WCT-WD vs WCT-WB

Really don't understand our stock market.

WCT-WD conversion price 2.25
WCT-WB conversion price 1.85

Current price of WB 0.37, WD 0.33

If we ignore the time factor, 

WB =1.85+0.37 = 2.12 - if  you buy and convert you still can earn (2.38 - 2.12 = 0.26)
WD = 2.25 + 0.33 = 2.58 - maybe time is the leverage for WD.