This small desktop toy is a variation of a three-slider Trammel of Archimedes. Unlike a normal trammel, the center of rotation of the sliders is offset from the center of rotation of the channels, such that they both rotate in place.
There isn't much of a practical use for this model, bit it makes for an interesting desktop toy that is fun to interact with.
You can see see a demonstration of how it works in the video below.
Assembly Tips
After assembling for the first time, it might not spin as smoothly as possible, due to small variations in the orientation of parts during the assembly process.
If the spinner pins catch on certain parts of a channel, you can very gently pull the channel apart to make room.
Opposing channels may also not be perfectly in line. If you have a 1x16 brick (a pen or pencil will also work), you can slide it back and forth through the channels to align them.