Bennett and Lapid form alliance to challenge Netanyahu’s government

Naftali Bennett and Yair Lapid have formed a new political alliance aimed at unseating Netanyahu’s government, with the odds of Netanyahu being out by June 30 at 5.5% YES.

The alliance, called “Yajad” (“Together”), is an effort to consolidate Israel’s fragmented opposition. Bennett and Lapid previously partnered to temporarily unseat Netanyahu in 2021. The June 30 market has slipped from 6% a day ago, suggesting traders view the alliance as a credible threat but not one likely to produce immediate results.

The April 30 market is effectively dead at 0.1% YES, while June 30 carries the remaining expectation of political change. The 5-point spread between these two dates suggests traders expect any developments to come closer to June, possibly driven by the new opposition dynamics.

On trading activity: USDC volume hit $1,762 over 24 hours, moderate but real. The order book depth to move 5 points is $9,495, meaning a single large trade could shift the price significantly. The biggest movement so far, a 1-point drop, happened at midnight, consistent with a cautious market response to the news.

The Bennett-Lapid alliance matters, but it doesn’t guarantee Netanyahu’s departure. At 5.5¢, a YES share pays $1 if Netanyahu is out by June, a 18.2x return. That bet depends on the alliance gaining traction and affecting either poll numbers or coalition stability.

Watch for shifts in Likud’s polling numbers or defections from Netanyahu’s coalition partners. Statements from coalition members or measurable changes in public support could move this market quickly.

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