The different factors adding up are quite nice. I think Hive deserved a lot more but it wasn't doing as well as I thought it would. Then again, people have been complaining about the DHF and how that affects Hive. The liquidity isn't there outside of the centralized HBD markets. I am not surprised the fees wouldn't make that arbitrage opportunity worth it.
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Good point! One sudden change and HIVE apparently is too scarce. No more over-printing concerns (I assume they will return at the end of the next bear market).
I think at least where LeoDex is concerned, it's mostly slippage. At 1000 HBD the fees (including slippage) would have been 79$ or something like that.