INJ / WAL ratio and spread
1 INJ = 147.5 WAL. Below is the price ratio chart and the regression spread z-score. Hedge ratio β is 0.056 and the correlation between the legs is 0.57.
If you hold INJ · If you hold WAL
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Key numbers
over 370 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 0.57, with a hedge ratio of 0.06. Signals from this pair carry more noise than on a tightly linked one.
The spread is at 1.99 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 60 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 — 54% of the way from the low to the high of the last 370 daily candles.
Frequently asked
How many WAL is 1 INJ?
1 INJ is worth 147.503 WAL at the latest exchange quotes. The figure is the ratio of the two USDT prices and updates every minute.
What is the INJ/WAL range?
Over the last 370 daily candles the ratio traded between 26.6487 (16.04.2026) and 251.464 (24.08.2026).
Are INJ and WAL correlated?
The correlation of daily log returns between INJ and WAL is 0.57, 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/WAL spread z-score now?
The z-score is 1.99 — 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/WAL suitable for a pair trade?
The mechanics hold up: correlation is 0.57 and the spread historically covers half the way back to its mean in about 60 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.