TOTAL VOLUME:
$97.1b
24H VOL:
$537,357,392
24H TRANSACTIONS:
949,851,807
OPEN INTEREST:
$2,309,828,173
825,223
Markets across
14,759
events
MATCHED EVENTS:
901
PLATFORM COVERAGE:
5
Polymarket:
45%
VS.
Kalshi:
55%
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This market tracks who will exercise de facto governing authority over Iran as head of state at the end of 2026, based on control over the armed forces, executive institutions, and core decision-making rather than formal title alone. On Polymarket, Mojtaba Khamenei is priced at 82.7%, while Reza Pahlavi stands at 4.8%. Resolution will be determined by credible reporting assessing who exercises effective governing authority within Iran's territory on December 31, 2026 at 12:00 PM ET, the specified resolution date for this market.
This market will resolve to the individual who de facto holds and exercises the powers of the head of state of the Islamic Republic of Iran on December 31, 2026 at 12:00 PM ET. For the purposes of this market, “de facto holds” refers to the individual who exercises primary governing authority over the Iranian state at that time, including effective control over the armed forces, national institutions, and core executive decision-making, regardless of formal title, constitutional designation, or international recognition. Formal appointment, recognition by the United Nations, or recognition by foreign governments is not required. If more than one individual claims to be head of state, this market will resolve to the individual who demonstrably exercises primary governing control within Iran’s territory at the specified time. Indicators of de facto authority may include control over the armed forces and security services; control over executive ministries and state administrative institutions; enforcement of national laws; issuance of binding national directives; and effective control over the capital and core state infrastructure. Symbolic status, foreign recognition without domestic control, nomination without effective authority, or expired prior service will not qualify. If no individual exercises effective governing control at the specified time, this market will resolve to “No Head of State”. The primary resolution source will be a consensus of credible reporting assessing who exercises effective governing authority at the specified time.
The market resolves on Dec 31, 2026, marking the end of the specified period. Resolution hinges on verifiable, authoritative determination of Iran's head of state at that date. Traders should monitor official Iranian government announcements, international diplomatic sources, and credible news agencies for clarity on leadership status. Any unexpected political transitions, constitutional changes, or succession events before the deadline could trigger rapid repricing and ultimately determine the final outcome.
Key catalysts include health developments affecting current or potential leaders, internal power struggles within Iran's political establishment, international sanctions or military tensions, and constitutional or electoral changes. Succession announcements, factional disputes, or unexpected deaths would sharply reprrice the market. Regional conflicts, nuclear negotiations, and shifts in Supreme Leader authority could also signal regime stability. Traders monitor Iranian media, opposition sources, and geopolitical analysts for early warning signs that might shift the probability of leadership continuity through year-end 2026.
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