ENA / OP ratio and spread
1 ENA = 1.616 OP. Below is the price ratio chart and the regression spread z-score. Hedge ratio β is 0.845 and the correlation between the legs is 0.73.
If you hold ENA · If you hold OP
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Key numbers
over 377 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 closely together — correlation of daily log returns is 0.73. The fitted hedge ratio is 0.85, meaning roughly 0.85 units of OP exposure balance one unit of ENA.
The spread is at 1.56 standard deviations from its rolling mean: away from the norm, but not far enough to call it stretched.
Reversion is slow: the spread needs roughly 117 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 mid-range — 71% of the way from the low to the high of the last 377 daily candles.
Frequently asked
How many OP is 1 ENA?
1 ENA is worth 1.61618 OP at the latest exchange quotes. The figure is the ratio of the two USDT prices and updates every minute.
What is the ENA/OP range?
Over the last 377 daily candles the ratio traded between 0.555827 (22.01.2026) and 2.04237 (01.10.2026).
Are ENA and OP correlated?
The correlation of daily log returns between ENA and OP is 0.73, which counts as a strong 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 ENA/OP spread z-score now?
The z-score is 1.56 — 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 ENA/OP suitable for a pair trade?
The mechanics hold up: correlation is 0.73 and the spread historically covers half the way back to its mean in about 117 days. That is a description of past behaviour, not a forecast or a recommendation.
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.