The United States seems to have announced a ceasefire yesterday on its offensive actions against Iran. But prediction markets are not too optimistic about how long that peace will last.

A Polymarket contract requiring a continuous 14-day period without a U.S. airstrike or surface-to-surface missile strike directly hitting Iranian territory dumped from over 60% to around 53% today.

A ceasefire is a sustained halt in fighting, not simply an announcement that commanders are taking a breather.

That creates a pretty big gap. Traders are pricing in around 50-50 odds that the U.S. won’t be able to contain its will to shoot for two whole weeks.

The skepticism is not paranoia. The U.S. and Iran had held fire for a third day by Monday after 13 consecutive nights of U.S. strikes, but President Donald Trump told Axios he was ready to return to “very strong military action” if talks fail.

Iran, meanwhile, denied that direct negotiations were taking place, saying mediators were carrying messages.

Myriad, a prediction market developed by Decrypt’s parent company Dastan, separately tracks whether the next formal senior-level round of U.S.-Iran peace talks begins by July 31. Its rules exclude technical meetings, phone calls, and messages exchanged through mediators unless they form part of a formally convened senior-level round.

Most of the money is put into such conversations being delayed until next month.

We’ve seen this movie before. An April ceasefire sent Bitcoin and oil markets sharply higher, but analysts called it “fragile breathing room.”

Days later, prediction markets still doubted that Strait of Hormuz shipping would normalize because ships were still turning back.

The July 31 Polymarket contract can remain open into mid-August because the required 14-day no-strike period only needs to begin by July 31.