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The yield curve for KXOSCARPIC exhibits a flat structure across all 38 constituent markets, with every position sharing an identical 510-day tenor. Within this single tenor bucket, probabilities display substantial dispersion rather than a traditional curve shape. The cheapest YES probabilities cluster at 1.0%, representing 28 of the 38 markets, while the most expensive reaches 48.0% for the ODY market. Notable intermediate probabilities include DUN at 17.0%, BLA at 7.0%, DIG and WIL each at 6.0%, and PRO at 3.0%. The concentration of liquidity, measured by 24-hour volume, correlates with higher probability assessments: ODY dominates with $18,912.55, followed by BLA at $31,852.84, and DUN at $6,393.71, suggesting these represent the market's primary conviction bets. The flat tenor structure prevents traditional yield-curve analysis regarding timing expectations, but the probability distribution itself reveals the market's view of event likelihood. The prevalence of 1.0% floor probabilities across most markets indicates minimal conviction that most outcomes will occur within the 510-day window. Conversely, the market assigns meaningful probability mass to only a handful of scenarios: ODY's 48.0% probability represents the single dominant outcome the market expects, while DUN's 17.0% and BLA's 7.0% suggest secondary scenarios with material but substantially lower conviction. The sharp probability gradients between markets reflect high uncertainty about which specific outcome will materialize, rather than uncertainty about timing, with the market essentially pricing most contingencies as unlikely tail events.