A long-term swap agreement between two parties to exchange two different sets of cash flows for a minimum of time period (swap tenor) of one year and up to 15 years in the future. That implies that the fixed and floating rates have a maturity of more than two years. However, the distinction between long-dated and short-dated swaps depends on the availability of Eurodollar futures. Swaps with too long tenors are typically priced off Eurodollar futures.