A put option on a swap in which the buyer has the right, but is not obliged, to enter into a swap wherein he pays the floating rate and receives the fixed rate. Receiver swaps increase in value as interest rates fall, and vice versa.

The swap rate for a receiver swap in which the floating rate leg is linked to LIBOR is the fixed payment that equalizes the floating rate value and the fixed rate value of the swap.

A receiver swap is also known as a put swaption.