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1. FRAs in a swap are different from FRAs on the run, which are called off-market forwards. An off-market forward is one in which the forward price is different from that which gives the forward a zero value at initiation. That means an interest rate swap is a series of off -market forward rate agreements. Some of them have a positive value to the long, while others have a negative value. When the values of all the off-market FRAs are summed together as a swap, the swap has a value of zero (at initiation).

2.  With a swap, the next payment is always known one period ahead, when the floating rate for the next period becomes known. This is not true for an FRA, because its payment is made at expiration, based on the 1-period rate for the next period.