PAXG / TON ratio and spread
1 PAXG = 2443.96 TON. Below is the price ratio chart and the regression spread z-score. Hedge ratio β is -0.426 and the correlation between the legs is 0.12.
If you hold PAXG · If you hold TON
Sign in to keep favourite pairs.
Alerts
Sign in to set your own alerts.
Key numbers
over 692 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 PAXG and TON moved in opposite directions. A pair trade assumes the legs move together, so this combination does not qualify as one.
The spread is at -1.69 standard deviations from its rolling mean: away from the norm, but not far enough to call it stretched.
Historically the spread covers half the way back to its mean in about 12 days, so a divergence here tends to resolve within weeks rather than months.
The current ratio sits mid-range — 53% of the way from the low to the high of the last 692 daily candles.
When this happened before
Divergences over 513 candles: 7. Closed by a return to the norm: 7. The median return took 20 days, the longest one 36 days.
The last closed one ran from 06.05.2026 to 27.05.2026, 21 days: peak z = 3.93, PAXG was expensive against TON.
For a holder this answers not “what to do” but “how long it usually took”: the median return is 20 days. That is no guarantee — past divergences closed, this one may not.
| Period | Expensive leg | Peak z | Return |
|---|---|---|---|
| 06.05.2026 — 27.05.2026 | PAXG | 3.93 | 21 d |
| 22.03.2026 — 11.04.2026 | TON | -2.11 | 20 d |
| 28.01.2026 — 30.01.2026 | PAXG | 2.87 | 2 d |
| 20.11.2025 — 26.12.2025 | TON | -2.99 | 36 d |
| 16.10.2025 — 21.10.2025 | PAXG | 2.26 | 5 d |
A divergence here is the spread z-score leaving ±2σ; the return is the first value back inside ±0.5σ. Two thresholds rather than one: otherwise chatter right at the border would count as a dozen separate divergences. The first bars of the window are skipped — there z is computed on partial history.
Frequently asked
How many TON is 1 PAXG?
1 PAXG is worth 2443.96 TON at the latest exchange quotes. The figure is the ratio of the two USDT prices and updates every minute.
What is the PAXG/TON range?
Over the last 692 daily candles the ratio traded between 340.349 (14.08.2024) and 4346.86 (02.03.2026).
Are PAXG and TON correlated?
The correlation of daily log returns between PAXG and TON 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 PAXG/TON spread z-score now?
The z-score is -1.69 — 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 PAXG/TON 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.
How often do PAXG and TON diverge?
Over 513 daily candles the spread left ±2σ 7 times. The median return to the norm took 20 days.
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.