+ 0.75%) -2.362% / -1.362% (BM -/+ 0.5%)
EUR.CAD Long/Short1 1300000 13000000 -1.112% -2.112% / -0.112% (BM -/+ 1%) -1.862% / -0.362% (BM -/+ 0.75%) -1.612% / -0.612% (BM -/+ 0.5%)
EUR.CHF Long/Short1 1000000 10000000 0.420% -0.580% / 1.420% (BM -/+ 1%) -0.330% / 1.170% (BM -/+ 0.75%) -0.080% / 0.920% (BM -/+ 0.5%)
EUR.CNH Long/Short1 6500000 65000000 -2.685% -4.185% / -1.185% (BM -/+ 1.5%) -3.935% / -1.435% (BM -/+ 1.25%) -3.685% / -1.685% (BM -/+ 1%)
EUR.CZK Long/Short1 25000000 250000000 -0.482% -1.982% / 1.018% (BM -/+ 1.5%) -1.732% / 0.768% (BM -/+ 1.25%) -1.482% / 0.518% (BM -/+ 1%)
EUR.DKK Long/Short1 6500000 65000000 0.134% -0.866% / 1.134% (BM -/+ 1%) -0.616% / 0.884% (BM -/+ 0.75%) -0.366% / 0.634% (BM -/+ 0.5%)
EUR.GBP Long/Short1 700000 7000000 -0.583% -1.583% / 0.417% (BM -/+ 1%) -1.333% / 0.167% (BM -/+ 0.75%) -1.083% / -0.083% (BM -/+ 0.5%)
EUR.HKD Long/Short1 8000000 80000000 -0.443% -1.943% / 1.057% (BM -/+ 1.5%) -1.693% / 0.807% (BM -/+ 1.25%) -1.443% / 0.557% (BM -/+ 1%)
EUR.HUF Long/Short1 280000000 2800000000 -0.412% -1.912% / 1.088% (BM -/+ 1.5%) -1.662% / 0.838% (BM -/+ 1.25%) -1.412% / 0.588% (BM -/+ 1%)
EUR.ILS Long/Short1 4000000 40000000 -0.462% -1.962% / 1.038% (BM -/+ 1.5%) -1.712% / 0.788% (BM -/+ 1.25%) -1.462% / 0.538% (BM -/+ 1%)
EUR.JPY Long/Short1 110000000 1100000000 -0.340% -1.340% / 0.660% (BM -/+ 1%) -1.090% / 0.410% (BM -/+ 0.75%) -0.840% / 0.160% (BM -/+ 0.5%)
EUR.MXN Long/Short1 17000000 170000000 -7.734% -9.234% / -6.234% (BM -/+ 1.5%) -8.984% / -6.484% (BM -/+ 1.25%) -8.734% / -6.734% (BM -/+ 1%)
EUR.NOK Long/Short1 8000000 80000000 -0.852% -1.852% / 0.148% (BM -/+ 1%) -1.602% / -0.102% (BM -/+ 0.75%) -1.352% / -0.352% (BM -/+ 0.5%)
EUR.NZD Long/Short1 1300000 13000000 -2.112% -3.112% / -1.112% (BM -/+ 1%) -2.862% / -1.362% (BM -/+ 0.75%) -2.612% / -1.612% (BM -/+ 0.5%)
EUR.PLN Long/Short1 4000000 40000000 -1.932% -3.432% / -0.432% (BM -/+ 1.5%) -3.182% / -0.682% (BM -/+ 1.25%) -2.932% / -0.932% (BM -/+ 1%)
EUR.RUB Long/Short1 70000000 700000000 -9.292% -10.792% / -7.792% (BM -/+ 1.5%) -10.542% / -8.042% (BM -/+ 1.25%) -10.292% / -8.292% (BM -/+ 1%)
EUR.SEK Long/Short1 8000000 80000000 0.172% -0.828% / 1.172% (BM -/+ 1%) -0.578% / 0.922% (BM -/+ 0.75%) -0.328% / 0.672% (BM -/+ 0.5%)
EUR.SGD Long/Short1 1300000 13000000 -1.137% -2.137% / -0.137% (BM -/+ 1%) -1.887% / -0.387% (BM -/+ 0.75%) -1.637% / -0.637% (BM -/+ 0.5%)
EUR.USD Long/Short1 1000000 10000000 -1.542% -2.542% / -0.542% (BM -/+ 1%) -2.292% / -0.792% (BM -/+ 0.75%) -2.042% / -1.042% (BM -/+ 0.5%)
EUR.ZAR Long/Short1 14000000 140000000 -7.102% -8.602% / -5.602% (BM -/+ 1.5%) -8.352% / -5.852% (BM -/+ 1.25%) -8.102% / -6.102% (BM -/+ 1%)
GBP.AUD Long/Short1 1300000 13000000 -1.279% -2.279% / -0.279% (BM -/+ 1%) -2.029% / -0.529% (BM -/+ 0.75%) -1.779% / -0.779% (BM -/+ 0.5%)
GBP.CAD Long/Short1 1300000 13000000 -0.529% -1.529% / 0.471% (BM -/+ 1%) -1.279% / 0.221% (BM -/+ 0.75%) -1.029% / -0.029% (BM -/+ 0.5%)
GBP.CHF Long/Short1 1000000 10000000 1.003% 0.003% / 2.003% (BM -/+ 1%) 0.253% / 1.753% (BM -/+ 0.75%) 0.503% / 1.503% (BM -/+ 0.5%)
GBP.CNH Long/Short1 6500000 65000000 -2.102% -3.602% / -0.602% (BM -/+ 1.5%) -3.352% / -0.852% (BM -/+ 1.25%) -3.102% / -1.102% (BM -/+ 1%)
GBP.DKK Long/Short1 6500000 65000000 0.717% -0.283% / 1.717% (BM -/+ 1%) -0.033% / 1.467% (BM -/+ 0.75%) 0.217% / 1.217% (BM -/+ 0.5%)
GBP.HKD Long/Short1 8000000 80000000 0.140% -1.360% / 1.640% (BM -/+ 1.5%) -1.110% / 1.390% (BM -/+ 1.25%) -0.860% / 1.140% (BM -/+ 1%)
GBP.JPY Long/Short1 110000000 1100000000 0.243% -0.757% / 1.243% (BM -/+ 1%) -0.507% / 0.993% (BM -/+ 0.75%) -0.257% / 0.743% (BM -/+ 0.5%)
GBP.MXN Long/Short1 17000000 170000000 -7.151% -8.651% / -5.651% (BM -/+ 1.5%) -8.401% / -5.901% (BM -/+ 1.25%) -8.151% / -6.151% (BM -/+ 1%)
GBP.NOK Long/Short1 8000000 80000000 -0.269% -1.269% / 0.731% (BM -/+ 1%) -1.019% / 0.481% (BM -/+ 0.75%) -0.769% / 0.231% (BM -/+ 0.5%)
GBP.NZD Long/Short1 1300000 13000000 -1.529% -2.529% / -0.529% (BM -/+ 1%) -2.279% / -0.779% (BM -/+ 0.75%) -2.029% / -1.029% (BM -/+ 0.5%)
GBP.SEK Long/Short1 8000000 80000000 0.755% -0.245% / 1.755% (BM -/+ 1%) 0.005% / 1.505% (BM -/+ 0.75%) 0.255% / 1.255% (BM -/+ 0.5%)
GBP.USD Long/Short1 1000000 10000000 -0.959% -1.959% / 0.041% (BM -/+ 1%) -1.709% / -0.209% (BM -/+ 0.75%) -1.459% / -0.459% (BM -/+ 0.5%)
GBP.ZAR Long/Short1 14000000 140000000 -6.519% -8.019% / -5.019% (BM -/+ 1.5%) -7.769% / -5.269% (BM -/+ 1.25%) -7.519% / -5.519% (BM -/+ 1%)
HKD.JPY Long/Short1 110000000 1100000000 0.103% -1.397% / 1.603% (BM -/+ 1.5%) -1.147% / 1.353% (BM -/+ 1.25%) -0.897% / 1.103% (BM -/+ 1%)
MXN.JPY Long/Short1 110000000 1100000000 7.394% 5.894% / 8.894% (BM -/+ 1.5%) 6.144% / 8.644% (BM -/+ 1.25%) 6.394% / 8.394% (BM -/+ 1%)
NOK.JPY Long/Short1 110000000 1100000000 0.512% -0.488% / 1.512% (BM -/+ 1%) -0.238% / 1.262% (BM -/+ 0.75%) 0.012% / 1.012% (BM -/+ 0.5%)
NOK.SEK Long/Short1 8000000 80000000 1.024% 0.024% / 2.024% (BM -/+ 1%) 0.274% / 1.774% (BM -/+ 0.75%) 0.524% / 1.524% (BM -/+ 0.5%)
NZD.CAD Long/Short1 1300000 13000000 1.000% 0.000% / 2.000% (BM -/+ 1%) 0.250% / 1.750% (BM -/+ 0.75%) 0.500% / 1.500% (BM -/+ 0.5%)
NZD.CHF Long/Short1 1000000 10000000 2.532% 1.532% / 3.532% (BM -/+ 1%) 1.782% / 3.282% (BM -/+ 0.75%) 2.032% / 3.032% (BM -/+ 0.5%)
NZD.JPY Long/Short1 110000000 1100000000 1.772% 0.772% / 2.772% (BM -/+ 1%) 1.022% / 2.522% (BM -/+ 0.75%) 1.272% / 2.272% (BM -/+ 0.5%)
NZD.USD Long/Short1 1000000 10000000 0.570% -0.430% / 1.570% (BM -/+ 1%) -0.180% / 1.320% (BM -/+ 0.75%) 0.070% / 1.070% (BM -/+ 0.5%)
SEK.JPY Long/Short1 110000000 1100000000 -0.512% -1.512% / 0.488% (BM -/+ 1%) -1.262% / 0.238% (BM -/+ 0.75%) -1.012% / -0.012% (BM -/+ 0.5%)
SGD.CNH Long/Short1 6500000 65000000 -1.548% -3.048% / -0.048% (BM -/+ 1.5%) -2.798% / -0.298% (BM -/+ 1.25%) -2.548% / -0.548% (BM -/+ 1%)
SGD.JPY Long/Short1 110000000 1100000000 0.797% -0.203% / 1.797% (BM -/+ 1%) 0.047% / 1.547% (BM -/+ 0.75%) 0.297% / 1.297% (BM -/+ 0.5%)
USD.CAD Long/Short1 1300000 13000000 0.430% -0.570% / 1.430% (BM -/+ 1%) -0.320% / 1.180% (BM -/+ 0.75%) -0.070% / 0.930% (BM -/+ 0.5%)
USD.CHF Long/Short1 1000000 10000000 1.962% 0.962% / 2.962% (BM -/+ 1%) 1.212% / 2.712% (BM -/+ 0.75%) 1.462% / 2.462% (BM -/+ 0.5%)
USD.CNH Long/Short1 6500000 65000000 -1.143% -2.643% / 0.357% (BM -/+ 1.5%) -2.393% / 0.107% (BM -/+ 1.25%) -2.143% / -0.143% (BM -/+ 1%)
USD.CZK Long/Short1 25000000 250000000 1.060% -0.440% / 2.560% (BM -/+ 1.5%) -0.190% / 2.310% (BM -/+ 1.25%) 0.060% / 2.060% (BM -/+ 1%)
USD.DKK Long/Short1 6500000 65000000 1.676% 0.676% / 2.676% (BM -/+ 1%) 0.926% / 2.426% (BM -/+ 0.75%) 1.176% / 2.176% (BM -/+ 0.5%)
USD.HKD Long/Short1 8000000 80000000 1.099% -0.401% / 2.599% (BM -/+ 1.5%) -0.151% / 2.349% (BM -/+ 1.25%) 0.099% / 2.099% (BM -/+ 1%)
USD.HUF Long/Short1 280000000 2800000000 1.130% -0.370% / 2.630% (BM -/+ 1.5%) -0.120% / 2.380% (BM -/+ 1.25%) 0.130% / 2.130% (BM -/+ 1%)
USD.ILS Long/Short1 4000000 40000000 1.080% -0.420% / 2.580% (BM -/+ 1.5%) -0.170% / 2.330% (BM -/+ 1.25%) 0.080% / 2.080% (BM -/+ 1%)
USD.JPY Long/Short1 110000000 1100000000 1.202% 0.202% / 2.202% (BM -/+ 1%) 0.452% / 1.952% (BM -/+ 0.75%) 0.702% / 1.702% (BM -/+ 0.5%)
USD.MXN Long/Short1 17000000 170000000 -6.192% -7.692% / -4.692% (BM -/+ 1.5%) -7.442% / -4.942% (BM -/+ 1.25%) -7.192% / -5.192% (BM -/+ 1%)
USD.NOK Long/Short1 8000000 80000000 0.690% -0.310% / 1.690% (BM -/+ 1%) -0.060% / 1.440% (BM -/+ 0.75%) 0.190% / 1.190% (BM -/+ 0.5%)
USD.PLN Long/Short1 4000000 40000000 -0.390% -1.890% / 1.110% (BM -/+ 1.5%) -1.640% / 0.860% (BM -/+ 1.25%) -1.390% / 0.610% (BM -/+ 1%)
USD.RUB Long/Short1 70000000 700000000 -7.750% -9.250% / -6.250% (BM -/+ 1.5%) -9.000% / -6.500% (BM -/+ 1.25%) -8.750% / -6.750% (BM -/+ 1%)
USD.SEK Long/Short1 8000000 80000000 1.714% 0.714% / 2.714% (BM -/+ 1%) 0.964% / 2.464% (BM -/+ 0.75%) 1.214% / 2.214% (BM -/+ 0.5%)
USD.SGD Long/Short1 1300000 13000000 0.405% -0.595% / 1.405% (BM -/+ 1%) -0.345% / 1.155% (BM -/+ 0.75%) -0.095% / 0.905% (BM -/+ 0.5%)
USD.ZAR Long/Short1 14000000 140000000 -5.560% -7.060% / -4.060% (BM -/+ 1.5%) -6.810% / -4.310% (BM -/+ 1.25%) -6.560% / -4.560% (BM -/+ 1%)
ZAR.JPY Long/Short1 110000000 1100000000 6.762% 5.262% / 8.262% (BM -/+ 1.5%) 5.512% / 8.012% (BM -/+ 1.25%) 5.762% / 7.762% (BM -/+ 1%)

Note: * Interest on Forex CFD balances is calculated on a stand-alone contract basis, and not combined or netted with other currency exposures, including Spot FX. Although IB does not directly reference swap rates, IB reserves the right to apply higher spreads in exceptional market conditions, such as during spikes in swap rates that can occur around fiscal year-ends.

  1. For Forex CFDs a positive rate will be paid to your account if your position is long, and charged to your account if your position is short. The reverse applies to negative Forex CFD rates.