swap / swäp/ (also swop) • v. (swapped, swap·ping) [tr.] take part in an exchange of: we swapped phone numbers I'd swap places with you any day | [intr.] I was wondering if you'd like to swap with me. ∎ give (one thing) and receive something else in exchange: swap one of your sandwiches for a cheese and pickle? ∎ substitute (one thing) for another: I swapped my busy life on Wall Street for a peaceful mountain retreat.• n. an act of exchanging one thing for another: let's do a swap. ∎ a thing that has been or may be given in exchange for something else: I've got one already, but I'll keep this as a swap. ∎ Finance an exchange of liabilities between two borrowers, either so that each acquires access to funds in a currency they need or so that a fixed interest rate is exchanged for a floating rate.DERIVATIVES: swap·pa·ble adj.swap·per n.