RAY / ETH ratio and spread
1 RAY = 0.0005827 ETH. Below is the price ratio chart and the regression spread z-score. Hedge ratio β is 1.371 and the correlation between the legs is 0.71.
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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 closely together — correlation of daily log returns is 0.71. The fitted hedge ratio is 1.37, meaning roughly 1.37 units of ETH exposure balance one unit of RAY.
The spread currently sits at 2.53 standard deviations above its rolling mean — RAY is expensive relative to ETH by the standards of this window.
Historically the spread covers half the way back to its mean in about 30 days, so a divergence here tends to resolve within weeks rather than months.
The current ratio sits mid-range — 75% of the way from the low to the high of the last 350 daily candles.
Frequently asked
How many ETH is 1 RAY?
1 RAY is worth 0.000582708 ETH at the latest exchange quotes. The figure is the ratio of the two USDT prices and updates every minute.
What is the RAY/ETH range?
Over the last 350 daily candles the ratio traded between 0.000275607 (13.04.2026) and 0.000684601 (12.09.2026).
Are RAY and ETH correlated?
The correlation of daily log returns between RAY and ETH is 0.71, 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/ETH spread z-score now?
The z-score is 2.53 — 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/ETH suitable for a pair trade?
The mechanics hold up: correlation is 0.71 and the spread historically covers half the way back to its mean in about 30 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.