I have a question about Ethbull arbitrage which is a 3x leveraged erc20 token.

The description for it reads that it is designed to move 3% for every 1% ethereum moves. I'm looking at the charts for it on tradingview and having a hard time understanding why it moves the way it does.

My question is: How do you determine what the correct price for ethbull should be and how do you take advantage of arbitrage when it is not correctly priced?

For instance, looking at a recent swing on eth shows these prices:

======== ethbull   ethusd
17-Dec   464   122.96
3-Feb   1364   188
     
Ratio    2.94     1.53


In other words from dec 17 to today ethbull increased about 3x and ethusd increased 1.5x. That would mean ethbull moved 2x what eth did, not 3x.

Why is it like that? What is the formula to take a chart of ethusd and plot what the correct price for ethbull should have been?