Buy hive and trade on the internal market for hbd.
I wouldn't use the convert feature because it requires a 5% burn to convert.
You can trade on the internal market at par.

But, right now, the max play is hive, as the price of it will rise and the value of the hbd you hold will fall as the price rises.

Hbd is for down markets, liquidity, commerce, but it does not participate in hive price rises.