Just like 'Magic Eye': Make the dots on the top line up, and get 'Stereo'. The eyes are in focus, but in parallax, instead of converging as in normal vision.(explanation below).
Normal Vision
In normal vision, each eye perceives a slightly different
version of the same thing, and the brain produces a single,
3D result.
Parallax Vision (Magic Eye, Or Stereogram)
In 'parallax vision', each eye perceives what appears
to be a slightly different version of the same thing,
(two images, made so by the photographer or software),
and the brain produces
three images. The central image of the three
appears to be 3D. (In 'magic eye', you don't see the
two 'side' images, because they disappear into the 'wallpaper'.)