OP / S ratio and spread
1 OP = 2.779 S. Below is the price ratio chart and the regression spread z-score. Hedge ratio β is 0.759 and the correlation between the legs is 0.72.
If you hold OP · If you hold S
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Key numbers
over 636 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 closely together — correlation of daily log returns is 0.72. The fitted hedge ratio is 0.76, meaning roughly 0.76 units of S exposure balance one unit of OP.
The spread currently sits at -2.73 standard deviations from its rolling mean — OP is cheap relative to S by the standards of this window.
Reversion is slow: the spread needs roughly 35 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 — 39% of the way from the low to the high of the last 636 daily candles.
Frequently asked
How many S is 1 OP?
1 OP is worth 2.77914 S at the latest exchange quotes. The figure is the ratio of the two USDT prices and updates every minute.
What is the OP/S range?
Over the last 636 daily candles the ratio traded between 1.21544 (08.05.2025) and 5.2264 (26.06.2026).
Are OP and S correlated?
The correlation of daily log returns between OP and S is 0.72, which counts as a strong 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/S spread z-score now?
The z-score is -2.73 — 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/S suitable for a pair trade?
The mechanics hold up: correlation is 0.72 and the spread historically covers half the way back to its mean in about 35 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.