ETH / RAY ratio and spread
1 ETH = 1676.88 RAY. Below is the price ratio chart and the regression spread z-score. Hedge ratio β is 0.620 and the correlation between the legs is 0.71.
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Key numbers
over 350 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 0.71. The fitted hedge ratio is 0.62, meaning roughly 0.62 units of RAY exposure balance one unit of ETH.
The spread currently sits at -2.05 standard deviations from its rolling mean — ETH is cheap relative to RAY by the standards of this window.
Reversion is slow: the spread needs roughly 35 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 10% of the way from the low to the high of the last 350 daily candles.
Frequently asked
How many RAY is 1 ETH?
1 ETH is worth 1676.88 RAY at the latest exchange quotes. The figure is the ratio of the two USDT prices and updates every minute.
What is the ETH/RAY range?
Over the last 350 daily candles the ratio traded between 1460.71 (12.09.2026) and 3628.35 (13.04.2026).
Are ETH and RAY correlated?
The correlation of daily log returns between ETH and RAY is 0.71, 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 ETH/RAY spread z-score now?
The z-score is -2.05 — the spread is stretched beyond two standard deviations. It measures how far the regression residual log(A) − β·log(B) sits from its rolling mean, in standard deviations.
Is ETH/RAY suitable for a pair trade?
The mechanics hold up: correlation is 0.71 and the spread historically covers half the way back to its mean in about 35 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.