The PTB developed a new optical heterodyne interferometer in the context of the European joint research project ‘Nanotrace’. A new optical concept using plane-parallel plates and spatially separated input beams to minimize the periodic nonlinearities was realized. Furthermore, the interferometer has the resolution of a double-path interferometer, compensates for possible angle variations between the mirrors and the interferometer optics and offers a minimal path difference between the reference and the measurement arm. Additionally, a new heterodyne phase evaluation based on an analogue to digital converter board with embedded field programmable gate arrays was developed, providing a high-resolving capability in the single-digit picometre range. The nonlinearities were characterized by a comparison with an x-ray interferometer, over a measurement range of 2.2 periods of the optical interferometer. Assuming an error-free x-ray interferometer, the nonlinearities are considered to be the deviation of the measured displacement from a best-fit line. For the proposed interferometer, nonlinearities smaller than ±10 pm were observed without any quadrature fringe correction.