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

How this is calculated

• The rate differential is the base currency's rate minus the quote currency's rate when you're long the pair, or the quote currency's rate minus the base currency's rate when you're short. A positive differential means the position earns carry; a negative differential means it pays carry.
• Notional value in USD uses the same convention as our other forex calculators: position size times the exchange rate when USD is the quote currency, or position size directly when USD is the base currency.
• Annual carry equals the notional value in USD times the rate differential. The amount for your actual holding period prorates that annual figure by days held divided by 365.
• This is the theoretical carry from the published interest rate differential alone. It is not the same number your broker will actually credit or charge you, brokers apply their own markup and post it as a daily swap or rollover rate, which is usually smaller than the raw differential and can change without notice. Use our swap and rollover fee calculator for your broker's actual quoted rate.