RAY / BTC ratio and spread
1 RAY = 1.89E-5 BTC. Below is the price ratio chart and the regression spread z-score. Hedge ratio β is 1.999 and the correlation between the legs is 0.67.
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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 together only moderately — correlation of daily log returns is 0.67, with a hedge ratio of 2.00. Signals from this pair carry more noise than on a tightly linked one.
The spread currently sits at 2.92 standard deviations above its rolling mean — RAY is expensive relative to BTC by the standards of this window.
Historically the spread covers half the way back to its mean in about 25 days, so a divergence here tends to resolve within weeks rather than months.
The current ratio sits mid-range — 62% of the way from the low to the high of the last 350 daily candles.
Frequently asked
How many BTC is 1 RAY?
1 RAY is worth 0.00001887638752568 BTC at the latest exchange quotes. The figure is the ratio of the two USDT prices and updates every minute.
What is the RAY/BTC range?
Over the last 350 daily candles the ratio traded between 0.00000849968306879 (27.03.2026) and 0.000025325959141172 (02.10.2025).
Are RAY and BTC correlated?
The correlation of daily log returns between RAY and BTC is 0.67, 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 RAY/BTC spread z-score now?
The z-score is 2.92 — 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/BTC suitable for a pair trade?
The mechanics hold up: correlation is 0.67 and the spread historically covers half the way back to its mean in about 25 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.