How a binaural beat is made
A binaural beat is not in the audio itself. Each ear receives a pure tone at a slightly different pitch, and the brain perceives the difference as a slow pulsing. Heinrich Wilhelm Dove described the effect in 1839, and Gerald Oster's 1973 Scientific American article brought it to wide attention.
This generator uses a carrier (the average pitch) and a beat frequency (the difference). The left ear gets the carrier minus half the beat and the right ear gets the carrier plus half the beat. The default 200 Hz carrier with a 10 Hz beat plays 195 Hz on the left and 205 Hz on the right. The two tones travel on separate stereo channels, which is why the effect only works through headphones: speakers mix the tones in the air and you hear an ordinary acoustic beat instead.