FX Carry Trade Analysis
Compare overnight benchmark rates across 11 major currencies. Identify high-carry pairs and quantify the interest rate differential available on each trade.
| Long / Short | Carry | Bps | Long Rate | Short Rate |
|---|---|---|---|---|
|
🇦🇺 AUD
/
🇨🇭 CHF
|
+4.66% | 466 | 4.60% | -0.06% |
|
🇦🇺 AUD
/
🇧🇷 BRL
|
+4.55% | 455 | 4.60% | 0.05% |
|
🇺🇸 USD
/
🇨🇭 CHF
|
+4.01% | 401 | 3.95% | -0.06% |
|
🇺🇸 USD
/
🇧🇷 BRL
|
+3.90% | 390 | 3.95% | 0.05% |
|
🇬🇧 GBP
/
🇨🇭 CHF
|
+3.79% | 379 | 3.73% | -0.06% |
|
🇬🇧 GBP
/
🇧🇷 BRL
|
+3.68% | 368 | 3.73% | 0.05% |
|
🇳🇿 NZD
/
🇨🇭 CHF
|
+3.41% | 341 | 3.35% | -0.06% |
|
🇦🇺 AUD
/
🇯🇵 JPY
|
+3.37% | 337 | 4.60% | 1.23% |
|
🇳🇿 NZD
/
🇧🇷 BRL
|
+3.30% | 330 | 3.35% | 0.05% |
|
🇦🇺 AUD
/
🇸🇪 SEK
|
+2.92% | 292 | 4.60% | 1.68% |
|
🇺🇸 USD
/
🇯🇵 JPY
|
+2.72% | 272 | 3.95% | 1.23% |
|
🇬🇧 GBP
/
🇯🇵 JPY
|
+2.51% | 251 | 3.73% | 1.23% |
| Long ↓ / Short → | 🇦🇺 AUD | 🇺🇸 USD | 🇬🇧 GBP | 🇳🇿 NZD | 🇪🇺 EUR | 🇨🇦 CAD | 🇸🇪 SEK | 🇯🇵 JPY | 🇧🇷 BRL | 🇨🇭 CHF |
|---|---|---|---|---|---|---|---|---|---|---|
| 🇦🇺 AUD | — | +0.65% | +0.87% | +1.25% | +2.16% | +2.31% | +2.92% | +3.37% | +4.55% | +4.66% |
| 🇺🇸 USD | -0.65% | — | +0.22% | +0.60% | +1.51% | +1.66% | +2.27% | +2.72% | +3.90% | +4.01% |
| 🇬🇧 GBP | -0.87% | -0.22% | — | +0.38% | +1.29% | +1.44% | +2.05% | +2.51% | +3.68% | +3.79% |
| 🇳🇿 NZD | -1.25% | -0.60% | -0.38% | — | +0.91% | +1.06% | +1.67% | +2.12% | +3.30% | +3.41% |
| 🇪🇺 EUR | -2.16% | -1.51% | -1.29% | -0.91% | — | +0.15% | +0.76% | +1.21% | +2.39% | +2.50% |
| 🇨🇦 CAD | -2.31% | -1.66% | -1.44% | -1.06% | -0.15% | — | +0.61% | +1.06% | +2.24% | +2.35% |
| 🇸🇪 SEK | -2.92% | -2.27% | -2.05% | -1.67% | -0.76% | -0.61% | — | +0.45% | +1.63% | +1.74% |
| 🇯🇵 JPY | -3.37% | -2.72% | -2.51% | -2.12% | -1.21% | -1.06% | -0.45% | — | +1.18% | +1.29% |
| 🇧🇷 BRL | -4.55% | -3.90% | -3.68% | -3.30% | -2.39% | -2.24% | -1.63% | -1.18% | — | +0.11% |
| 🇨🇭 CHF | -4.66% | -4.01% | -3.79% | -3.41% | -2.50% | -2.35% | -1.74% | -1.29% | -0.11% | — |
Rate Source
Rates are the latest available overnight benchmark (SOFR, SONIA, €STR, SARON, CORRA, etc.) or central bank policy rate where an overnight benchmark is not available. Data is sourced from official central bank publications.
Carry Differential
Carry = Rate(Long) − Rate(Short). A positive value means you earn the differential by holding the long currency and funding in the short currency. Values are annualised percentages.
Basis Points
1 basis point (bp) = 0.01%. The carry shown in the matrix and trade list is the gross, pre-cost differential. Actual realised carry will be reduced by bid-ask spreads, rollover costs, and transaction fees.
FX Risk
Carry does not account for exchange-rate movements. An adverse FX move against the carry direction can easily exceed the interest income, resulting in a net loss. Carry trades should always be assessed alongside volatility and positioning data.