[US$ 3×9 – 3.25/3.50%p.a] – means that the deposit rate from 3 months for 6 months is 3.25% and the interest rate of the loan from 3 months for 6 months is 3.50% (see also the supply-demand gap). Entering a “paying FRA” means paying the fixed interest rate (3.50% per day) and getting a 6-month variable rate, while entering a “beneficiary FRA” means paying the same variable interest rate and getting a fixed interest rate (3.25% per day). . . .