Will Israel launch a ground operation in Iran by May 31, 2026?

The 14¢ price reflects a low but non-negligible 14% probability of Israeli ground operations in Iran within 45 days, with an unusually extreme 5014.5% implied yield on the Yes side suggesting significant asymmetric risk perception. The modest 7-day price appreciation from 13¢ to 14¢ and relatively tight 2¢ spread indicate stable market consensus, though the $23.2M open interest against just $1.5M daily volume reveals potential liquidity constraints that could amplify volatility near resolution. The elevated Cliff Risk Index of 6 warrants caution, as geopolitical catalysts could rapidly reprrice this binary outcome in either direction before the May 31 expiration.

Resolution rules

This market will resolve to "Yes" if participation by Israeli military personnel in a ground operation in Iran on or after February 28, 2026, is confirmed by the specified date, 11:59 PM ET. Otherwise, this market will resolve to “No”. A "ground operation" is defined as a military operation that involves Israeli military ground forces conducting operations within Iranian territory. For the purposes of this market, aerial and maritime operations will not be considered. Only operations involving Israeli troops on the ground within the terrestrial territory of Iran will qualify. Official confirmation by the Israeli military of personnel operating on the ground within Iranian territory during the specified timeframe will resolve this market immediately. An overwhelming consensus of credible reporting confirming that the Israeli military personnel operated on the ground within Iranian territory during the specified timeframe will also suffice. Qualifying confirmations include statements such as the June 25, 2025, statement by IDF Chief of Staff Lt.-Gen. Eyal Zamir confirmed that Israeli commando forces operated covertly on the ground inside Iran during the 12-day war. Confirmations referring only to non-military Israeli intelligence activity, including operations by the Mossad or Shin Bet, as well as airstrikes, cyberattacks, standoff weapons, remote sabotage, or actions by proxies or third parties without Israeli military presence, will not alone qualify. Incidents that would not alone suffice include the November 2025 Mossad statement indicating its agents were present during protests in Iran, or the July 31, 2024, assassination of Hamas leader Ismail Haniyeh in Tehran, widely attributed to Mossad agents. The primary resolution source for this market will be official information by the Israeli military; however, an overwhelming consensus of credible reporting will also suffice.

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