OP / PAXG ratio and spread
1 OP = 3.47E-5 PAXG. Below is the price ratio chart and the regression spread z-score. Hedge ratio β is -2.368 and the correlation between the legs is 0.12.
If you hold OP · If you hold PAXG
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Key numbers
over 1597 daily candles
How each of these is computed: regression spread, hedge ratio, spread z-score, half-life, correlation.
What the numbers say
The fitted hedge ratio is negative: over the window OP and PAXG moved in opposite directions. A pair trade assumes the legs move together, so this combination does not qualify as one.
The spread is at 1.13 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 129 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 near the bottom of its range — only 1% of the way from the low to the high of the last 1597 daily candles.
Frequently asked
How many PAXG is 1 OP?
1 OP is worth 0.00003467281339545 PAXG at the latest exchange quotes. The figure is the ratio of the two USDT prices and updates every minute.
What is the OP/PAXG range?
Over the last 1597 daily candles the ratio traded between 0.000019070703787961 (18.08.2026) and 0.00229589 (06.03.2024).
Are OP and PAXG correlated?
The correlation of daily log returns between OP and PAXG is 0.12, which counts as a weak 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/PAXG spread z-score now?
The z-score is 1.13 — 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/PAXG suitable for a pair trade?
No. The fitted hedge ratio is negative, meaning the legs moved in opposite directions over the window — the market-neutral construction that pair trading relies on does not hold here.
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.