A combination of two swaps or more. For instance, a blended interest rate swap is a combination of at least two interest rate swaps. In this type of swap, payments are calculated on a weighted average of interest rates. Similarly, a blended equity swap is a combination of at least two basic equity swaps. Furthermore, the equity leg payout is based on a weighted average of at least two equity indexes.

This swap is, sometimes, known as a rainbow swap.