Trump replaced his negotiating team, excluding Vance, who Iran explicitly requested. The odds for a US-Iran permanent peace deal by April 30 are at 11% YES, down from 61% a week ago.

The decision to send Witkoff and Kushner, whom Iran deems ineffective, signals a lack of serious engagement. The April 30 peace deal market dropped to 11% as traders priced in the swap. The May 31 market sits at 38%, while June 30 holds at 55%, meaning traders expect any deal to take months, not weeks.

The diplomatic meetings with Iran market is even more pessimistic. Odds for a meeting involving Trump or his envoys by April 30 are just 2% YES. Actual USDC traded is only $613, and the order book is thin enough that $972 would shift the odds by 5 points.

Volume analysis shows large gaps between face value and actual USDC traded. The peace deal market’s daily face value is $3.7M, but actual USDC is $275K. That’s still real money, but the market is thin: $27,667 is enough to swing the odds by 5 points.

For traders, this looks like a diplomatic demotion unlikely to produce results. At 11¢, a YES share for an April 30 deal pays 9.1x, but that requires believing in a complete reversal of the current trajectory. The term structure shows a large jump between April 30 and May 31, with traders pricing real progress no earlier than late May.

Watch for any unexpected moves by Trump, such as a sudden announcement of Vance joining the talks. Without that, odds will likely keep drifting lower.

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