When a new cycle of conflict around Iran began over the weekend, traders who couldn't trade on the Chicago Mercantile Exchange or the New York Mercantile Exchange switched to two platforms that never close. These are the prediction market Polymarket and the derivatives exchange Hyperliquid. On Polymarket, bets on military actions reached unprecedented levels: the total volume of contracts related to this topic exceeded $529 million, with $90 million placed on February 28 alone. The betting market on whether the U.S. will strike Iran by…? became one of the largest on the platform, and a separate contract on whether Iran's Supreme Leader will be removed from power by March 31 gathered $45 million.