Trump said U.S. military assets will stay near Iran until an agreement is reached, hinting at a larger conflict if talks collapse. The market for a US-Iran ceasefire by April 15 is at 100% YES, up from 18% a week ago.
The April 30 market also sits at 100% YES, climbing from 34% over the past week. The term structure shows no point movement between the two dates. At 100% on both, traders have priced in a resolution even as Trump maintains hawkish rhetoric about military options.
The market for US forces entering Iran by April 30 sits at 100% YES, consistent with Trump’s warning. The December 31 sub-market is also pegged at 100% YES. No movement in term structure here either — the market expects possible ground involvement regardless of short-term diplomatic outcomes.
Face value is $94 million, with actual USDC traded at $93.9 million. Order book depth is thin enough that significant volume can shift odds quickly, which matters for anyone looking to reposition.
At 100¢, a YES payout on the ceasefire market offers no upside unless talks genuinely fall apart. The contrarian bet is on a breakdown in negotiations, whether from stalled talks or retaliatory escalation. Even a small shift in diplomatic tone could move these markets given how tightly they’re priced.
Watch for statements from the Pentagon and CENTCOM, and any announcements of mediation efforts by Oman or Qatar. These are the signals that will drive repositioning.
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