Iran-US ceasefire talks near completion, need extension: Turkey’s FM

Turkey’s foreign minister, Hakan Fidan, stated that Iran-U.S. talks are close to completion but still require a ceasefire extension. The odds for the US-Iran ceasefire extension by April 21 sit at 74.5% YES.

The market for a ceasefire by April 30 shows weakening confidence, with current odds at 33.5% YES, down from 59% just 24 hours ago. The ceasefire extension market holds up better, suggesting traders see better odds for a temporary truce than a full resolution. The largest move today was a 4-point drop at 5:27 PM, indicating skepticism about immediate progress.

With only three days until the April 21 deadline, the ceasefire extension market faces a tight timeline. The market is moderately liquid, with $107,559/day face value and $82,767 in actual USDC traded. It takes $9,463 to move the market 5 points, showing solid resistance to quick swings.

Fidan’s comments are a positive signal but lack concrete agreements, functioning more as a diplomatic temperature check than a breakthrough. The arrest of four individuals in Iran over an alleged spy network adds complexity, hinting at underlying tensions that could derail talks. At 64¢, a YES share on the ceasefire extension pays $1 if resolved, offering a 1.56x return. Traders are betting on a short-term diplomatic patch rather than a lasting peace.

Watch for statements from intermediaries like Oman or Pakistan, or a confirmed US-Iran back-channel meeting. These could push the ceasefire odds significantly.

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