3% is referring to the fixed amount of shorts overall for the hedge for the notes. Larry has offered his shares as a loan to facilitate this.
Short interest now is just under 10% in total. (so there's always a fixed 3%, and the remaining 7% is the standard short interest)
I don't think the 2020 raise had a loan facility but could be wrong.
I always thought a delta hedge can simply be done via purchasing or shorting the market directly. was surprised and a little disappointed to find out about the loan facility from LD. Guessing it was a condition of the zero coupon notes. He seemed adamant it was a good deal in the presentation
Daily Price Movement / General Discussion, page-28698
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