Trump’s harsh words about Iran have slashed the odds for a US-Iran ceasefire by April 7 to just 1% YES, down from 2% yesterday.
Ceasefire markets reacted sharply to Trump’s remarks. Calling Iran “animals” and claiming they want a ceasefire due to losses has dampened hopes for a quick resolution. The April 7 market is nearly dead at 1% YES. The April 30 market dropped to 17.5% YES from 24% in just a day.
Traders see no ceasefire soon. The biggest spread jump is between April 30 and May 31, a 19-point rise, suggesting a possible catalyst in that period. June 30 odds stand at 51.5% YES, reflecting uncertainty about a breakthrough.
USDC volume hit $430,773 in the last 24 hours, showing strong market activity. Order book depth varies: $12,367 can move the April 7 market by 5 points, while $40,022 is needed for April 15. This indicates some markets are more sensitive to large trades.
Trump’s statements are more noise than policy change. They hurt immediate ceasefire odds but don’t shift the overall outlook unless followed by military or diplomatic moves. A YES share for April 30 at 17.5¢ pays $1 if a ceasefire happens — a 5.7x return. Belief in a diplomatic breakthrough within 27 days is required for this to be viable.
Watch for actions from intermediaries like Oman or Qatar. Their involvement would signal real progress. Secretary Rubio’s diplomatic efforts or CENTCOM’s statements could also change the situation.
Markets Impacted
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