Iran Regime Change Odds Surging — June Contracts Still Cheap

Iran leadership change by June 30 surged +13¢ to 40¢ today on massive volume, yet the underlying geopolitical thesis continues to strengthen. US military presence is confirmed, ceasefire odds are rising which often precedes regime transition, and the speed of market repricing suggests institutional flow rather than retail speculation. The June 30 contract at 40¢ still offers substantial runway given the catalysts in play. The April 30 contract at 24¢ is a shorter-dated lottery ticket on the same theme.