INJ / RAY ratio and spread
1 INJ = 2.958 RAY. Below is the price ratio chart and the regression spread z-score. Hedge ratio β is 0.679 and the correlation between the legs is 0.63.
If you hold INJ · If you hold RAY
INJ is cheaper against RAY than in 1 % of the time over 1.0 years. If you hold RAY, this is worth a look at rotating into INJ.
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Key numbers
over 374 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 0.63, with a hedge ratio of 0.68. Signals from this pair carry more noise than on a tightly linked one.
The spread is at -0.99 standard deviations from its rolling mean, which is effectively at its own norm.
Historically the spread covers half the way back to its mean in about 28 days, so a divergence here tends to resolve within weeks rather than months.
The current ratio sits near the bottom of its range — only 0% of the way from the low to the high of the last 374 daily candles.
Frequently asked
How many RAY is 1 INJ?
1 INJ is worth 2.95785 RAY at the latest exchange quotes. The figure is the ratio of the two USDT prices and updates every minute.
What is the INJ/RAY range?
Over the last 374 daily candles the ratio traded between 2.95785 (07.10.2026) and 10.3299 (03.06.2026).
Are INJ and RAY correlated?
The correlation of daily log returns between INJ and RAY is 0.63, 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/RAY spread z-score now?
The z-score is -0.99 — 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/RAY suitable for a pair trade?
The mechanics hold up: correlation is 0.63 and the spread historically covers half the way back to its mean in about 28 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.