Swap refers to the interest charge or credit generated when traders hold a position overnight. It is calculated by the system at 00:00 daily (MT server time, UTC+3).
Whether swap is charged or credited depends on the trader's position direction and the interest rate differential between the relevant currencies.
For example, when the interest rate for the British pound is higher than that for the Japanese yen, a trader holding a GBP/JPY long position may receive swap; conversely, a trader holding a short position may need to pay swap.