The OKEx exchange, which is based in Malta, is the second-largest cryptocurrency exchange right now, based on data on CoinMarketCap for the last 24 hours. In a new development, the company has created a Bitcoin derivative product, but there’s no expiry date.

This lack of expiry data allows positions to be held on an ongoing basis.

The product was announced on Tuesday and is being called a “perpetual swap.” Traders now have the ability to speculate on the value applied between OKEx’s BTC to the USD Index, giving a $100 nominal value for each of the swap contracts. Traders have the option to either long or short or position, giving them profit from the increase or decrease in price, respectively.

The traditional capital market allows for 10 times leverage, reducing the cost of trading. However, the derivative product from OKEx offers 100 times leverage instead, which has to be settled between 04:00 and 16:00 UTC every day. The exchange notes that the perpetual swap contract’s price is “closely anchored to the spot market price.”

There’s also a “tiered maintenance margin ratio” feature on these perpetual swaps, which means that traders can use their open positions for leverage adjustments, based on the market conditions and risk appetite. Then, a “mark price” mechanism is applied to protect from volatile issues in the market by stopping unbeneficial liquidations.

Other cryptocurrencies will be added to the exchange in the future, though the firm has yet to confirm how long that will take or which cryptocurrencies may be in the running to be added.

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