Short Answer

Both the model and the market overwhelmingly agree that Keiko Fujimori will win the first round of the Peruvian presidential election by a margin of 5-10%, with only minor residual uncertainty.

1. Market Behavior & Drivers

This market's price action has been entirely static, showing a completely flat, sideways trend. The price has remained at 1.0% since trading began and has not experienced any significant movements, spikes, or drops. This price represents the floor for this market, indicating a near-zero perceived probability for the outcome specified by the contract. The chart essentially reflects a settled event rather than an active, speculative market.
The lack of any price movement is directly explained by the provided context. The first round of the Peruvian presidential election has already concluded, and it is reported that Keiko Fujimori and Roberto Sánchez advanced to a runoff. This means no single candidate achieved the necessary margin of victory to win the election outright in the first round. The market's price of 1.0% reflects this known outcome. The trading volume pattern further supports this conclusion; nearly all of the volume occurred in one early transaction, with subsequent volume being negligible. This suggests that after initial positions were taken, the election results eliminated any uncertainty, leaving no reason for further trading activity and demonstrating absolute market conviction.
Given the static price, the key level is the 1.0% floor, which has served as unwavering support. There is no resistance level as the price has never risen. The chart indicates a unanimous and unchanging market sentiment that the specific "margin of victory" this contract tracks did not happen. The market is not forecasting a future event but is instead priced to reflect the established results of the first-round election.
  • Keiko Fujimori is reported to lead Roberto Sánchez by 5.10% as of May 5, 2026.
  • Official first-round results were still pending nearly a month after the election.
  • Peruvian first-round margins historically fall within a 5-10% range in fragmented elections.
  • Prior prediction markets anticipated a 5-10% winner's margin for the first round.
  • Corruption, crime, and voter discontent remain primary concerns, influencing electoral outcomes.

Who Wins and Why

Outcome Market Model Why
Carlos Álvarez, ≥5% 1.0% 1.0% The provided research does not indicate Carlos Álvarez leading by this margin.
Keiko Fujimori, 0-5% 4.0% 4.6% Keiko Fujimori is reported to lead by 5.10%, placing it just above this range.
Keiko Fujimori, 10-15% 1.0% 1.0% Keiko Fujimori's reported 5.10% lead is significantly below this margin.
Ricardo Belmont, ≥15% 1.0% 1.0% The provided research does not indicate Ricardo Belmont leading by this margin.
Ricardo Belmont, 10-15% 1.0% 1.0% The provided research does not indicate Ricardo Belmont leading by this margin.

Current Context

Keiko Fujimori and Roberto Sánchez advanced to Peru's presidential runoff election. The first round of the Peruvian presidential election, held on April 12-13, 2026, concluded with Keiko Fujimori of Fuerza Popular (FP) taking the lead and Roberto Sánchez of Juntos por el Perú (JP) securing the second spot, setting the stage for a runoff election scheduled for June 7, 2026 [1][2][3][4][5][6]. As of May 5, with 98.45% of votes reported, Fujimori garnered 17.14% of the popular vote (2,831,648 votes), while Sánchez received 12.04% (1,989,027 votes) [1]. Early in the count, Rafael López Aliaga of Renovación Popular (RP) was a strong contender for the second position, reaching 11.90% of the vote with 90% of ballots counted, but Sánchez ultimately surpassed him [1][6][7][8]. Prediction markets had largely anticipated Fujimori's advancement and her eventual runoff against Sánchez [9][10][11][12][13]. For instance, a prediction market indicated a 92% probability that Fujimori's first-round margin of victory would be between 5% and 10% [12].
The election faced logistical challenges and unsubstantiated fraud claims, delaying final results. Logistical challenges, including ballot delivery delays, led to voting being extended into April 13 in some areas [2][4][5][14][7]. Despite these issues, international observers found no evidence of systematic irregularities [2][5]. Rafael López Aliaga, the ultra-conservative candidate who narrowly missed the runoff, made unsubstantiated claims of fraud, which electoral authorities denied [1][2][4][5][6]. López Aliaga may also face criminal charges for allegedly inciting civil disorder [1]. Notably, as of early May 2026, nearly a month after the first round, final official results for the first round were still pending [4][6].
Analysts deemed the first round a "fight of the dwarfs," reflecting Peru's political fragmentation. This description stems from no candidate securing even 20% of the valid votes, illustrating significant political fragmentation and widespread voter disillusionment [15]. Experts often underscore Peru's chronic political instability, characterized by frequent presidential changes in recent years, and pervasive public frustration over corruption and crime [4][5][16][17][18][8]. The runoff between Fujimori and Sánchez is largely perceived as a re-run of the country's familiar left-right political struggle [4][5]. Amidst these challenges, some hope that this election, alongside recent changes in electoral laws, might foster greater political stability in the future [4]. The new president is scheduled to be sworn in on July 28, 2026 [2][17].
Sources (18)
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  2. 2grokipedia.com
  3. 3andina.pe
  4. 4americasquarterly.org
  5. 5crisisgroup.org
  6. 6peoplesdispatch.org
  7. 7democrata.es
  8. 8washingtonpost.com
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  13. 13predictit.org
  14. 14youtube.com
  15. 15elpais.comenglish.elpais.com
  16. 16atlanticcouncil.org
  17. 17as-coa.org
  18. 18csis.org

2. Price Chart

Historical Price (Probability)

Outcome probability
Date

3. Market Data

Contract Snapshot

This market resolves "Yes" if Keiko Fujimori's margin of victory in the Peru presidential first round is 5% or more, but less than 10%, otherwise it resolves "No." The margin is precisely calculated from official Jurado Nacional de Elecciones (JNE) results without rounding, and can be positive for a win, negative for a loss, or zero for a tie. Settlement occurs only after results are officially certified, and the market closes upon certification or by April 12, 2027.

Available Contracts

Market options and current pricing

Outcome bucket Yes (price) No (price) Last trade probability
Keiko Fujimori, 5-10% $0.96 $0.06 95%
Keiko Fujimori, 0-5% $0.08 $0.97 4%
Carlos Álvarez, ≥5% $0.01 $1.00 1%
Carlos Álvarez, 0-5% $0.01 $1.00 1%
Keiko Fujimori, ≥15% $0.01 $1.00 1%
Keiko Fujimori, 10-15% $0.01 $1.00 1%
Rafael López Aliaga, ≥5% $0.01 $1.00 1%
Rafael López Aliaga, 0-5% $0.01 $1.00 1%
Ricardo Belmont, ≥15% $0.01 $1.00 1%
Ricardo Belmont, 0-5% $0.01 $1.00 1%
Ricardo Belmont, 10-15% $0.01 $1.00 1%
Ricardo Belmont, 5-10% $0.01 $1.00 1%

Market Discussion

Early indications and prediction markets suggest Keiko Fujimori is leading the first round of the Peruvian presidential election, with some forecasts placing her margin of victory between 5% and 10% (inclusive of 5%, exclusive of 10%) [1]. A specific market for this outcome shows a 92% probability [1]. With 73% of ballots counted, Fujimori had secured nearly 17% of the votes [2], positioning her for a likely runoff election as no candidate is projected to reach the 50% threshold required to win outright [3]; prediction markets indicate a 98% probability of a runoff [4].

Sources (4)
  1. 1kalshi.com
  2. 2democrata.es
  3. 3cryptobriefing.com
  4. 4kalshi.com

4. Based on Peruvian presidential elections since 2000, what is the typical first-round margin of victory in a fragmented political field?

Largest First-Round Margin (2016)18.81% (Keiko Fujimori over Pedro Pablo Kuczynski) [1][2][3]
Smallest First-Round Margin (2021)5.47% (Pedro Castillo over Keiko Fujimori) [4][5]
First-Round Margin (2001)10.73% (Alejandro Toledo over Alan García) [6][7]
Peruvian presidential elections since 2000 show varied first-round victory margins. These elections have consistently featured fluctuating first-round leads, especially in fragmented political fields where numerous candidates gain significant percentages. The largest margin recorded was in 2016, with Keiko Fujimori leading Pedro Pablo Kuczynski by 18.81%, despite several other contenders receiving substantial support [1][2][3][8][9]. Other notable leads include Alejandro Toledo's 10.73% advantage over Alan García in 2001, an election with three major candidates [6][7][10]. The 2000 election, widely considered fraudulent, also saw Alberto Fujimori lead Alejandro Toledo by 9.51% [11][12][13][14]. In 2011, Ollanta Humala led Keiko Fujimori by 8.24% in another election marked by multiple candidates [15][16][17].
First-round victory margins can be considerably narrower in fragmented fields. The most fragmented election in this period occurred in 2021, featuring 18 candidates where the leading candidate secured less than 20% of the vote. This resulted in the smallest first-round margin, with Pedro Castillo leading Keiko Fujimori by only 5.47% [4][5][18][19]. Another instance of a relatively modest margin was the 2006 election, where Ollanta Humala led Alan García by 6.30%, while Lourdes Flores secured a close third place with 23.81% of the vote [20][21][22][23]. These outcomes demonstrate a trend where no single candidate consistently achieves an overwhelming majority in the initial round, reflecting the dynamic nature of Peruvian presidential elections.
Sources (23)
  1. 1wikipedia.orgen.wikipedia.org
  2. 2cetri.be
  3. 3electionguide.org
  4. 4parliament.ukcommonslibrary.parliament.uk
  5. 5wikipedia.orgen.wikipedia.org
  6. 6georgetown.edupdba.georgetown.edu
  7. 7electionguide.org
  8. 8canninghouse.org
  9. 9suffragio.org
  10. 10europa.eueuroparl.europa.eu
  11. 11georgetown.edupdba.georgetown.edu
  12. 12wikipedia.orgen.wikipedia.org
  13. 13everycrsreport.com
  14. 14refworld.org
  15. 15wikipedia.orgen.wikipedia.org
  16. 16wordpress.comwelections.wordpress.com
  17. 17voanews.com
  18. 18wikipedia.orgen.wikipedia.org
  19. 19wikipedia.orgsimple.wikipedia.org
  20. 20wikipedia.orgen.wikipedia.org
  21. 21chathamhouse.org
  22. 22realinstitutoelcano.org
  23. 23rangevoting.org

5. What do regional voting patterns from the 2021 election reveal about the core geographic strongholds for Keiko Fujimori versus other conservative candidates?

Keiko Fujimori support in Lima (2021 runoff)65% [1][2]
Keiko Fujimori vote share (2021 first round)13.4% [3][4]
Rafael López Aliaga vote share (2021 first round)11.7% [3][4]
Keiko Fujimori's strongholds were urban and along the northern coast in the 2021 runoff election. Her primary support was concentrated in urban centers such as Lima and Callao, where she secured 65% and 67% of the vote, respectively [1][2]. Significant backing also emerged from regions along the northern coast, including Tumbes (66%), Piura (62%), La Libertad (60%), and Lambayeque (58%) [1][2]. This regional pattern stood in contrast to her opponent, Pedro Castillo, who garnered strong support predominantly in rural southern and sierra regions, ultimately winning in more departments than Fujimori [5][6].
Conservative support fragmented in the initial 2021 election round among multiple candidates. Keiko Fujimori received 13.4% of the vote in this first round [3][4]. Other conservative candidates, such as López Aliaga and de Soto, also secured notable vote shares, with 11.7% and 11.6% respectively, indicating a distribution of conservative preferences [3][4]. However, the available research does not detail the specific geographic strongholds for these other conservative candidates [3][4].
Sources (6)
  1. 1Flash electoral 2021 Perú: en qué regiones ganó Keiko Fujimori resultados elecciones presidenciales ONPE | Política | La Repúblicalarepublica.pe
  2. 2Elecciones en Perú: Las regiones donde ganaron Pedro Castillo y Keiko Fujimoriemol.com
  3. 3Peru. Presidential Election 2021 - Electoral Geography 2.0electoralgeography.com
  4. 42021 Peruvian general electionen.wikipedia.org
  5. 5Elecciones 2021 | Estos son los resultados electorales por regiones, según el conteo rápido al 100 % de América TV / Ipsosrpp.pe
  6. 6Mapa Electoral 2021: Ganadores por Departamento (Segunda Vuelta) - Encuesta.peencuesta.pe

6. What potential political scandals or key endorsements before April 2026 could significantly alter the polling gap between the leading candidates?

Systemic Issue in Peruvian PoliticsPlagued by systemic corruption [1][2][3][4][5][6]
Major Voter ConcernRising violent crime [7][8][9][6]
Endorsement Impact ExampleTrump brand endorsement for Rafael López Aliaga had uncertain effects; most Peruvians not significantly influenced [10]
Peru's unstable political climate amplifies the impact of potential scandals. Peru's political landscape is characterized by systemic corruption and deep voter dissatisfaction, stemming from a decade of frequent presidential changes and widespread corruption [7][11][8][3][4][9][6][1][2][5]. Before April 2026, potential scandals that could significantly alter polling gaps include the resurfacing of corruption allegations, particularly those related to the Odebrecht scandal, involving prominent figures like Keiko Fujimori, who has faced pre-trial detention over alleged money laundering and illegal contributions [2][3][5][6]. Accusations of abuse of power, obstruction of justice, or attempts to undermine democratic institutions would also likely trigger public backlash, given the country's history of instability [3][6]. Furthermore, with rising violent crime being a major voter concern, any proven links between candidates and criminal organizations could be highly detrimental [7][8][9][6]. Revelations of undeclared assets or suspicious financial dealings could also damage public trust [7][9].
Endorsements from key figures can sway voter perceptions and candidate appeal. Beyond scandals, endorsements can also play a notable role in influencing candidate standings. Endorsements from influential media owners or respected religious leaders could have a significant effect, especially in Peru, where social conservatism impacts some candidates' appeal [11][12][13]. For example, Roberto Sánchez was endorsed by imprisoned ex-President Pedro Castillo, positioning him as the heir of Castillo's leftist political movement [11][8]. However, the impact of some endorsements can be uncertain, as seen with the "Trump brand" endorsement for Rafael López Aliaga, which a majority of Peruvians indicated would not significantly influence their vote [10].
Sources (13)
  1. 1wikipedia.orgen.wikipedia.org
  2. 2worldcomplianceassociation.com
  3. 3wikipedia.orgen.wikipedia.org
  4. 4aljazeera.com
  5. 5bakerinstitute.org
  6. 6bti-project.org
  7. 7washingtonpost.com
  8. 8americasquarterly.org
  9. 9wlrn.org
  10. 10aljazeera.com
  11. 11as-coa.org
  12. 12peoplesdispatch.org
  13. 13americasquarterly.org

7. Which Peruvian polling firms, such as Ipsos or Datum, had the most accurate track records in the 2021 and 2016 elections?

2016 Ipsos Exit Poll (Fujimori)39.6% (Keiko Fujimori) [1]
2016 Official Result (Fujimori)39.86% (Keiko Fujimori) [2]
2021 Official Result (Castillo)18.9% (Pedro Castillo) [3]
Ipsos and Datum demonstrated relatively accurate polling in Peru's 2016 election. In the first round, Ipsos's exit poll closely aligned with the final results, reporting Keiko Fujimori with 39.6%, Pedro Pablo Kuczynski with 21.5%, and Veronika Mendoza with 18.7% [1]. These figures were very close to the official outcomes of 39.86% for Fujimori, 21.05% for Kuczynski, and 18.84% for Mendoza [2]. Datum Internacional also provided a poll that accurately indicated a statistical dead-heat for second place between Kuczynski and Mendoza, which was consistent with the eventual close results [1].
Most polling firms struggled to predict the 2021 election outcome. In contrast to 2016, polls from firms including Ipsos and Datum largely failed to capture Pedro Castillo's leading position [3][4]. Castillo, representing the Free Peru party, secured 18.9% of the votes, while Keiko Fujimori received 13.2% [3]. His victory was unexpected, given that he had not appeared among the frontrunners in opinion polls just a week before the election. Castillo experienced a significant surge in support during the election silence period that was not reflected in the published polls [3][4].
Sources (4)
  1. 1japantimes.co.jp
  2. 2cetri.be
  3. 3peoplesdispatch.org
  4. 4itau.com.br

8. How might strategic alliances or withdrawals among candidates like Ricardo Belmont and Carlos Álvarez consolidate votes for the frontrunners?

Ricardo Belmont poll percentage10% [1]
Carlos Álvarez poll percentage8% [1]
Keiko Fujimori first-round win probability99% (Polymarket) [2]
Alliances involving Belmont and Álvarez failed to consolidate frontrunner votes. Despite their potential impact, strategic alliances with Ricardo Belmont and Carlos Álvarez did not result in vote consolidation for leading candidates in the first round because no formal endorsement was made [3]. Both Belmont, polling at 10%, and Álvarez, polling at 8%, were identified as right-populist candidates whose voter bases could have potentially supported frontrunners like Keiko Fujimori or Rafael López Aliaga [1]. López Aliaga notably attempted to form an electoral pact with Carlos Álvarez and sought to include Ricardo Belmont, but a first-round endorsement ultimately did not materialize [3].
Candidate withdrawals and a fragmented field influenced first-round outcomes. Ricardo Belmont and Carlos Álvarez subsequently withdrew from the election following the April 12 vote, rendering their parties leaderless [4][5]. This action consequently prevented any potential vote consolidation that might have stemmed from their candidacies [4][5]. The election featured a highly fragmented field of 36 candidates, which is believed to have benefited Keiko Fujimori's narrow lead; the initial vote split caused by Belmont and Álvarez contributed to her less than 10% margin [6]. Keiko Fujimori currently has a 99% probability of securing a first-round win according to Polymarket predictions, with margin markets indicating an 89% likelihood of her winning by a 5-10% margin [2].
Sources (6)
  1. 1Elecciones en Perú 2026: Ricardo Belmont y Keiko Fujimori lideran encuestas para los comicios de este domingoagenciapi.co
  2. 2Peru Presidential Election First Round Winner Predictions... 2026 | Polymarketpolymarket.com
  3. 3Rafael López Aliaga anuncia pacto con Carlos Álvarez con miras a segunda vuelta y busca sumar a Jorge Nieto y Ricardo Belmont - Infobaeinfobae.com
  4. 4Carlos Álvarez y Ricardo Belmont se retiran y dejan en incertidumbre a sus bancadas electas - Diario Vocesdiariovoces.com.pe
  5. 5Carlos Álvarez y Ricardo Belmont renuncian a la política y dejarían a sus diputados electos a la deriva | Política | La Repúblicalarepublica.pe
  6. 6Peru: Get to know the 36 presidential candidates registered for General Elections | News | ANDINA - Peru News Agencyandina.pe

9. What Could Change the Odds

Key Catalysts

Corruption and crime remain primary concerns for Peruvian voters and can significantly influence electoral outcomes [1][2][3]. Widespread discontent and apathy among voters can lead to unpredictable shifts in support, potentially boosting "outsider" or populist candidates [4][5]. This has severely eroded public trust in the political class [6][2][7][8][5]. Furthermore, the ongoing decline in institutional quality poses risks to long-term growth and stability, which can be reflected in market sentiment [9][5].
On the bullish side, Peru's economy has shown relative resilience despite political turmoil, supported by controlled inflation, substantial reserves, and favorable terms of trade [8]. The potential return of a bicameral Congress may lead to a more balanced legislative environment, which could reduce the risk of extreme policy shifts [10][8][9]. Additionally, candidates who focus on law and order and propose strong measures against crime may resonate with a significant portion of the electorate, providing a potential pathway to increased support [6][2].
The electoral calendar involves key deadlines, including the Mid-2026 (April-September) period for political parties to register and form electoral alliances [11]. Late 2026 (November-December) will see internal party elections to select candidates and final inscription deadlines for presidential and congressional candidates [12][11][10], with official candidate slates published in Early 2027 (February) [12]. An intensive campaign period and televised debates are expected in March-April 2027 [6], leading to the first round of the general election on April 12, 2027 [13][11][6][2][14]. If no candidate reaches the threshold, a second-round runoff election for the presidency, typically held in June 2027, will occur [13][11][15][6][16][2][14], an outcome that is a frequent occurrence in Peruvian presidential elections [17][14]. Voting is compulsory for Peruvian citizens aged 18 to 70 [16][2].

Key Dates & Catalysts

  • Expiration: April 12, 2027
  • Closes: April 12, 2027
Sources (17)
  1. 1as-coa.org
  2. 2washingtonpost.com
  3. 3capitaleconomics.com
  4. 4peoplesdispatch.org
  5. 5atlanticcouncil.org
  6. 6moderndiplomacy.eu
  7. 7fitchratings.com
  8. 8fundssociety.com
  9. 9fitchsolutions.com
  10. 10electionguide.org
  11. 11andina.pe
  12. 12perusupportgroup.org.uk
  13. 13wikipedia.orgen.wikipedia.org
  14. 14itau.com.br
  15. 15fairvote.org
  16. 16ksat.com
  17. 17democrata.es