If you are holding liquid HIVE its literaly free money, as you basicly arbitradging between the internal price for conversions and exterlan price on exchanges/markets.
If you dint have liquid hive and need to buy it in order to convert it to hbd, the risk is in holding hive for 3.5 days and the price between the time you buy and sell hive.
i.e you are getting more HBD than simply selling Hive for HBD ?
Yes ... you get HBD for a price of 1.05, when acquiering it trough conversions, and then you can sell HBD for 1.5$, 2$ ... or whatever the price on the external market is