RAY / AVAX ratio and spread
1 RAY = 0.1945968 AVAX. Below is the price ratio chart and the regression spread z-score. Hedge ratio β is 0.917 and the correlation between the legs is 0.73.
Sign in to keep favourite pairs.
Alerts
Sign in to set your own alerts.
Key numbers
over 350 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 0.73. The fitted hedge ratio is 0.92, meaning roughly 0.92 units of AVAX exposure balance one unit of RAY.
The spread currently sits at 3.49 standard deviations above its rolling mean — RAY is expensive relative to AVAX by the standards of this window.
The spread has not shown mean reversion over the sample: estimates longer than the available history are discarded rather than reported. Trading this pair on reversion has no statistical footing here.
The current ratio sits mid-range — 78% of the way from the low to the high of the last 350 daily candles.
Frequently asked
How many AVAX is 1 RAY?
1 RAY is worth 0.194597 AVAX at the latest exchange quotes. The figure is the ratio of the two USDT prices and updates every minute.
What is the RAY/AVAX range?
Over the last 350 daily candles the ratio traded between 0.0618661 (11.03.2026) and 0.232617 (12.09.2026).
Are RAY and AVAX correlated?
The correlation of daily log returns between RAY and AVAX is 0.73, 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 RAY/AVAX spread z-score now?
The z-score is 3.49 — 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 RAY/AVAX suitable for a pair trade?
Not on a reversion thesis. The spread has not returned to its mean within the available history, so there is nothing to trade back to.
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.