Yield is the visible part.
The calculator applies the annualized target yield and funding rate pro rata to the holding period and the leveraged exposure.
64°N↔47°N
Tools / Markets / 001Human signals in a machine age
Carry/Trade
See what remains after funding costs, currency moves, leverage, and friction. Because yield spread is only half the trade.
JPYUSDCHFISK
02
Set the terms
Quote convention: target-currency units per one funding unit.
JPY→USD
Currencies
Rates & exchange
Position
04Read the trade,
Read the trade,
not just the spread.
Currency is the deciding part.
Target proceeds are translated back at the assumed exit rate. A modest adverse move can overwhelm a large interest-rate spread.
Execution is never free.
Round-trip costs are charged once against gross exposure. Slippage, taxes, margin calls, and compounding are not modelled.
MODEL
Net P&L = rate carry + FX translation − transaction costs
05
What “carry” means here
In trading, carry is the income earned from holding a position minus its funding and holding costs. This tool models a cross-currency carry trade: fund in one currency, invest in another, then translate the proceeds back.
This is distinct from carried interest—the performance-linked share of profits paid to investment managers or employees. Both reward time and risk, but only one depends directly on an exchange rate.