You can cast hex at will, without expending a spell slot or material components. When you cast hex, you do not need to concentrate to maintain the spell. However, if you cast hex while the spell is in effect, any of your previous castings of hex end immediately.
If you already have hex on your spell list when you learn this eldritch invocation, you may replace it with another spell from the warlock spell list, which may be of any level for which you have spell slots.