INJ / OP ratio and spread
1 INJ = 54.68 OP. Below is the price ratio chart and the regression spread z-score. Hedge ratio β is 0.419 and the correlation between the legs is 0.62.
If you hold INJ · If you hold OP
INJ has been more expensive against OP than now only 3 % of the time over 4.4 years. If you hold INJ, this is worth a look at rotating into OP.
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Key numbers
over 1594 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 0.62, with a hedge ratio of 0.42. Signals from this pair carry more noise than on a tightly linked one.
The spread is at 1.47 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 324 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 in the upper part of its range — 83% of the way from the low to the high of the last 1594 daily candles.
Frequently asked
How many OP is 1 INJ?
1 INJ is worth 54.6818 OP at the latest exchange quotes. The figure is the ratio of the two USDT prices and updates every minute.
What is the INJ/OP range?
Over the last 1594 daily candles the ratio traded between 0.68325 (03.08.2022) and 65.625 (20.09.2026).
Are INJ and OP correlated?
The correlation of daily log returns between INJ and OP is 0.62, 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 INJ/OP spread z-score now?
The z-score is 1.47 — 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 INJ/OP suitable for a pair trade?
The mechanics hold up: correlation is 0.62 and the spread historically covers half the way back to its mean in about 324 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.