OP / MAGIC ratio and spread
1 OP = 1.245 MAGIC. Below is the price ratio chart and the regression spread z-score. Hedge ratio β is 1.384 and the correlation between the legs is 0.62.
If you hold OP · If you hold MAGIC
OP is cheaper against MAGIC than in 0 % of the time over 1.0 years. If you hold MAGIC, this is worth a look at rotating into OP.
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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 0.62, with a hedge ratio of 1.38. Signals from this pair carry more noise than on a tightly linked one.
The spread currently sits at -6.47 standard deviations from its rolling mean — OP is cheap relative to MAGIC by the standards of this window.
Historically the spread covers half the way back to its mean in about 27 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 377 daily candles.
Frequently asked
How many MAGIC is 1 OP?
1 OP is worth 1.24542 MAGIC at the latest exchange quotes. The figure is the ratio of the two USDT prices and updates every minute.
What is the OP/MAGIC range?
Over the last 377 daily candles the ratio traded between 1.24542 (10.10.2026) and 4.2928 (08.10.2025).
Are OP and MAGIC correlated?
The correlation of daily log returns between OP and MAGIC 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 OP/MAGIC spread z-score now?
The z-score is -6.47 — the spread is stretched beyond two standard deviations. It measures how far the regression residual log(A) − β·log(B) sits from its rolling mean, in standard deviations.
Is OP/MAGIC 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 27 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.