With following in fstab:
/dev/gpt/swap.eli none swap sw,late 0 0
swap will not be enabled, with swapon -aL complaining:
swapon: Invalid option: late
This is incorrect and happens because swap_on_geli_args() which
parses geli arguments out of mount options doesn't expect late or
noauto there. Fix this by explicitly allowing these arguments.
With this fix, I was able to get late geli swap working.