Continuously and Second-by-second
OANDA calculates financing charges or credits on the currency pairs currently held in customer positions. Moreover, OANDA calculates financing charged and paid continuously, second-by-second. This is in contrast to other financial markets, where financing charge or credit payments are made at daily intervals with the shortest increment of one business day. This page describes how financing is charged and paid.
Financing rates vary from currency to currency, and they can change on a daily basis. There are two types of financing rates in this context: ask financing rates apply when you go long to buy a currency, and bid financing rates apply when you go short to sell a currency. Ask rates are always higher than bid rates.
Please note that on V20 accounts, when the financing rate changes the change is applied to the whole day on which the change is made, rather than from the point in time that the updated rate is shown. When you close a position the financing rate at that moment in time is used to calculate the final financing fee, and there is no attempt to retrospectively either seek or make payment should the financing rate change later in the day.
Please also note, no interest will be paid on cash balances.