Okay, but "buying at 97 cents" means selling Hive after it just crashed 20%.
That isn't buying low; it's selling high.
So the bot needs access to another stable-coin like USDT that has a better peg.
So the bot needs to be able to:
- see the opportunity
- sell USDT reserves into Hive
- transfer the Hive on-chain
- sell the Hive into HBD
- be able to do the opposite when the peg is higher than $1
- or at least trade back into USDT when the $1 peg is returned
This is a lot of steps and requires API access to the exchange holding the USDT.
Many things can go wrong.
I suspected that may be the case, but I could never get anybody to confirm it.
The internal market is always 1hbd is a dollar and it would require an outside exchange to actually profit from the variances.
Thanks for putting that to bed.
Maybe when the dex's get going the internal market will find more liquidity from the arbitrages.
I've no interest in arbitraging cex's for a number of reasons.