The US expressed optimism about peace talks with Iran, but the ceasefire is approaching its end without a clear resolution. Trump announcing an end to military operations against Iran by April 30 is at 37.5% YES, down from 36% a week ago.

Market reaction

The ceasefire by April 30 market sits below last week’s level. The US-Iran ceasefire end by April 21 market has collapsed to 3.8% YES, down from 36% a week ago, suggesting traders think the ceasefire won’t formally end on that date. The Israel-Iran permanent peace deal by April 30 market ticked up to 5% YES from 4% a day ago, though odds remain low.

Why it matters

The positive tone from both the US and Iran is a step forward, but there are no concrete commitments or scheduled talks. Without those, the market stays cautious. The US-Iran ceasefire market has daily USDC volume of $54,670, with order book depth of just $841 to move the price 5 percentage points. This is a thin market where small trades can cause large price swings. The biggest move in the last 24 hours was a 4-point drop.

What to watch

Watch for announcements from Pakistan regarding mediation efforts or any shifts in rhetoric from Trump, Vance, or Iranian leadership. A confirmed meeting date or softened demands from either side could move odds quickly. At 30¢, a YES share on the ceasefire by April 30 pays $1 if it resolves, a 3.33x return. That bet only makes sense if you expect a near-term diplomatic agreement.

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