ORCA / PENGU ratio and spread
1 ORCA = 317.19 PENGU. Below is the price ratio chart and the regression spread z-score. Hedge ratio β is 0.418 and the correlation between the legs is 0.40.
If you hold ORCA · If you hold PENGU
ORCA has been more expensive against PENGU than now only 5 % of the time over 1.8 years. If you hold ORCA, this is worth a look at rotating into PENGU.
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Key numbers
over 660 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 0.40, with a hedge ratio of 0.42. Signals from this pair carry more noise than on a tightly linked one.
The spread currently sits at 5.30 standard deviations above its rolling mean — ORCA is expensive relative to PENGU by the standards of this window.
Reversion is slow: the spread needs roughly 44 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 — 36% of the way from the low to the high of the last 660 daily candles.
Frequently asked
How many PENGU is 1 ORCA?
1 ORCA is worth 317.192 PENGU at the latest exchange quotes. The figure is the ratio of the two USDT prices and updates every minute.
What is the ORCA/PENGU range?
Over the last 660 daily candles the ratio traded between 56.4985 (27.07.2025) and 773.521 (16.04.2025).
Are ORCA and PENGU correlated?
The correlation of daily log returns between ORCA and PENGU is 0.40, 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 ORCA/PENGU spread z-score now?
The z-score is 5.30 — 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 ORCA/PENGU suitable for a pair trade?
The mechanics hold up: correlation is 0.40 and the spread historically covers half the way back to its mean in about 44 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.