No it's not a fixed contract on what the price was at the time you request the conversion. The rate depends on the what price HIVE stays at for the majority of the duration of the 3.5 days. It could be lower than the price at the time you start the conversion, it could as well be higher. You can constantly check the price from the price feed of the witnesses over the period of the 3.5 days and you will get an estimate of what price is HIVE being considered to be at most of the time and by most of the witnesses.
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Ah, so in this case, we bet on stability or lowering of the price of HIVE in relation to the price of HBD.
Yes the lower the price of HIVE, the more HIVE we get. But not in relation to HBD. Price of HBD is pegged to $1 regardless of it's market price.