The carry on a swap, as with that of any financial instrument (e.g. a bond), is the difference between a...

A roll-down in which an investor expresses a notional neutral curve switch. This carry is expressed in basis points upfront...

A measure of basis points as absolute spread or return. For example, if the expected carry for a swap (carry...

A measure of basis points as relative spread or return that would make the carry disappear. In other words, it...