We document a term structure in covered interest parity (CIP) deviations: the premium for synthetic USD borrowing via FX swaps rises with maturity. Using a preferred-habitat framework and novel daily data on FX swap positions and flows, we show that banks can exploit this term structure by lending USD at long maturities and funding these positions with short-maturity USD borrowing. Dealer banks maintain such maturity mismatches at a scale of several hundred billion USD, with potential implications for financial stability.