The odds for an Iranian regime fall by June 30 sit at 8.5%, slightly up from 8% yesterday, as Washington and Tehran try to hold together a fragile ceasefire backed by Chinese diplomatic involvement.

The ceasefire, supported by China’s diplomatic activity, suggests temporary stabilization and has kept the probability of an imminent regime collapse low. The 8.5% for a regime fall reflects a market not expecting sudden upheaval. June 30 is 67 days away, and odds have crept up from 6% a week ago, indicating a slight increase in perceived risk.

China’s involvement has also affected the Israel-Iran permanent peace deal market. The April 30 contract sits at 0.8% YES, meaning traders see almost no chance of a formal agreement within the next week. The June 30 contract is at 9.5%, still reflecting deep skepticism.

The Iranian regime fall market trades $35,587/day in actual USDC, with $16,830 needed to shift the price 5 percentage points, indicating moderate liquidity. The largest move in the last 24 hours was a 1-point shift, suggesting traders are waiting for new information before committing.

China’s diplomacy is a stabilizing factor, but not a transformative one. The involvement reduces tension temporarily, but without a real shift in U.S. or Iranian policy, the ceasefire could falter. A YES share at 8¢ pays $1 if the regime falls by June 30, a 12.5x return. Traders betting on regime change need to believe a significant catalyst will emerge soon.

Watch Iran’s internal dynamics and any shifts in Chinese or Pakistani diplomatic activity. The next moves from Tehran’s leadership or China’s diplomatic channels could provide clearer signals.

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