Rafael López Aliaga protests in Lima over Peru election irregularities

Rafael López Aliaga and his supporters protested in Lima over alleged electoral irregularities following the disrupted first round of Peru’s 2026 presidential election. López Aliaga’s chances of winning sit at 9.5% YES, down from 18% a week ago.

Market reaction

The odds for López Aliaga winning the 2026 election have dropped from 18% to 9.5% over the past week. This drop matters because the race for second place against Roberto Sánchez is tight, with less than 30,000 votes separating them as of April 16. The largest move in the market was a 1-point spike at 4:27 PM, but overall sentiment among traders has been steady and bearish.

The market trades with a face value of $183,146/day, but actual USDC traded is $17,302. It takes roughly $10,236 to shift the price 5 percentage points, which means the market is thin enough that a single large trade or a concrete development could move the odds quickly.

Why it matters

The protest stems from logistical failures in the first round: over 50,000 voters in Lima were unable to cast ballots on time because of delayed deliveries. López Aliaga alleges fraud and demands an annulment, but election observers found no systematic fraud. His fraud claims appear to be hurting rather than helping him. The nearly 50% drop in his odds over one week suggests traders view the protest strategy as counterproductive to his electoral chances.

What to watch

The protest looks like noise unless something concrete changes the race. Watch for rulings from the Jurado Nacional de Elecciones on recounts or annulments, which could move the market. Any new endorsements or measurable shifts in public opinion toward López Aliaga would also matter.

At 9.5¢, a YES share pays $1 if he wins, a 10.5x return. That bet requires believing the protests will translate into electoral gains, which looks unlikely without new evidence or a significant shift in public support.

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