swap

American  

[swop] / swɒp /

especially British, swop

verb (used with object)

swapped, swapping

1. to exchange, barter, or trade, as one thing for another.

   He swapped his wrist watch for the radio.

2. to substitute (one thing) for another (sometimes followed byin ).

   Swap in red wine for white, since powerful nutrients are in the red grape's skin.

3. to replace (one thing) with another (sometimes followed byout ).

   To cut down on fat, swap cream for milk.

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verb (used without object)

swapped, swapping

1. to make an exchange.

noun

1. an exchange.

   He got the radio in a swap.

swap British  

/ swɒp /

verb

1. to trade or exchange (something or someone) for another

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noun

1. an exchange

2. something that is exchanged

3. Also called: swap option.   swaption.  finance a contract in which the parties to it exchange liabilities on outstanding debts, often exchanging fixed interest-rate for floating-rate debts ( debt swap ), either as a means of managing debt or in trading ( swap trading )

Other Word Forms

• swapper noun
• unswapped adjective

Etymology

Origin of swap

First recorded in 1300–50; Middle English swappen “to strike, strike hands (in bargaining)”; cognate with dialectal German schwappen “to clap, box (the ears)”

Explanation

The word swap means you give something in exchange for something else. In the medieval ages, a farmer would swap — or exchange — his cow for his neighbor's horse. First used in the 1590s to mean "exchange, barter, trade," as a noun swap can mean an equal exchange. You might do a clothes swap with one of your friends in the hopes of perking up your wardrobe. As a verb swap describes the act of exchanging something for something else. You might swap oil for applesauce when baking brownies to make this treat healthier. In computer science swap means you move a piece of a computer program into memory.

Example Sentences

Barron’s has argued that the industry erred by setting up private and public funds because it gives investors incentive to swap from private to public when the public funds get cheap.

From Barron's • Apr. 3, 2026

The San José fintech giant is losing market share to competitors and had to swap out its leadership recently as its shares plunged, and it scrambled for a faster fix.

From Los Angeles Times • Apr. 3, 2026

Some €10 short, and the check-in desk not accepting pounds sterling, they were able to convince one of the locals to swap a £10 note and they were on their way.

From BBC • Apr. 3, 2026

Prior to last month’s policy announcement, traders on the overnight-index swap market had priced in one quarter-point rate increase before the end of 2026.

From The Wall Street Journal • Apr. 1, 2026

If Chrysler went bankrupt, its bondholders obviously lost; depending on the nature of the swap, and the movement of interest rates, Morgan Stanley might lose, too.

From "The Big Short" by Michael Lewis

Related Words

• substitute
• switch
• trade