The word "swap" means an act of exchanging one thing for another. At the financial markets swap is an agreement between two parties to exchange sequences of cash flows for a set period of time.
Swap is calculated depending on the currency rate position and based on low or high interest rates.
If a currency with a high interest rate is sold against a currency with a low interest rate an investor agrees to pay a commission for holding positions open overnight. This reflects as Swap on a trader’s account.
Example: If an investor sells TRY and buys USD, the swap will appear on a trading account as a negative balance.
Swap sometimes referred to as "overnight interest cost" or "cost of carry".
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