Short Answer

The model projects 0 pardons by Trump in April 2026 as less probable (68.4%) compared to the market's strong consensus (87.0%).

1. Market Behavior & Drivers

This market has demonstrated a strong and consistent upward trend, starting at a 46.0% probability and climbing to its current price of 87.0%. The price has traded within a wide range, from a low of 46.0% to a high of 96.1%. A significant price movement was detected on April 25, 2026, when the probability jumped 10.0 percentage points from 71.0% to 81.0%. The cause for this specific spike is not apparent from the provided context, as no corresponding news or developments were available. This sharp increase suggests a sudden shift in trader expectations on that day, driven by information not captured in the context.
The total trading volume of 2,038 contracts indicates a moderate level of activity over the life of the market. However, without volume data corresponding to specific price movements, it is difficult to assess the conviction behind any particular rally or dip. The market sentiment, as reflected by the price chart, is decidedly bullish. The steady climb from a near-even probability to the current high of 87.0% suggests that traders are increasingly confident that the number of pardons will be greater than zero.
From a technical perspective, the market established an initial support level at its starting price of 46.0%. Since then, the price has broken through several potential resistance levels, with the 80% mark appearing to form a new level of support following the April 25th spike. The all-time high of 96.1% currently stands as the primary resistance level, representing the peak of market optimism to date. The consistent upward trajectory implies that market participants have continuously priced in a higher likelihood of an affirmative resolution as the deadline approaches.
  • Trump's first term saw infrequent, backloaded pardon batches.
  • Spring 2026 administration focus is on budget and defense policies.
  • No high-profile pardon pressure points exist for April 2026.
  • Releasing many pardons could distract from key legislative priorities.
  • Kash Patel actively advocates for pardons for January 6 defendants.
  • Historically, large pardon numbers concentrate at term's end.

2. Price Chart

Historical Price (Probability)

Outcome probability
Date

3. Significant Price Movements

Notable price changes detected in the chart, along with research into what caused each movement.

Outcome: 0

📈 April 25, 2026: 10.0pp spike

Price increased from 71.0% to 81.0%

What happened: No supporting research available for this anomaly.

Outcome: 3 to 9

📈 April 22, 2026: 11.0pp spike

Price increased from 2.0% to 13.0%

What happened: No supporting research available for this anomaly.

📉 April 21, 2026: 16.8pp drop

Price decreased from 18.0% to 1.2%

What happened: No supporting research available for this anomaly.

4. Market Data

Contract Snapshot

The market resolves to YES if the President pardons, commutes the sentence of, or gives reprieve to exactly 0 persons between the market's issuance and May 1, 2026; otherwise, it resolves to NO. The market opens on April 1, 2026, and will close early if the event occurs, or by May 1, 2026, at 10:00am EDT. Trading is prohibited for individuals employed by the designated source agencies or those possessing material, non-public information regarding the underlying event.

Market Discussion

Limited public discussion available for this market.

5. What Were Donald Trump's Pardon Patterns in His First Term?

Total Clemency Acts237 [1]
Pardons Granted70 [1]
Commutations Granted167 [1]
During Donald Trump's first term, clemency was issued in large, infrequent batches. A total of 237 executive clemency actions were granted, comprising 70 pardons and 167 commutations. This pattern often involved bypassing the traditional review process of the Office of the Pardon Attorney (OPA) [1].
Clemency actions were heavily concentrated in the final months of his term. The majority of these grants occurred in December 2020 and January 2021. Notable individuals such as Roger Stone, Paul Manafort, and Steve Bannon received clemency during these periods, frequently coinciding with major holidays or other high-profile events [1].
The Office of the Pardon Attorney's influence was significantly diminished during this time. The OPA was described as "totally decimated" and "sidelined" throughout Trump's presidency [2]. This established trend of operating outside conventional OPA channels is anticipated to continue, suggesting that any future clemency decisions would likely involve large, politically or personally motivated batches rather than a consistent administrative process [2].
Sources (2)
  1. 1Office of the Pardon Attorney | Pardons Granted by President Donald J. Trump (2017-2021)justice.gov
  2. 2Trump’s Pardon Office Is ‘Totally Decimated’nymag.com

6. Are Trump Allies Facing Pardon Pressure from April 2026 Legal Deadlines?

Steve Bannon Case StatusDismissal cleared by U.S. Supreme Court (April 2026) [1]
Other Allies' April 2026 DeadlinesNo federal sentencing or appeal deadlines indicated [2]
DOJ ActivitiesPaying out allies and undermining investigations (April 25, 2026) [3]
Steve Bannon's legal issues resolved, negating pardon pressure. In April 2026, the U.S. Supreme Court cleared the way for the dismissal of a case against Trump ally Steve Bannon, indicating a resolution of his legal challenges rather than a need for a presidential pardon [1]. News reports on April 6, 2026, confirmed that Bannon appeared likely to have his criminal conviction dismissed following this Supreme Court action [4]. Consequently, his situation did not create a pressure point for an April pardon [4].
Other high-profile allies lacked April 2026 pardon pressure points. For high-profile allies such as Roger Stone, Rudy Giuliani, and Ken Paxton, available information does not detail any federal sentencing dates, appeal deadlines, or start-of-imprisonment dates specifically in April 2026 [2]. Additionally, an April 25, 2026, report noted that the Department of Justice was paying out Trump allies and undermining former investigations, suggesting a broader trend where legal issues were being resolved or mitigated, rather than escalating to a point requiring pardons during that period [3].
Sources (4)
  1. 1US Supreme Court clears way for dismissal of case against Trump ally Steve Bannon | Reutersreuters.com
  2. 2Roger Stone is backyahoo.com
  3. 3The DOJ is paying out Trump allies, undermining former investigations - The Washington Postwashingtonpost.com
  4. 4Steve Bannon appears likely to have criminal conviction dismissed | Steve Bannon | The Guardianguardian.co.uk

7. What is Kash Patel's role in potential presidential pardons?

Key Pardons GatekeeperKash Patel [1]
Primary Beneficiaries AdvocatedJanuary 6 defendants / "political prisoners" [1]
Patel's Operational InitiativeBuilding "shadow transition team" for pardon cases [2]
Kash Patel has emerged as a central figure influencing potential presidential pardon decisions in a second Trump administration, reportedly acting as a primary gatekeeper for such requests [1]. He is actively advocating for individuals he characterizes as "political prisoners," a category that notably includes many January 6 defendants [1]. Patel is also reported to be assembling a "shadow transition team" specifically to address these pardon cases, suggesting a structured approach to identifying and processing them [2].
Advocacy for January 6 defendants is a broad, organized effort. This focus on a wide range of defendants, particularly those involved in the January 6 events, is reinforced by various channels, such as websites like "J6 Pardons" which explicitly campaign for presidential pardons for these individuals [3]. This aligns with a broader sentiment among Trump's allies that certain individuals are unfairly targeted by the justice system [4]. Advocates like Patel appear to leverage Trump's historical sympathy for those he believes have been unjustly treated in their efforts [1].
Sources (4)
  1. 1How Trump decides whom to pardon and how their cases catch his eye | CNN Politicsus.cnn.com
  2. 2Kash Patel’s Acts of Service | The New Yorkernewyorker.com
  3. 3J6 Pardonj6pardons.com
  4. 4Presidential Pardons Needed For Electors Persecuted By FBIthefederalist.com

8. What are the administration's key priorities for Spring 2026?

FY2026 Budget Proposal FocusMassive increase in defense spending; cuts to housing, social services, and health care [1]
2026 National Defense Strategy ReleaseJanuary 2026 [2]
FY2026 Funding Request ReleaseApril 2026 [3]
The administration's top legislative priority for Spring 2026 is the FY2026 budget. Its primary legislative focus centers on the Fiscal Year 2026 discretionary funding request, which was presented in April 2026 [3]. This budget proposal calls for a significant increase in defense spending, while simultaneously suggesting reductions in housing, social services, and health care programs [1]. This legislative agenda for 2026 is also viewed as a strategic effort to influence the upcoming midterm elections [4].
A new National Defense Strategy also reorients American military priorities. In parallel, the administration released its "2026 National Defense Strategy" in January 2026 [5]. This document outlines a substantial initiative to reorient American military priorities and strategic doctrine [2]. The strategic reorientation detailed within the defense strategy aligns with the proposed boost in defense spending described in the FY2026 budget request [1].
Sources (5)
  1. 1White House seeks massive increase in defense spending and looks to slash housing, social services and health care | CNN Politicsus.cnn.com
  2. 2Trump's 2026 National Defense Strategy: A Reorientation of American Military Priorities and Strategic Doctrine — Foreign Affairs Forumfaf.ae
  3. 3https://www.whitehouse.gov/wp-content/uploads/2025/05/President-Trumps-Fiscal-Year-2026-Discretionary-Funding-Request-Overview.pdfwhitehouse.gov
  4. 4Trump’s Legislative Agenda in 2026 Will Help Shape Midtermsnews.bgov.com
  5. 5https://media.defense.gov/2026/Jan/23/2003864773/-1/-1/0/2026-NATIONAL-DEFENSE-STRATEGY.PDFmedia.defense.gov

9. What was the shortest lag between Trump's rhetoric and pardons?

Shortest Pardon Lag Time3 days (for Joe Arpaio) [1]
Total Pardons Granted237 pardons [2]
Total Commutations Granted78 commutations [2]
Donald Trump's rhetoric directly correlated with pardons in specific instances, most notably with Joe Arpaio. The most direct correlation between Donald Trump's specific public rhetoric and a subsequent pardon announcement is evidenced in the case of Joe Arpaio, demonstrating a 3-day lag [3]. At a rally on August 22, 2017, Trump publicly indicated he was "seriously considering" pardoning Arpaio, stating, "I think he's going to be just fine" [3]. The official pardon was then issued three days later, on August 25, 2017 [1].
Broader rhetoric on 'political prisoners' typically signaled future, not immediate, pardons. While Trump's approach to pardons often involved individuals whose cases caught his attention through media, personal appeals, or the advocacy of his allies and conservative media, favoring those perceived as loyal or victims of overzealous prosecution, his broader rhetoric did not consistently lead to immediate, specific pardon announcements during his presidency [4]. For example, Trump's frequent use of rallies and social media platforms like Truth Social to express sympathy and call for the release of certain individuals, such as those involved in the January 6 events, typically signaled future intentions rather than immediate actions [5]. Statements promising future pardons, such as for Rep. Henry Cuellar if re-elected, also represented contingent intentions rather than immediate presidential actions [6].
Sources (6)
  1. 1Pardon of Joe Arpaioen.wikipedia.org
  2. 2Every Pardon and Commutation Granted by Donald Trump: A Complete Verified Record (2017–2026)pardons.hackingbutlegal.com
  3. 3At rally, Trump all but promises to pardon Joe Arpaio - The Boston Globebostonglobe.com
  4. 4How Trump decides whom to pardon and how their cases catch his eye | CNN Politicsus.cnn.com
  5. 5Donald Trump Vows ‘Justice for the Jan. 6 Prisoners’ to Cheers at NC Rally - Newsweeknewsweek.com
  6. 6Trump says he is pardoning Rep. Henry Cuellar, a Texas Democrat facing bribery charges - CBS Newscbsnews.com

11. Historical Resolutions

Historical Resolutions: 13 markets in this series

Outcomes: 2 resolved YES, 11 resolved NO

Recent resolutions:

  • KXPARDONSTRUMP-26MAR-6: NO (Apr 01, 2026)
  • KXPARDONSTRUMP-26MAR-24: NO (Apr 01, 2026)
  • KXPARDONSTRUMP-26MAR-22: NO (Apr 01, 2026)
  • KXPARDONSTRUMP-26MAR-2: NO (Apr 01, 2026)
  • KXPARDONSTRUMP-26MAR-17: NO (Apr 01, 2026)