Mojtaba Khamenei’s recent Telegram message suggests firm control over Iranian leadership. The odds of an Iran leadership change by December 31 sit at 30.5% YES, up from 29% yesterday.
The April 30 sub-market for Iran leadership change shows 5.8% YES, up from 3% a day ago. The May 31 market is at 8% YES, up from 10% yesterday. The 20-point gap between May 31 and December 31 implies traders expect most of the risk to materialize in the second half of the year.
Face value volume in the leadership change markets is $136,739, but actual USDC traded is only $12,705. The cost to move odds by 5 percentage points is $1,638 for the April market, meaning a single large trade can cause noticeable swings. A 5-point spike at 4:56 AM in the May market illustrates this thin liquidity.
Khamenei’s assertive messaging appears to stabilize his position in the near term. The small odds uptick for a leadership change reflects a mix of skepticism about imminent disruption and anticipation of possible shifts later in 2025. YES shares priced at 32.5¢ pay $1 if the market resolves YES, a 3.33x return. That bet requires a leadership disruption by year-end.
Watch for statements or activity from the Assembly of Experts or IRGC, which could move odds sharply. Public appearances or announcements by Mojtaba Khamenei could further compress the YES price by reinforcing continuity.
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Term Structure| Contract | Odds | Δ since publish | Volume 24h | |
|---|---|---|---|---|
| December 31 | 32.5% | — | — | Trade → |
| April 30 | 4.1% | — | — | Trade → |
| May 31 | 8% | — | — | Trade → |
