One payment/ trade of a series of swap payments or forward rate agreement (FRA) trades. Each swaplet starts when the previous one finishes. The value of each swaplet is the discounted value of the cash flow associated with its tenor and fixing. For example, a swap with a 3-year tenor and semiannual payments would consist of six swaplets each having a tenor of six months.

A swaplet could also refer to a swap that has a single payment.