Important update: Commodities swap values will be displayed as percentage rates instead of pips
We would like to inform you about upcoming changes to how swap values are represented for Commodities instruments.
Currently, swap values for Commodities instrument groups are represented in pips. This has been the market standard for a long time, and many traders are familiar with this format.
However, markets are constantly changing and evolving, and so are the requirements and standards for transparency in the pricing and disclosure of fees applied to clients’ trades.
For this reason, we are transitioning from representing swap values for Commodities in pips to representing them as percentage rates. This change will provide greater transparency in how deducted or credited fee amounts are determined.
Explanation of changes:
Currently, the swap values are represented the following way:
These values are based on the annual swap rates that Admirals receives from its liquidity providers. A respective admin fee for long and short positions is then added to those rates.
After these changes are applied, you will see the daily swap values displayed like this:
Example of how the mentioned value is calculated:
As mentioned above, Admirals receives swap rates from liquidity providers. These rates are adjusted by the instrument-specific admin fee, and annualised. For this example, let’s assume the rates are:
An additional admin fee is then applied to these rates. For this example, the fee is 2%. The final annual swap fee then becomes:
When to expect these changes?
These changes are scheduled to be reflected on 9 August 2026 across all our trading platforms and relevant website pages.
We kindly encourage you to review these upcoming changes.
If you have any additional questions, please refer to the relevant articles: What is a Swap and How to calculate Swap, or contact our Customer Support team at support@admiralmarkets.com.
Kind regards,
Admirals
