50% of the value (based on the current median price

The instant conversion uses the minimum price over the previous 3.5 day window, not the current median price.

The HIVE converted conversion calculation at the end of the 3.5 day delay, which determines how much of the collateral is returned, uses the median price (adjusted for 5% fee).

As a result, usually the instant conversion is a less than 50% of the current value of the HIVE, but this is all adjusted at the end.