Spread and Financing Belong in Floating P/L

A platform's floating P/L may not equal the amount a trader economically gains or loses after every charge. The FCA has warned that overnight funding on CFD positions can be substantial and may be poorly explained, including cases where matched long and short positions are both charged. An open trade that looks near break-even can therefore be losing money in slow motion.

The first cost is the bid-ask spread. A newly opened position typically starts negative because it would need to be closed on the opposite side of the quote. The second is explicit commission where applicable. The third is daily or overnight financing, which can be positive or negative and may include a provider markup.

Build an economic open-P/L view

The FCA's 2025 review found that providers commonly charged overnight funding on both sides of hedged open positions and identified disclosure shortcomings. Its 2026 handbook treatment of costs lists bid-ask spreads, daily and overnight financing, account-management fees and taxes among relevant CFD charges.

This matters for the popular “lock the trade” technique, in which a customer opens an equal and opposite position rather than closing the first one. Net market exposure may be near zero, yet gross open positions can continue to attract financing. The floating price P/L can appear stable while the economic result deteriorates.

This 2026 margin-and-leverage video explains the capital mechanics. It should be followed by the provider's cost schedule because no general video can establish the live swap rate or markup for a particular account.

Reconcile before deciding to hold

Export the statement, add expected closing cost and financing through the planned exit date, and compare the result with simply closing now. Where two opposite trades exist, calculate both gross charges rather than assuming they cancel. If the provider's disclosure is unclear, ask for the calculation method in writing.

The loop closes by changing the question. “Is my open trade green？” is a screen question. “What would I keep after exit？” is the economic question—and the one that should drive the decision.

Sources

• FCA: CFD providers' price and value review
• FCA: 2025 warning on CFD fair value
• FCA Handbook: costs and charges
• MetaTrader 5: trading report components

Cost treatment varies by provider, product, account type and holding period. Check the current tariff.