It will work like any other exchange with addition type of trade called Margin trading which refers to the practice of using borrowed funds from an exchange to trade cryptocurency, leverage is the increased buying power that is available for you, For example, you have $100 worth of bitcoin on your account, if you chose 100X leverage that means you will open an order that worth $10000 of bitcoin (your money + borrowed funds ). The borrowed money doesn't come free, you need to pay interest in both case, loss or profit.
With margin trading, you can profit a lot if your position goes well and you could end up losing even your entire asset if your position goes wrong, because you have to pay the exchange an interest, when you are in loss, the interest will be token from your money.

If you find this complicated, just imagine you borrow an amount of money with interest from a friend to trade that money in exchange. no matter what the result of your trade, you have to pay your friend back with interest.