ARB / INJ ratio and spread
1 ARB = 0.0213815 INJ. Below is the price ratio chart and the regression spread z-score. Hedge ratio β is 0.949 and the correlation between the legs is 0.65.
If you hold ARB · If you hold INJ
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Key numbers
over 1317 daily candles
How each of these is computed: regression spread, hedge ratio, spread z-score, half-life, correlation.
What the numbers say
The legs move together only moderately — correlation of daily log returns is 0.65, with a hedge ratio of 0.95. Signals from this pair carry more noise than on a tightly linked one.
The spread is at 0.23 standard deviations from its rolling mean, which is effectively at its own norm.
Reversion is slow: the spread needs roughly 129 days to cover half the way back to its mean. A position would have to be held for a long time.
The current ratio sits near the bottom of its range — only 2% of the way from the low to the high of the last 1317 daily candles.
When this happened before
Divergences over 1138 candles: 8. Closed by a return to the norm: 8. The median return took 43 days, the longest one 161 days.
The last closed one ran from 12.05.2026 to 22.08.2026, 102 days: peak z = -4.03, INJ was expensive against ARB.
For a holder this answers not “what to do” but “how long it usually took”: the median return is 43 days. That is no guarantee — past divergences closed, this one may not.
| Period | Expensive leg | Peak z | Return |
|---|---|---|---|
| 12.05.2026 — 22.08.2026 | INJ | -4.03 | 102 d |
| 19.02.2026 — 08.04.2026 | INJ | -5.98 | 48 d |
| 31.12.2025 — 22.01.2026 | ARB | 2.22 | 22 d |
| 22.08.2025 — 24.09.2025 | ARB | 2.60 | 33 d |
| 22.05.2025 — 29.06.2025 | INJ | -3.45 | 38 d |
A divergence here is the spread z-score leaving ±2σ; the return is the first value back inside ±0.5σ. Two thresholds rather than one: otherwise chatter right at the border would count as a dozen separate divergences. The first bars of the window are skipped — there z is computed on partial history.
Frequently asked
How many INJ is 1 ARB?
1 ARB is worth 0.0213815 INJ at the latest exchange quotes. The figure is the ratio of the two USDT prices and updates every minute.
What is the ARB/INJ range?
Over the last 1317 daily candles the ratio traded between 0.0139997 (02.06.2026) and 0.370285 (23.03.2023).
Are ARB and INJ correlated?
The correlation of daily log returns between ARB and INJ is 0.65, which counts as a moderate link. Log returns are used rather than prices: two rising assets correlate almost by default, joint day-to-day movement is what matters.
What is the ARB/INJ spread z-score now?
The z-score is 0.23 — the spread is within its usual range. It measures how far the regression residual log(A) − β·log(B) sits from its rolling mean, in standard deviations.
Is ARB/INJ suitable for a pair trade?
The mechanics hold up: correlation is 0.65 and the spread historically covers half the way back to its mean in about 129 days. That is a description of past behaviour, not a forecast or a recommendation.
How often do ARB and INJ diverge?
Over 1138 daily candles the spread left ±2σ 8 times. The median return to the norm took 43 days.
Related pairs
Other pairs sharing a leg with this one.
All figures are computed from exchange data and describe past behaviour. Nothing here is investment advice.