The IDF published a 40-day operations summary claiming significant degradation of Iran’s military capabilities. The market for Israel military action by April 21 sits at 4.4% YES, down from 38% a week ago.
The report details the elimination of 28 senior commanders, destruction of 250 air defense systems, and loss of 60% of Iran’s ballistic missile platforms. Iran still remains the IDF’s primary readiness front. The April 21 market has dropped sharply, but the gap between the April 14 and April 21 contracts suggests traders expect any significant Israeli action within the next 5 days rather than later.
The Iran military action by April 30 market remains at 100% YES, meaning traders still expect Iranian retaliation regardless of the reported damage. Traders are pricing in continued Iranian capacity to strike even as the IDF claims to have gutted Iran’s air defenses and missile infrastructure.
Combined 24-hour face value across these contracts is $208,364, but actual USDC volume is only $8,677, a wide gap between headline figures and real market depth. The April 21 market is thinly traded at $7,911 in USDC, with a $7,705 cost to move 5 points, meaning a single moderate-sized order could swing the price substantially.
The IDF summary sends a mixed signal for traders. Israel’s strikes appear to have materially degraded Iran’s capabilities, but the unchanged 100% odds on Iranian strikes show the market isn’t discounting Iran’s ability to retaliate. Buying YES on Israel action by April 21 at 4.4¢ offers a potential 12.5x return if escalation resumes. Watch for upcoming diplomatic engagements, new IDF military activity, a Netanyahu address, or US policy shifts, any of which could move these contracts quickly.
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Israel Military Action Against Iran 167| Contract | Odds | Δ since publish | Volume 24h | |
|---|---|---|---|---|
| April 14 | 0.1% | — | — | Trade → |
| April 21 | 4.4% | — | — | Trade → |
| Contract | Odds | Δ since publish | Volume 24h | |
|---|---|---|---|---|
| April 30 | 100% | — | — | Trade → |
| Contract | Odds | Δ since publish | Volume 24h | |
|---|---|---|---|---|
| June 30 | 4.5% | — | — | Trade → |
| December 31 | 12.5% | — | — | Trade → |
