Lebanese families are heading back after a 10-day ceasefire, but questions about its durability persist. The market for an Israel-Hezbollah ceasefire by April 30 sits at 94% YES.

Hezbollah’s exclusion from the ceasefire agreements complicates the picture. The market for Israel’s suspension of its Lebanon offensive by April 30 is at 96% YES, up from 87% just a day ago. That 9-point jump suggests traders are betting the ceasefire holds even without Hezbollah as a party.

The April 30 suspension market trades $63,030 in USDC daily, and the 9-point spike is the largest recent move, pointing to concentrated buying pressure. The market for a ceasefire involving Hezbollah by June 30 is at 96.6% YES, only slightly above the April 30 number, which implies traders see Hezbollah’s formal involvement as likely but not adding much beyond what’s already priced in.

The return of families is a positive signal, but with Hezbollah excluded, the current ceasefire looks more like a tactical pause than a structural resolution. Buying YES at 94¢ offers a 1.06x return, which requires either a quick diplomatic breakthrough or uncharacteristic restraint from Hezbollah to pay off.

Watch for statements from Israeli PM Netanyahu and Hezbollah’s leadership. Any sign of Hezbollah’s inclusion in talks or a shift in military posture could move these odds quickly.

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