OP / ERA ratio and spread
1 OP = 1.601 ERA. Below is the price ratio chart and the regression spread z-score. Hedge ratio β is 0.932 and the correlation between the legs is 0.54.
If you hold OP · If you hold ERA
OP has been more expensive against ERA than now only 2 % of the time over 1.0 years. If you hold OP, this is worth a look at rotating into ERA.
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Key numbers
over 377 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 0.54, with a hedge ratio of 0.93. Signals from this pair carry more noise than on a tightly linked one.
The spread is at 1.78 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 47 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 — 65% of the way from the low to the high of the last 377 daily candles.
Frequently asked
How many ERA is 1 OP?
1 OP is worth 1.60118 ERA at the latest exchange quotes. The figure is the ratio of the two USDT prices and updates every minute.
What is the OP/ERA range?
Over the last 377 daily candles the ratio traded between 0.639355 (22.07.2026) and 2.11568 (06.10.2026).
Are OP and ERA correlated?
The correlation of daily log returns between OP and ERA is 0.54, 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 OP/ERA spread z-score now?
The z-score is 1.78 — 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 OP/ERA suitable for a pair trade?
The mechanics hold up: correlation is 0.54 and the spread historically covers half the way back to its mean in about 47 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.