A dollar can change jobs

You hold PT-ezETH (ETH). What does each PT redeem for at maturity?

• One ezETH token
• One ETH worth of ezETH
• One dollar worth of ETH

Your short ETH perp hedge is working well because ETH is falling. What is happening to its margin?

• It shrinks, because the hedge is paying for the fall
• It grows, because the short gains as ETH falls
• It stays fixed until you close the position