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It is although that is where the trading on H-E can help to counter balance it. It is also why they have a big difference in price sometimes.

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Yes but in order to take advantage of the price difference, you need to have quite a bit of capital since ETH fees are quite high. I am not sure about whether or not bLEO corrects faster or not.

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Yes to arbitrage it that is true. And it really is a lousy one since H-E is so non liquid.

However there are price differences between the two.

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