Two-dimensional periodic traveling gravity waves in a two-fluid ow are cons
idered, where the ow has no rigid boundaries. Each fluid is inviscid, incom
pressible, and irrotational and the density ratio of the upper fluid to the
lower fluid is between zero and one. The governing equations are rst trans
formed into a single nonlinear integral equation using the Hilbert transfor
m and the corresponding integral operator is compact in certain Banach spac
es after a cut-off function is introduced. By a global bifurcation theorem,
it is shown that there exist periodic waves of large amplitude on the inte
rface until either the bifurcation parameter goes to infinity or the functi
on of th wave pro le and its first-order derivative are not in the classica
l Holder space. It is also noted that the nonlinear integral equation is ve
ry general and can be used to study the waves of large amplitude numericall
y.