On OPT with expired F1 visa. Can I sponsor F2 for my spouse who is on H1 now.

You're saying that the F1 visa in your passport has expired? You are on a valid status, currently - I assume you're under F-1 D/S (which means "duration of status", not set by a specific date). You can file a change of status for your husband from H-1 to F2 (filing I-539). However - "might lose his job" is a horrible basis on which to file a change of status to an F2, under which he cannot work. You should consult with an attorney in any case.

You have to give some serious considerations to timing, in addition to what might happen with your husband's employment situation. FOr example,have you completed your course of study ? If so, then you are looking at most at another 12 months in OPT status mins the time already spent. Then what? I have never heard the term "academic H 1" so I'll suppose that it is just H-1 status. Most importantly, he has not yet lost his employment. If he does not lose his job for cause, such as willful misconduct, then usual practice in the USA is to give Notice. He could file to change employers, for example. during that notice period.I think that changing to F-2 under these circumstances would be far too drastic a move. Consult an Attorney to fully understand your options.

You do not indicate how much time you have remaining on OPT. If you have a significant amount of time remaining in theory it maybe possible. If you have only a small amount of time remaining it is very unlikely.

F-2(s) are not easy. You will have to show sufficient funds to support the two of you here in the U.S. Your spouse has to show non immigrant intent / strong ties to home country, etc.