kain Posted January 11, 2021 Share Posted January 11, 2021 So far I have found only two exchanges where FLR trading is available (IOU): India's crypto exchange Giottus: https://www.giottus.com/tradeview?basecoin=INR&paircoin=FLR/INR1 Bitrue: https://www.bitrue.com/trade/flr_xrp Considering INR/USD=0.014, at the time of writing this FLR to USD in Giottus gives approx. FLR=$0.30 (FLR/INR=21 -> FLR/USD=0.30) In Bitrue FLR/XRP=0.58 -> approx. FLR=$0.16 I've been watching this for several days, FLR price varies significantly at least on these two exchanges ($0.16 vs $0.30) I guess once FLR will be fully supported on more exchanges and arbitrage trading will be possible, the price will equilibrate, right? What direction will it take... any thoughts? Cesar1810 1 Link to comment Share on other sites More sharing options...
panmores Posted January 11, 2021 Share Posted January 11, 2021 ... will probably outrun XRP. Cesar1810 and stickynoodle69 1 1 Link to comment Share on other sites More sharing options...
bx549 Posted January 11, 2021 Share Posted January 11, 2021 It's also trading on Poloniex at about 0.054 USD right now. kain 1 Link to comment Share on other sites More sharing options...
kain Posted January 13, 2021 Author Share Posted January 13, 2021 Yes, Poloniex is another exchange trading FLR (IOU), thanks for sharing. Considering actual prices (Jan 13, 2021 at 13:10 UTC) XFLR/USDT=0.067 - https://poloniex.com/exchange/USDT_XFLR FLR/XRP=0.599 - https://www.bitrue.com/trade/flr_xrp XRP/USDT=0.298 - https://www.bitrue.com/trade/xrp_usdt This is how I imagine arbitrage trading works: 1) buy 1000 FLR on Poloniex (spending 67 USDT) 2) move 1000 FLR to Bitrue 3) sell FLR for 599 XRP 4) sell 599 XRP for 178 USDT Of course this is not possible now since FLR deposit/withdrawal (ie. moving between exchanges, step 2) is not possible at the moment. But in theory, I've started with 67 USDT ending up with 178 USDT. Once FLR is supported and transactions will be available, price equalization is inevitable, right? Or am I missing something? stickynoodle69 1 Link to comment Share on other sites More sharing options...
bx549 Posted January 13, 2021 Share Posted January 13, 2021 Yes. I think that is exactly how arbitrage works. stickynoodle69 1 Link to comment Share on other sites More sharing options...
jn_r Posted January 13, 2021 Share Posted January 13, 2021 8 minutes ago, kain said: Yes, Poloniex is another exchange trading FLR (IOU), thanks for sharing. Considering actual prices (Jan 13, 2021 at 13:10 UTC) XFLR/USDT=0.067 - https://poloniex.com/exchange/USDT_XFLR FLR/XRP=0.599 - https://www.bitrue.com/trade/flr_xrp XRP/USDT=0.298 - https://www.bitrue.com/trade/xrp_usdt This is how I imagine arbitrage trading works: 1) buy 1000 FLR on Poloniex (spending 67 USDT) 2) move 1000 FLR to Bitrue 3) sell FLR for 599 XRP 4) sell 599 XRP for 178 USDT Of course this is not possible now since FLR deposit/withdrawal (ie. moving between exchanges, step 2) is not possible at the moment. But in theory, I've started with 67 USDT ending up with 178 USDT. Once FLR is supported and transactions will be available, price equalization is inevitable, right? Or am I missing something? The right order is: 1) sell the FLR you already have on Bitrue FLR->XRP (1000 FLR -> 561 XRP) 2) move XRP to Poloniex 3) on Poloniex sell XRP for USDT (561 XRP -> 168.3 USDT) 4) on Poloniex sell USDT for FLR (168.3 USDT -> 2552FLR) You now have more FLR than what you initially had on Bitrue. (You could also buy only the initial amount of FLR you had if you want to make some extra +/- 102 USDT). Your FLR is on Polo now instead of Bitrue, and that is where it will stay, until FLR network is up. Prices will level once Flare network is up (this arbitrage opportunity will be gone) and FLR can be moved between exchanges. Link to comment Share on other sites More sharing options...
thinlyspread Posted January 16, 2021 Share Posted January 16, 2021 Gap is narrowing between the two exchanges. Still no arb opportunity obviously, but increasingly looks like Bitrue buyers got screwed initially. Price is about to meet somewhere in the middle I think. As of writing: $FLR = $0.097 Poloniex $0.164 Bitrue Link to comment Share on other sites More sharing options...
Troote Posted January 17, 2021 Share Posted January 17, 2021 9 hours ago, thinlyspread said: Gap is narrowing between the two exchanges. Still no arb opportunity obviously, but increasingly looks like Bitrue buyers got screwed initially. Price is about to meet somewhere in the middle I think. As of writing: $FLR = $0.097 Poloniex $0.164 Bitrue It may be a stupid question but are they exactly the same product though? How many actual FLR will Poloniex and Bitrue give in exchange for these IOUs? Poloniex has a definition on their website (https://support.poloniex.com/hc/en-us/articles/360059061054-New-Poloniex-Listing-Spark-IOU-XFLR-) and it is not clear to me that 1 of their xFLR will actually be 1 FLR. kain 1 Link to comment Share on other sites More sharing options...
Flintstone Posted January 17, 2021 Share Posted January 17, 2021 11 hours ago, Troote said: It may be a stupid question but are they exactly the same product though? How many actual FLR will Poloniex and Bitrue give in exchange for these IOUs? Poloniex has a definition on their website (https://support.poloniex.com/hc/en-us/articles/360059061054-New-Poloniex-Listing-Spark-IOU-XFLR-) and it is not clear to me that 1 of their xFLR will actually be 1 FLR. It should be at least 1:1 But yes, this paragraph doesn’t exactly offer any clarity: Once the Flare network launches in a couple of months, we will snapshot all XFLR balances and convert them to FLR for customers. The conversion ratio of XFLR : FLR will be dependent on the final amount we receive in the Spark airdrop. I would assume it would be more as the ratio of XRP : Flare was 1 : 1.0X Xrpdude 1 Link to comment Share on other sites More sharing options...
thinlyspread Posted January 17, 2021 Share Posted January 17, 2021 12 hours ago, Troote said: It may be a stupid question but are they exactly the same product though? How many actual FLR will Poloniex and Bitrue give in exchange for these IOUs? Poloniex has a definition on their website (https://support.poloniex.com/hc/en-us/articles/360059061054-New-Poloniex-Listing-Spark-IOU-XFLR-) and it is not clear to me that 1 of their xFLR will actually be 1 FLR. In theory, yes. In practice... not sure! I don't like either exchange but both have publicly declared support for Spark/FLR. Link to comment Share on other sites More sharing options...
stickynoodle69 Posted January 17, 2021 Share Posted January 17, 2021 (edited) On 1/11/2021 at 9:02 AM, panmores said: ... will probably outrun XRP. At this rate yeah this is probably true. Polkadot did something similar with IOU's. Turned out to be pretty accurate too when they put things on the exchange. I'd say where it is at now is accurate, but I expect people to just dump Spark since its dropping what percentage of spark to holders for the airdrop? 15% monthly? So might be a dump for a while im not sure. Uniswap looked like a pump and dump but it' doing great now. And its airdrop was a one time thing unlike Flare. Edited January 17, 2021 by stickynoodle69 Link to comment Share on other sites More sharing options...
Cashjon Posted April 5, 2021 Share Posted April 5, 2021 The people that are selling FLR/USDT on BITRUE, did they buy those iou flare tokens off the site themselves? What I guess I am asking is a person that has FLR coming when they distribute can not sell in advance right? That’s the way I understood it. So if that is the case then Bitrue is selling their FLR and when they are finally distributed (the 15%) thats when those people will get there FLR. Seems kinda strange, Bitrue can sell theirs in advance but an average person can not. If I understand this correctly Link to comment Share on other sites More sharing options...
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