There are many benefits of swapping, firstly talking about their cost, swap is generally cheaper. There is no upfront premium and it reduces transactions costs. They can be used to hedge risk, and long time period hedge is possible and it provides flexibility and maintains informational advantages. A snap has longer term than futures or options, they will run for years, whereas forwards and futures are for the relatively short term. Lastly, using swaps can give companies a better match between their liabilities and revenues.