Will Russia enter Kharkiv by June 30?

This market is pricing in an extremely low probability (4%) for Russian territorial gains in Kharkiv over the next 74 days, yet the Yes position offers an extraordinary 11,842% implied yield—a massive risk-reward asymmetry that suggests either severe underpricing or deep skepticism about the resolution criteria. The minimal 24-hour volume of $6.05 against $19.8M open interest indicates severe liquidity constraints, making the extreme yield figures potentially misleading given the difficulty of actually executing trades at the quoted price. With a Cliff Risk Index of 24 and neutral regime conditions, this appears to be a thinly-traded long-shot bet where the headline probability may not reflect true market conviction due to illiquidity.

Resolution rules

This market will resolve to “Yes” if, according to the ISW map, Russia captures any territory of Kharkiv (https://maps.app.goo.gl/m484AfKV3TTS8nB68) by June 30, 2026, at 11:59 PM ET. Territory will be considered captured if any part of the city or settlement is shaded under a below specified layer on the ISW map (https://storymaps.arcgis.com/stories/36a7f6a6f5a9448496de641cf64bd375) by the resolution date. Otherwise, the market will resolve to “No”. For any change on the ISW map to qualify for this market’s resolution, the relevant shading indicating Russian control must persist through the next full ISW daily update cycle. If ISW skips a day, shading must persist until the next finalized ISW update is published, regardless of the date. Any continuous shading which reflects either "Assessed Russian Infiltration Areas in Ukraine", “Assessed Russian Control”, “Assessed Russian Advance In Ukraine”, or “Assessed Russian Gains in the Past 24 Hours” will qualify. Once a qualifying condition is met, any subsequent loss of control will not be considered towards the resolution of this market. If Russia comes into control of the specified territory as a result of a negotiated settlement, this will qualify for a 'Yes' resolution, regardless of whether it is shaded red in the ISW map. However, an announcement of a negotiated settlement that gives Russia de jure control will not qualify. Actual control must be established. 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 will not be considered.

Indicators

Regime

Trade