Iran turns to foreign militias amid fears of renewed protests

Iran has reportedly turned to foreign militias to manage civilian unrest as fears of renewed protests grow. The odds of the Iranian regime falling by April 30 sit at 0.5% YES, down from 1% yesterday.

The regime’s reliance on groups like Lebanese Hezbollah and the Afghan Fatemiyoun Brigade points to real domestic security problems. The April 30 market prices near-term collapse at just 0.5% YES. The May 31 market is at 3.5%, slightly higher but still pricing regime change as unlikely within the next month.

The deployment of over 5,000 foreign fighters suggests the regime doesn’t trust its own security forces to handle protests alone, but markets remain unconvinced of an imminent fall. Face value on the regime fall markets is $2.03M over the past day, though actual USDC trading volume is just $37,233. The depth required to move the April 30 contract by five points is $34,065, a relatively stable market.

For traders, heavy reliance on foreign militias could signal growing instability. A YES share for Reza Pahlavi entering Iran by June 30 trades at 7¢, paying $1 if it resolves, a potential 14.3x return. That bet requires believing regime instability is accelerating faster than current prices reflect.

Watch Iranian state media for signs of internal fracturing or narrative shifts. Credible reports of IRGC defections or large-scale protests re-emerging in Tehran could move market sentiment quickly.

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