This chart is a part from the Hive debt post I did a few months ago, and with all the noise about HBD recently, its probably a good time to revisit.
The bold white is the blockchain price, what you get when you convert HBD <-> HIVE. The gray is the actual market price. We can see that in the past the market price has went above the blockchain price on the up side, but on the down side it never went bellow what the blockchains allows.
Most of the time the price hold well, except for a short period of time in December 2018, and then a bit longer in autumn 2019 for a few months. In both cases HBD went to as low as 0.6$, and the debt levels were in 14% plus. The debt limit is 10%.
Historically the HBD price dropped only when the debt level went above the allowed 10% of the Hive marketcap.
At the moment the debt level is around 2.5%, and in the next HF it will be increased to 30%.