Execution · 2026-07-07
Overnight swap is not a rounding error
FX on margin lives and dies on financing. We charge it in full, at the hour the strategy actually trades.
A backtest that ignores swap is a fairy tale about a market that does not exist. We take venue-native financing as it was quoted, not as it is remembered, and we apply it on the session the model actually holds.
CFD economics are unforgiving of optimism. Spread at the hour of the trade, slippage scaled to size, overnight charged in full. The simulation is not allowed any of the courtesy the brochure would prefer.
If the edge does not survive that stack, it was never an edge. It was a spread we had not paid yet.