BTC3S seeks to maintain notional exposure to -3x of Bitcoin’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 -3x exposure to daily Bitcoin performance.

This token seeks to maintain its target of -3x to the return of Bitcoin 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.