It essentially looks like the difference between two different runs of the model with the same prompt but different seeds. The watermark is essentially a small bias in the model such that when there's multiple different tokens that could conceivably follow the previous token, the model will only pick some subset of them (the subset is derived from a hash of the previous token). This bias can then be checked for statistically (without needing access to the model and without needing the whole prompt), and for longer text where there's enough freedom in word choice you can show that it would be vanishingly improbable to accidentally follow the rules in the watermark.