Malta-based OKEx, currently the second largest crypto exchange by 24-hour adjusted volume, has launched a new bitcoin derivative product with no expiry date, meaning that positions can be held indefinitely.

Announced Tuesday, the product, dubbed a “perpetual swap,” allows crypto traders to speculate on the future value of OKEx’s bitcoin (BTC) to U.S. dollar (USD) index.

Each swap contract has a notional value of $100 equivalent in BTC, the exchange said in a statement, adding that traders can either long a position to profit from an increase in bitcoin’s price or short a position to profit from the decline in bitcoin’s price.

The new product offers up to 100 times leverage, compared to the 10 times commonly available in traditional capital markets, which OKEx said can reduce the trading cost. Settlement time is at 04:00 and 16:00 UTC daily, while the traded price of a perpetual swap contract is “closely anchored to the spot market price,” said the exchange.

OKEx’s perpetual swaps also offer a “tiered maintenance margin ratio” feature, which allows traders with open positions to adjust their leverage according to their risk appetite and market conditions, and a “mark price” mechanism to help traders avoid unnecessary liquidations at times of high volatility.

The exchange said it plans to add swaps between different cryptos in the future.

Trading screen image via Shutterstock