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
|
+4.40% | 440 | 4.35% | -0.05% |
|
🇦🇺 AUD
/
🇧🇷 BRL
|
+4.30% | 430 | 4.35% | 0.05% |
|
🇬🇧 GBP
/
🇨🇭 CHF
|
+3.78% | 378 | 3.73% | -0.05% |
|
🇬🇧 GBP
/
🇧🇷 BRL
|
+3.68% | 368 | 3.73% | 0.05% |
|
🇺🇸 USD
/
🇨🇭 CHF
|
+3.67% | 367 | 3.62% | -0.05% |
|
🇺🇸 USD
/
🇧🇷 BRL
|
+3.57% | 357 | 3.62% | 0.05% |
|
🇦🇺 AUD
/
🇯🇵 JPY
|
+3.37% | 337 | 4.35% | 0.98% |
|
🇳🇿 NZD
/
🇨🇭 CHF
|
+2.95% | 295 | 2.90% | -0.05% |
|
🇳🇿 NZD
/
🇧🇷 BRL
|
+2.85% | 285 | 2.90% | 0.05% |
|
🇬🇧 GBP
/
🇯🇵 JPY
|
+2.75% | 275 | 3.73% | 0.98% |
|
🇦🇺 AUD
/
🇸🇪 SEK
|
+2.71% | 271 | 4.35% | 1.64% |
|
🇺🇸 USD
/
🇯🇵 JPY
|
+2.64% | 264 | 3.62% | 0.98% |
| Long ↓ / Short → | 🇦🇺 AUD | 🇬🇧 GBP | 🇺🇸 USD | 🇳🇿 NZD | 🇨🇦 CAD | 🇪🇺 EUR | 🇸🇪 SEK | 🇯🇵 JPY | 🇧🇷 BRL | 🇨🇭 CHF |
|---|---|---|---|---|---|---|---|---|---|---|
| 🇦🇺 AUD | — | +0.62% | +0.73% | +1.45% | +2.05% | +2.16% | +2.71% | +3.37% | +4.30% | +4.40% |
| 🇬🇧 GBP | -0.62% | — | +0.11% | +0.83% | +1.43% | +1.54% | +2.09% | +2.75% | +3.68% | +3.78% |
| 🇺🇸 USD | -0.73% | -0.11% | — | +0.72% | +1.32% | +1.43% | +1.98% | +2.64% | +3.57% | +3.67% |
| 🇳🇿 NZD | -1.45% | -0.83% | -0.72% | — | +0.60% | +0.71% | +1.26% | +1.92% | +2.85% | +2.95% |
| 🇨🇦 CAD | -2.05% | -1.43% | -1.32% | -0.60% | — | +0.11% | +0.66% | +1.32% | +2.25% | +2.35% |
| 🇪🇺 EUR | -2.16% | -1.54% | -1.43% | -0.71% | -0.11% | — | +0.55% | +1.21% | +2.14% | +2.24% |
| 🇸🇪 SEK | -2.71% | -2.09% | -1.98% | -1.26% | -0.66% | -0.55% | — | +0.66% | +1.59% | +1.69% |
| 🇯🇵 JPY | -3.37% | -2.75% | -2.64% | -1.92% | -1.32% | -1.21% | -0.66% | — | +0.93% | +1.03% |
| 🇧🇷 BRL | -4.30% | -3.68% | -3.57% | -2.85% | -2.25% | -2.14% | -1.59% | -0.93% | — | +0.10% |
| 🇨🇭 CHF | -4.40% | -3.78% | -3.67% | -2.95% | -2.35% | -2.24% | -1.69% | -1.03% | -0.10% | — |
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.