I'm starting with 1000$ on BSC, exchange that for SPS, transfer the SPS to Hive Engine through Splinterlands, exchange SPS for HIVE, withdraw HIVE from Hive Engine, transfer to Bittrex, buy BTC with HIVE, buy HBD with BTC.
Result:
1.1000 BUSD
2.1249 SPS
3.1290 HIVE
4.0.0165 BTC
5.952 HBD
6.Start 3.5 days conversion to HIVE
This is a complicated route, I'm doing it mostly because I want my assets on DEX and start and finish the arbitrage there. It can be shorten a lot if you just have more liquid HIVE that you are willing to hodl for things like this, and start and finish with HIVE. Another way would be even more efficient to just hodl BTC on Bittrex and start and close the circle there.
Nevermind, I wanted to test it out, and will see the end result in 3.5 days. For now, not looking good, a 100$ down probably.
One of the biggest mistake is that I didnt paid attention on the exact spread on HBD on Bittrex:
A 1492 to 1628 sats. More then 8% ... yuuuge ... A learning experience.
At least I return the peg on Bittrex :)
With such a small liquidity on Bittrex is very hard to arbitrage HBD, and the other exchange where HBD is listed Upbit is Korean KYC users only, so I guess the Koreans have the exclusive right for HBD arbitrages when HBD is bellow the peg. When HBD it is above dollar, you need to buy HIVE on the external markets, so then it is more open for everyone.