| Interest rate | ↑ | ↓ | Payment(payoff) to a holder(i.e. long): | |
| Interest rate Cap | long | + (*1) | - | (interest rate - cap rate)*(Actual date/360) |
| Interest rate Floor | long | - | + | (floor rate - interest rate)*(Actual date/360) |
| Interest rate Call (*3) | long | + (*2) | - |
-: negative return
(*1) rise above the cap rate
(*2) rise above the strike rate
(*3) receive variable, pay fixed interest rate
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