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Gatehub XRP to USD issues


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2 hours ago, moto377 said:

Just noticed some good news if you use GateHub - within the last hour XRP jumped up on GateHub and now trading more in-line with Bitstamp and Kraken.  All three within $0.10 of each other as of this post.  It has been a long time since I have seen GateHub trading competitively with other exchanges.  We shall see if it holds.

I noticed something similar this morning. Gatehub usually trades, on average, between 66 and 75% of coingecko's average price, but today Gatehub was running at 85%. 

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8 hours ago, Mac said:

At Longtimelurker, but remember, you also purchased at the whacky bargain basement price so you cant be losing. 

 

 

@MacGood Point - You'd think I got a deal, but I didn't.  Otherwise everyone would be making that easy arb.  My "purchase" wasn't from USD to XRP, it was from ETH to XRP.  So the XTH/XRP conversion I got was decent, maybe got gipped 5% max.

Here's the current math.  I can swap one ETH into "at least" 266.98 XRP.  Trust me you get basically exactly that "at least" as I have tried several times.

So using bitsamp pricing, ETH is at 938 and XRP is at 3.30.  So you'd expect to get 284 ish XRP.  Subtract 0.2% fee gets you down to 278 or so.  But you're only actually getting ~267.  So through the exchange you lose out on something like 4-5%.  That's enormous slippage if you are talking trading stocks, but I think at this stage in the game it's acceptable. 

The reason this "works" as others mentioned is because ETH price is also messed up on Gatehub, and the level is just so that the conversion isn't terrible.  So theoretically the "arb" here is to wait until only one of the prices is completely messed up in the other direction lol.  In this case they are both lower than bitstamp.

image.thumb.png.611a50036fcabc92a4b9a21d095caf6d.png

Here is converting to USD

image.thumb.png.6375ecd370f935faa2093349ccab8d38.png

With XRP at 3.30, you are getting royally screwed at getting 2.86.  So that's what I'm saying to be careful about.  You're better off taking a smaller hit by going into BTC or ETH and then you can move that off much easier.

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3 hours ago, LongTimeLurker said:

@MacGood Point - You'd think I got a deal, but I didn't.  Otherwise everyone would be making that easy arb.  My "purchase" wasn't from USD to XRP, it was from ETH to XRP.  So the XTH/XRP conversion I got was decent, maybe got gipped 5% max.

Here's the current math.  I can swap one ETH into "at least" 266.98 XRP.  Trust me you get basically exactly that "at least" as I have tried several times.

So using bitsamp pricing, ETH is at 938 and XRP is at 3.30.  So you'd expect to get 284 ish XRP.  Subtract 0.2% fee gets you down to 278 or so.  But you're only actually getting ~267.  So through the exchange you lose out on something like 4-5%.  That's enormous slippage if you are talking trading stocks, but I think at this stage in the game it's acceptable. 

The reason this "works" as others mentioned is because ETH price is also messed up on Gatehub, and the level is just so that the conversion isn't terrible.  So theoretically the "arb" here is to wait until only one of the prices is completely messed up in the other direction lol.  In this case they are both lower than bitstamp.

image.thumb.png.611a50036fcabc92a4b9a21d095caf6d.png

Here is converting to USD

image.thumb.png.6375ecd370f935faa2093349ccab8d38.png

With XRP at 3.30, you are getting royally screwed at getting 2.86.  So that's what I'm saying to be careful about.  You're better off taking a smaller hit by going into BTC or ETH and then you can move that off much easier.

Everyone needs to use the TRADE option on Gatehub not Exchange it's a way better rate.

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