The number of times the exchange of swap coupons (cash flows on both legs) is carried out over the life of an interest rate swap (or any similar swap). In practice, coupon frequencies are often less than a year. A common frequency is three months. So instead of exchanging cash flows once a year, the counterparties do so four times per year, or quarterly. Other popular frequencies are six months and one month. Another common arrangement is the semi-quarterly coupon frequency in which the swap has a 6-month fixed leg and 3-month floating leg. Whatever the frequency is, the two legs of a swap need not have the same coupon frequency.

The coupon frequency of a swap is also known as a swap tenor.