Forex Trading Tools

What's my estimated carry trade return from the interest rate differential?

Enter Your Trade

This calculator covers major USD pairs. Cross pairs where neither currency is USD (EUR/GBP, EUR/JPY) need an extra conversion step this tool doesn't do.

The base currency's central bank policy rate (the first currency in the pair, e.g. EUR in EUR/USD).

The quote currency's central bank policy rate (the second currency in the pair, e.g. USD in EUR/USD).

Standard lot = 100,000 units. Mini lot = 10,000 units. Micro lot = 1,000 units.

Required when USD is the quote currency, to convert the base-currency notional into USD. Not required when USD is the base currency.

The differential accrues daily. This prorates the annual rate for the number of days you actually hold the position.

Your Result

Fill in the fields on the left and click Calculate to see the estimated carry return this position earns or pays from the interest rate differential alone.

How this is calculated

Risk & liability disclaimer: This calculator produces a mathematical estimate based on the numbers you enter, not live interest rates, live exchange rates, or your actual broker's swap rate. Central bank interest rates and exchange rates both move continuously and the actual carry a broker credits or charges almost always differs from the raw rate differential. This is not financial advice and does not guarantee any trading outcome. Trading Habits is not a broker-dealer, registered investment adviser, or tax professional, and is not affiliated with any broker, exchange, central bank, or data provider. Forex trading involves substantial risk of loss and is not suitable for everyone. You could lose some or all of the capital you trade with.