Interest and Financing Pricing
Low cost, online trading technology platform.
Interest Schedule
Venom by Cobra Trading uses internationally recognized benchmarks on overnight deposits as a basis for determining interest rates. We then apply a spread around the benchmark interest rate (“BM”) in tiers, where larger cash balances receive increasingly better rates, to determine an effective rate.
Reference Benchmark Rates
Benchmark Rates as of 11/10/2022
Venom by Cobra Trading’s benchmark for each currency is the reference rate around which our credit, debit, stock loan and other interest rate linked calculations are determined. Venom by Cobra Trading uses a combination of internationally recognized reference rates (such as Fed Funds), bank deposit rates, and dynamic interbank rates determined from foreign exchange and money markets to calculate a Venom by Cobra Trading Reference Benchmark rate.
For more information about Venom by Cobra Trading’s Reference Benchmark click here.
For information regarding the various external reference rates that contribute to the Venom by Cobra Trading’s Reference Benchmark rate click here.
| Currency | Description for Effective Date 20221108 | Rate | Effective Date |
|---|---|---|---|
| USD | Reference Benchmark USD | 3.830% | 20221108 |
| AED | Reference Benchmark AED | 3.867% | 20221108 |
| AUD | Reference Benchmark AUD | 2.715% | 20221108 |
| BGN | Reference Benchmark BGN | 0.931% | 20221108 |
| BRL | Reference Benchmark BRL | 13.650% | 20221108 |
| CAD | Reference Benchmark CAD | 3.662% | 20221108 |
| CHF | Reference Benchmark CHF | (0.097)% | 20221108 |
| CNH | Reference Benchmark CNH | 1.094% | 20221108 |
| CZK | Reference Benchmark CZK | 6.854% | 20221108 |
| DKK | Reference Benchmark DKK | 1.100% | 20221108 |
| EUR | Reference Benchmark EUR | 1.379% | 20221108 |
| GBP | Reference Benchmark GBP | 2.958% | 20221108 |
| HKD | Reference Benchmark HKD | 1.876% | 20221108 |
| HUF | Reference Benchmark HUF | 17.000% | 20221108 |
| ILS | Reference Benchmark ILS | 2.841% | 20221108 |
| INR | Reference Benchmark INR | 8.700% | 20221108 |
| JPY | Reference Benchmark JPY | (0.174)% | 20221108 |
| KRW | Reference Benchmark KRW | 3.000% | 20221108 |
| MXN | Reference Benchmark MXN | 8.865% | 20221108 |
| NOK | Reference Benchmark NOK | 2.522% | 20221108 |
| NZD | Reference Benchmark NZD | 3.225% | 20221108 |
| PLN | Reference Benchmark PLN | 6.909% | 20221108 |
| RON | Reference Benchmark RON | 5.327% | 20221108 |
| RUB | Reference Benchmark RUB | 7.600% | 20221108 |
| SAR | Reference Benchmark SAR | 6.450% | 20221108 |
| SEK | Reference Benchmark SEK | 1.558% | 20221108 |
| SGD | Reference Benchmark SGD | 3.048% | 20221108 |
| TRY | Reference Benchmark TRY | 17.054% | 20221108 |
| USD | Reference Benchmark USD Libor | 3.816% | 20221108 |
| ZAR | Reference Benchmark ZAR | 6.605% | 20221108 |
Venom by Cobra Trading accrues interest daily and posts actual interest monthly on the third business day of the following month. For detailed examples on how we calculate interest, open the Interest Paid to You and Interest Rates Charged to You on Margin Loan Balances sections on this page.
Interest Benchmark Definitions
| Fed Funds Effective | (USD only) is the volume weighted average of the transactions processed through the Federal Reserve between member banks. It is intended to reflect the best estimate of interbank financing activity for Reserve Bank members and is the reference for many short term money market transactions in the broader market. |
| LIBOR | (multiple currencies) stands for London Inter-Bank Offered Rate. It is a daily fixing for deposits with durations from overnight to 1 year and is determined by a group of large London banks. It is the most widely used measurement for interest rates on most currencies outside the domestic market(s). |
| Overnight | (O/N) rate is the most widely used short term benchmark and represents the rate for balances held from today until the next business day. |
| Spot-Next | (S/N) refers to the rate on balances from the next business day to the business day thereafter. Due to time zone and other criteria, Spot-Next rates are sometimes used as the short-term reference. |
Disclosures
Venom by Cobra Trading accrues interest daily and posts actual interest monthly on the third business day of the following month. For detailed examples on how we calculate interest, open the Interest Paid to You and Interest Rates Charged to You on Margin Loan Balances sections on this page.
Interest Paid to You or By You
Interest Paid to You on Positive (Credit) Cash Balances
BM = Benchmark Rate
| Currency | Tier | Rate Paid |
|---|---|---|
| USD | 0 ≤ 10,000 | 0% |
| > 10,000 | 3.33% (BM – 0.5%) | |
| AED | 0 ≤ 35,000 | 0% |
| > 35,000 | 3.117% (BM – 0.75%) | |
| AUD | 0 ≤ 14,000 | 0% |
| 14,000 ≤ 140,000 | 2.215% (BM – 0.5%) | |
| > 140,000 | 2.465% (BM – 0.25%) | |
| CAD | 0 ≤ 13,000 | 0% |
| > 13,000 | 3.162% (BM – 0.5%) | |
| CHF | 0 ≤ 10,000 | 0% |
| > 10,000 | 0% (BM – 0.5%) | |
| CNH | 0 ≤ 65,000 | 0% |
| > 65,000 | 0.50% | |
| CZK | 0 ≤ 250,000 | 0% |
| > 250,000 | 4.854% (BM – 2%) | |
| DKK | 0 ≤ 75,000 | 0% |
| > 75,000 | 0.6% (BM – 0.5%) | |
| EUR | 0 ≤ 10,000 | 0% |
| > 10,000 | 0.879% (BM – 0.5%) | |
| GBP | 0 ≤ 8,000 | 0% |
| > 8,000 | 2.458% (BM – 0.5%) | |
| HKD | 0 ≤ 78,000 | 0% |
| > 78,000 | 1.126% (BM – 0.75%) | |
| HUF | 0 ≤ 3,000,000 | 0% |
| > 3,000,000 | 14% (BM – 3%) | |
| ILS | All | 0% |
| INR | All | 0% |
| JPY | 0 ≤ 5,000,000 | 0% |
| > 5,000,000 | -0.424% (BM – 0.25%) | |
| KRW | 0 ≤ 12,000,000 | 0% |
| > 12,000,000 | 1.5% (BM – 1.5%) | |
| MXN | 0 ≤ 200,000 | 0% |
| > 200,000 | 4.865% (BM – 4%) | |
| NOK | 0 ≤ 100,000 | 0% |
| > 100,000 | 0.522% (BM – 2%) | |
| NZD | 0 ≤ 15,000 | 0% |
| > 15,000 | 0.725% (BM – 2.5%) | |
| PLN | 0 ≤ 400,000 | 0% |
| > 400,000 | 4.909% (BM – 2%) | |
| RUB* | 0 ≤ 750,000 | – 11.00% |
| > 750,000 | – 11.00% | |
| SAR | 0 ≤ 35,000 | 0% |
| > 35,000 | 5.7% (BM – 0.75%) | |
| SEK | 0 ≤ 110,000 | 0% |
| > 110,000 | 1.058% (BM – 0.5%) | |
| SGD | 0 ≤ 14,000 | 0% |
| > 14,000 | 2.048% (BM – 1%) | |
| TRY | 0 ≤ 90,000 | 0% |
| > 90,000 | 5% | |
| ZAR | 0 ≤ 150,000 | 0% |
| > 150,000 | 5.605% (BM – 1%) |
* NOTE: As of July 28, 2022, any long or short RUB balances in an account auto-convert to USD or EUR, depending on the entity holding an account.
Disclosures
- Credit balances greater than USD 10,000 (or equivalent) in accounts with a NAV of less than USD 100,000 (or equivalent) will be paid interest at a proportional rate. For accounts holding credit balances in currencies carrying a negative interest rate, the negative rate will be applied to accounts with balances of at least USD 50,000 (or equivalent), but smaller credit balances will not be charged the negative rate.
Interest Paid to You on Short Sale Proceeds Cash Balances
For the purposes of crediting interest on either long settled cash balances or short stock collateral values, only accounts with Net Asset Value (NAV) exceeding USD 100,000 will be eligible to receive credit interest on long settled cash balances.
BM = Benchmark Rate
| Currency | Tier | Rate Paid |
|---|---|---|
| USD | 0 – 100,000 | 0% |
| 100,000.01 – 1,000,000 | 0% (BM – 1.25%) |
Disclosures
- The applied rate may be reduced if pre-arranged. Please contact Customer Service to discuss further.
- Costs for position borrowing of stocks with special considerations (for example hard to borrow instruments) are usually higher than for normal availability stocks. These additional costs will be passed on in the form of lower short stock credit interest. Please note that this may lead to a net debit short stock credit interest in the event that the costs to borrow exceed the interest earned. In order to view the indicative short stock interest rates for a specific stock, Venom by Cobra Trading recommends that clients use the Short Stock (SLB) Availability Tool in the Support > Tools menu in Account Management.
Interest Rates Charged to You on Margin Loan Balances
When calculating rates, keep in mind Venom by Cobra Trading uses a blended rate based on the tiers below. For example, for a balance over USD 1,000,000, the first 100,000 is charged at the Tier I rate, the next 900,000 at the Tier II rate, etc. When determining the quoted spread, Venom by Cobra Trading will use the set benchmark rate or a benchmark rate of 0 for all benchmark rates less than 0.
Venom by Cobra Trading accrues interest on a daily basis and posts actual interest monthly on the third business day of the following month.
The tiers on which interest is based may change from time to time without prior notification to clients. Such adjustments are done periodically to adjust for changes in currency rates.
BM = Benchmark Rate
| Currency | Loan Amount | Rate Charged |
|---|---|---|
| USD | 0 ≤ 100,000 | 5.33% (BM + 1.5%) |
| 100,000 ≤ 1,000,000 | 4.83% (BM + 1%) | |
| 1,000,000 ≤ 50,000,000 | 4.58% (BM + 0.75%) | |
| 50,000,000 ≤ 200,000,000 | 4.33% (BM + 0.5%)1 | |
| > 200,000,000 | 4.33% (BM + 0.5%) 1,2 | |
| AED | 0 ≤ 350,000 | 6.367% (BM + 2.5%) |
| 350,000 ≤ 3,500,000 | 5.867% (BM + 2%) | |
| 3,500,000 ≤ 350,000,000 | 5.367% (BM + 1.5%) | |
| > 350,000,000 | 5.367% (BM + 1.5%) 2 | |
| AUD | 0 ≤ 140,000 | 4.215% (BM + 1.5%) |
| 140,000 ≤ 1,400,000 | 3.715% (BM + 1%) | |
| 1,400,000 ≤ 70,000,000 | 3.465% (BM + 0.75%) | |
| 70,000,000 ≤ 280,000,000 | 3.215% (BM + 0.5%) 1 | |
| > 280,000,000 | 3.215% (BM + 0.5%) 1,2 | |
| CAD | 0 ≤ 130,000 | 5.162% (BM + 1.5%) |
| 130,000 ≤ 1,300,000 | 4.662% (BM + 1%) | |
| 1,300,000 ≤ 64,000,000 | 4.412% (BM + 0.75%) | |
| 64,000,000 ≤ 260,000,000 | 4.162% (BM + 0.5%) 1 | |
| > 260,000,000 | 4.162% (BM + 0.5%) 1,2 | |
| CHF | 0 ≤ 90,000 | 1.5% (BM + 1.5%) |
| 90,000 ≤ 900,000 | 1% (BM + 1%) | |
| 900,000 ≤ 46,000,000 | 0.75% (BM + 0.75%) | |
| 46,000,000 ≤ 180,000,000 | 0.75% (BM + 0.5%) 1 | |
| > 180,000,000 | 0.75% (BM + 0.5%) 1,2 | |
| CNH | 0 ≤ 650,000 | 5.094% (BM + 4%) |
| 650,000 ≤ 6,500,000 | 4.094% (BM + 3%) | |
| 6,500,000 ≤ 300,000,000 | 3.594% (BM + 2.5%) | |
| > 300,000,000 | 3.094% (BM + 2%) 2 | |
| CZK | 0 ≤ 400,000,000 | 9.854% (BM + 3%) |
| > 400,000,000 | 9.854% (BM + 3%) 2 | |
| DKK | 0 ≤ 120,000,000 | 4.1% (BM + 3%) |
| > 120,000,000 | 4.1% (BM + 3%) 2 | |
| EUR | 0 ≤ 90,000 | 2.879% (BM + 1.5%) |
| 90,000 ≤ 900,000 | 2.379% (BM + 1%) | |
| 900,000 ≤ 44,000,000 | 2.129% (BM + 0.75%) | |
| 44,000,000 ≤ 180,000,000 | 1.879% (BM + 0.5%) 1 | |
| > 180,000,000 | 1.879% (BM + 0.5%) 1,2 | |
| GBP | 0 ≤ 80,000 | 4.458% (BM + 1.5%) |
| 80,000 ≤ 800,000 | 3.958% (BM + 1%) | |
| 800,000 ≤ 38,000,000 | 3.708% (BM + 0.75%) | |
| 38,000,000 ≤ 150,000,000 | 3.458% (BM + 0.5%) 1 | |
| > 150,000,000 | 3.458% (BM + 0.5%) 1,2 | |
| HKD | 0 ≤ 780,000 | 4.376% (BM + 2.5%) |
| 780,000 ≤ 7,800,000 | 3.876% (BM + 2%) | |
| 7,800,000 ≤ 780,000,000 | 3.376% (BM + 1.5%) | |
| > 780,000,000 | 3.376% (BM + 1.5%) 2 | |
| HUF | 0 ≤ 4,500,000,000 | 22% (BM + 5%) |
| > 4,500,000,000 | 22% (BM + 5%) 2 | |
| ILS | 0 ≤ 80,000,000 | 7.841% (BM + 5%) |
| > 80,000,000 | 7.841% (BM + 5%) 2 | |
| INR | All | 11.7% (BM + 3%) |
| JPY | 0 ≤ 11,000,000 | 1.5% (BM + 1.5%) |
| 11,000,000 ≤ 114,000,000 | 1% (BM + 1%) | |
| 114,000,000 ≤ 5,700,000,000 | 0.75% (BM + 0.75%) | |
| 5,700,000,000 ≤ 23,000,000,000 | 0.75% (BM + 0.5%) 1 | |
| > 23,000,000,000 | 0.75% (BM + 0.5%) 1,2 | |
| KRW | 0 ≤ 120,000,000 | 5% (BM + 2%) |
| 120,000,000 ≤ 1,200,000,000 | 4.5% (BM + 1.5%) | |
| 1,200,000,000 ≤ 24,000,000,000 | 4% (BM + 1%) | |
| > 24,000,000,000 | 4% (BM + 1%) 2 | |
| MXN | 0 ≤ 2,000,000 | 11.865% (BM + 3%) |
| 2,000,000 ≤ 20,000,000 | 10.865% (BM + 2%) | |
| 20,000,000 ≤ 2,000,000,000 | 10.365% (BM + 1.5%) | |
| > 2,000,000,000 | 10.365% (BM + 1.5%) 2 | |
| NOK | 0 ≤ 900,000 | 4.022% (BM + 1.5%) |
| 900,000 ≤ 9,000,000 | 3.522% (BM + 1%) | |
| 9,000,000 ≤ 450,000,000 | 3.272% (BM + 0.75%) | |
| 450,000,000 ≤ 1,800,000,000 | 3.022% (BM + 0.5%) 1 | |
| > 1,800,000,000 | 3.022% (BM + 0.5%) 1, 2 | |
| NZD | 0 ≤ 150,000 | 4.725% (BM + 1.5%) |
| 150,000 ≤ 1,500,000 | 4.225% (BM + 1%) | |
| 1,500,000 ≤ 150,000,000 | 3.975% (BM + 0.75%) | |
| > 150,000,000 | 3.975% (BM + 0.75%) 2 | |
| PLN | 0 ≤ 70,000,000 | 9.909% (BM + 3%) |
| > 70,000,000 | 9.909% (BM + 3%) 2 | |
| RUB* | 0 ≤ 660,000,000 | 12.6% (BM + 5%) |
| > 660,000,000 | 12.6% (BM + 5%) 2 | |
| SAR | 0 ≤ 350,000 | 8.95% (BM + 2.5%) |
| 350,000 ≤ 3,500,000 | 8.45% (BM + 2%) | |
| 3,500,000 ≤ 350,000,000 | 7.95% (BM + 1.5%) | |
| > 350,000,000 | 7.95% (BM + 1.5%) 2 | |
| SEK | 0 ≤ 900,000 | 3.058% (BM + 1.5%) |
| 900,000 ≤ 9,100,000 | 2.558% (BM + 1%) | |
| 9,100,000 ≤ 454,000,000 | 2.308% (BM + 0.75%) | |
| 454,000,000 ≤ 1,820,000,000 | 2.058% (BM + 0.5%) 1 | |
| > 1,820,000,000 | 2.058% (BM + 0.5%) 1,2 | |
| SGD | 0 ≤ 140,000 | 4.548% (BM + 1.5%) |
| 140,000 ≤ 1,400,000 | 4.048% (BM + 1%) | |
| 1,400,000 ≤ 68,000,000 | 3.798% (BM + 0.75%) | |
| 68,000,000 ≤ 270,000,000 | 3.548% (BM + 0.5%) 1 | |
| > 270,000,000 | 3.548% (BM + 0.5%) 1, 2 | |
| TRY | 0 ≤ 90,000,000 | 22.054% (BM + 5%) |
| > 90,000,000 | 23.054% (BM + 6%) 2 | |
| ZAR | 0 ≤ 1,500,000 | 8.105% (BM + 1.5%) |
| 1,500,000 ≤ 15,000,000 | 7.605% (BM + 1%) | |
| 15,000,000 ≤ 1,500,000,000 | 7.355% (BM + 0.75%) | |
| > 1,500,000,000 | 7.355% (BM + 0.75%) 2 |
Disclosures
- A minimum floor of 0.75% will be charged on margin loans. Rates subject to change.
- May be subject to a 1% surcharge applied to the spread if financing is not pre-arranged.
* Note: AS of July 28, 2022, any long or short RUB balances in an account auto-convert to USD or EUR, depending on the entity holding an account. Visit our Knowledge Base for additional info.