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It will. It will show up as Arb ETH in your connected wallet.

Is the ETH on Aritrum or Ethereum?

If it is on the latter, you have to send to swap it to arb ETH.

Trying to figure out fees here, I would have to send to ETH first. Then I want to convert to Hive. So do I swap to arb ETH first or just swap ETH to Hive?