Trump has warned that the US-Iran ceasefire may not be extended if no deal is reached by Wednesday. The odds of Trump announcing the end of the ceasefire by April 21 are at 8% YES, down sharply from 30% a week ago.
Market reaction
The ceasefire end market has dropped steeply with only five days left to resolve. The ceasefire broken by April 21 market sits at 9% YES, down from 33% a week ago. Traders are skeptical about immediate escalation despite Trump’s rhetoric.
In the Hormuz blockade market, odds for lifting the blockade by April 19 are at 15.5% YES. Trump’s commitment to maintaining the blockade unless a deal is reached has pushed these odds down from 34% to 18%.
Why it matters
Trump’s statement is a signal but not a definitive action. Traders appear to be pricing in last-minute diplomacy, given that the odds haven’t surged despite the warning. At 8¢, a YES share on Trump ending the ceasefire by April 21 pays $1 if resolved, a 12.5x return. For that bet to make sense, a trader would need to believe no diplomatic breakthrough occurs in the next five days.
What to watch
The ceasefire market trades $5,810 in USDC daily and requires $1,700 to move the price 5 points. The largest move was a 1-point spike, suggesting limited conviction. The Hormuz blockade market is more liquid at $11,934 in daily USDC volume, yet it only takes $257 to move the odds 5 points.
Watch for updates from the Islamabad talks, Trump’s social media activity, and any Pentagon announcements. Changes in operational language or confirmation of negotiations would move these markets.
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Trump Announces Us X Iran Ceasefire| Contract | Odds | Δ since publish | Volume 24h | |
|---|---|---|---|---|
| April 21, 2026 | 6.5% | — | — | Trade → |
| Contract | Odds | Δ since publish | Volume 24h | |
|---|---|---|---|---|
| April 21 | 7.5% | — | — | Trade → |
| Contract | Odds | Δ since publish | Volume 24h | |
|---|---|---|---|---|
| May 31 | 86.5% | — | — | Trade → |
| April 17 | 0.5% | — | — | Trade → |
| April 19 | 15.5% | — | — | Trade → |
