Iran’s warning about using newly built Nasrallah missiles if the war resumes has traders rethinking the ceasefire’s stability. The odds for the US-Iran ceasefire ending by April 21 now sit at 16% YES, up from 6% just 24 hours ago.
Market reaction
The ceasefire end by April 21 market moved 10.5 points in a single day. April 21 is only three days away, and the spike indicates growing trader skepticism about the ceasefire holding. The US declaration of war by December 31 remains at 6% YES, unchanged from a day ago, though traders are watching for escalation tied to the missile threat.
Volume in the ceasefire market hit $7,248 in actual USDC over the past 24 hours. The biggest price move was a 5-point spike at 11:03 AM, from 12% to 18%, likely driven by traders reacting to the missile threat news. With only $880 needed to move the price 5 points, this market is thin enough for rapid shifts.
Why it matters
The Nasrallah missiles are unlikely to single-handedly trigger US military action, but they signal Iran’s willingness to escalate and expose how fragile the current ceasefire is. A YES share for the ceasefire ending by April 21 is priced at 16¢, offering a 6.25x return if it resolves. That bet assumes no diplomatic breakthroughs in the next three days.
What to watch
Keep an eye on diplomatic channels, especially any announcements from intermediaries like Pakistan. Key indicators: confirmed talks, changes in military posturing, or official statements from US or Iranian leadership.
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Trump Announces Us X Iran Ceasefire| Contract | Odds | Δ since publish | Volume 24h | |
|---|---|---|---|---|
| April 21, 2026 | 15.5% | — | — | Trade → |
| Contract | Odds | Δ since publish | Volume 24h | |
|---|---|---|---|---|
| December 31, 2026 | 6.5% | — | — | Trade → |
| April 30, 2026 | 0.4% | — | — | Trade → |