Iran’s decision to postpone burying Supreme Leader Ali Khamenei reflects the regime’s fear of airstrikes during a public funeral, and odds on the “Fall of the Iranian Regime” market currently sit at 3% for collapse by May 31.

The “Iran Leadership Status” market resolves YES if no head of state is in place by year-end. The absence of a formal burial, a sharp departure from Ayatollah Khomeini’s grand funeral in 1989, points to a regime that cannot safely hold a public ceremony for its own leader. Reports indicate Iran is considering a quiet, remote burial in Mashhad instead.

Volume in the “Fall of the Iranian Regime” market runs at $13,145 in USDC traded daily. Moving the odds requires $15,683, so the market has real depth. A YES share at 3¢ pays $1 if the regime collapses by May 31, a 33.3x return.

Watch for moves by the Assembly of Experts or IRGC to consolidate power. Any public appearance by Mojtaba Khamenei or a formal IRGC leadership affirmation could shift odds. Either would likely push YES prices down temporarily by signaling continuity.

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