The swap fee/rate refers to the interest you either pay or earn based on the positions you have open at the "cut-off time."
This fee is applied at 22:00 UTC (5:00 PM EST) and affects any trades that are held open for a 24-hour period. Depending on the market conditions and your position (long or short), you may either incur a fee or receive interest.
It's important to consider this when holding trades overnight to understand its potential impact on your overall performance.