Will Russia capture Kostyantynivka by December 31, 2026?

The market is pricing in an 81% probability of Russian capture of Kostyantynivka by year-end 2026, offering a striking 603% implied yield for "No" positions despite only 258 days to expiry—a significant asymmetry suggesting either underpriced tail risk or market skepticism about the feasibility of Ukrainian defense. With $73.75M open interest but only $724.9K in 24-hour volume, liquidity is notably thin relative to position size, creating potential slippage concerns for large traders. The neutral regime score and flat 7-day price action mask the extreme yield disparity, which warrants caution as the market approaches resolution given the high cliff risk index of 4.

Resolution rules

This market will resolve to “Yes” if, according to the ISW map, Russia captures the Kostyantynivka railroad station located on Pravoberezhna vulytsia by December 31, 2026 at 11:59 PM ET. The railroad station will be considered captured if any part of the train station icon is shaded red on the ISW map (https://storymaps.arcgis.com/stories/36a7f6a6f5a9448496de641cf64bd375) by the resolution date. If the area is not shaded red by December 31, 2026, 11:59 PM ET, the market will resolve to “No”. If Russia comes into control of this territory as a result of a negotiated settlement, this will qualify for a 'Yes' resolution, regardless of if it is shaded red in the ISW map. An announcement of a negotiated settlement which gives Russia de jure control will not qualify. Actual control must be established. Once Russia captures the railroad station, any subsequent loss of control will not be considered towards the resolution of this market. Train Station Location: https://polymarket-upload.s3.us-east-2.amazonaws.com/Kostyantynivka3.jpg Train Station Location in Kostyantynivka: https://polymarket-upload.s3.us-east-2.amazonaws.com/Kostyantynivka2.jpg Kostyantynivka Location: https://polymarket-upload.s3.us-east-2.amazonaws.com/Kostyantynivka1.jpg Location on Google maps: https://maps.app.goo.gl/hZ6ch5jVRvkNFY317 The primary resolution source for this market will be the ISW Ukraine map. If the ISW map is rendered unavailable, information from DeepStateMap (https://deepstatemap.live/) may be used. If information from both the ISW and DeepStateMap are rendered permanently unavailable, a consensus of credible reporting may be used. Note: Any temporary glitches or errors in the map which will not be considered.

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