ETH3L seeks to maintain notional exposure to 3x of Ether’s daily returns through the use of perpetual swap contracts. This token is priced by aggregating order books from several top crypto derivatives exchanges. When depositing a stablecoin to this smart contract, it goes out and initiates positions in perpetual swap contracts on various exchanges at the best rate. Users can buy this token as a means to get additional exposure to daily Bitcoin performance.

This token seeks to maintain its target of 3x to the return of Ether on a daily basis. Due to compounding of daily returns, holding periods of greater than 1 day can result in returns that are significantly different.