INJ / S ratio and spread
1 INJ = 121.1 S. Below is the price ratio chart and the regression spread z-score. Hedge ratio β is 0.282 and the correlation between the legs is 0.68.
If you hold INJ · If you hold S
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Key numbers
over 378 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 0.68, with a hedge ratio of 0.28. Signals from this pair carry more noise than on a tightly linked one.
The spread is at 1.33 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 65 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 — 41% of the way from the low to the high of the last 378 daily candles.
Frequently asked
How many S is 1 INJ?
1 INJ is worth 121.103 S at the latest exchange quotes. The figure is the ratio of the two USDT prices and updates every minute.
What is the INJ/S range?
Over the last 378 daily candles the ratio traded between 41.8211 (08.10.2025) and 237.288 (20.09.2026).
Are INJ and S correlated?
The correlation of daily log returns between INJ and S is 0.68, 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/S spread z-score now?
The z-score is 1.33 — 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/S suitable for a pair trade?
The mechanics hold up: correlation is 0.68 and the spread historically covers half the way back to its mean in about 65 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.