What if Russia militarizes the Northern Sea Route?
A Russian naval build-up and transit restrictions along the Northern Sea Route raise High-North tensions, lifting the Arctic geopolitical premium and defense spending.
how we built this number — every step
The class rate is measured from our dated, sourced event library (decade-normalized Poisson — the full table is public at base_rates.json). The variant’s share within its class is the analyst’s editorial call, published so you can audit it. A wider range means thinner precedent. Full recipe: methodology · scored at Reality Check.
The butterfly cascade
How this trigger trickles across markets, left → right — the root shock, its first‑order moves, then the ripple effects. Drag any node; tap a market for its real price history.
Resolution timeline — how this probability is moving
Our model's odds (gold) over time vs the crowd's (Polymarket, blue), from the past toward the 6–18 months horizon. Each dot is a real macro event that nudged the probability — green pushed it up, red pushed it down. Tap a dot for the source. The gold path is an illustrative reconstruction anchored to today's estimate — real dated events, not a live re-estimate history.
What it would mean
If this plays out, it is a risk-off shock. A Russian naval build-up and transit restrictions along the Northern Sea Route raise High-North tensions, lifting the Arctic geopolitical premium and defense spending. The trigger decomposes into signed root‑shocks — Defense spending ▲ · Geopolitical risk ▲ · Risk appetite ▼ — which propagate through our causal graph to the markets below.
If it happens — the markets it would move
Biggest moves first. Projected moves are cascade-model priors; hist A–B% = what comparable past events actually did (measured abnormal returns), and model prior · unmeasured marks markets with no analogue backing yet. Tap any market for its price history.
| Market | Class | Projected move | |
|---|---|---|---|
| 1 | Volatility (VIX) VIXon Hyperliquid 📈 chart | Vol | ▲ +6.5% hist -0.12–+9.94% · other way +3.23% (n=12) |
| 2 | Nasdaq 100 NDXon Hyperliquid 📈 chart | Index | ▼ -2.6% hist -1.69–-0.78% · other way -0.37% (n=12) |
| 3 | Tech sector XLK 📈 chart | Equity | ▼ -1.8% hist -1.08–+0.06% · other way -0.34% (n=12) |
| 4 | S&P 500 SPXon Hyperliquid 📈 chart | Index | ▼ -1.4% hist -0.94–-0.47% · other way +0.57% (n=12) |
| 5 | Semiconductors SMHon Hyperliquid 📈 chart | Equity | ▼ -1.3% hist -0.9–-0.27% · other way +2.23% (n=12) |
| 6 | Lockheed LMT 📈 chart | Equity | ▲ +1.2% hist -0.68–+2.94% · other way -3.24% (n=12) |
| 7 | Solana SOLon Hyperliquid 📈 chart | Crypto | ▼ -1.1% hist -1.91–+0.32% · other way +0.89% (n=12) |
| 8 | MicroStrategy MSTRon Hyperliquid 📈 chart | Equity | ▼ -1.2% hist -3.15–+5.24% · other way +26.92% (n=12) |
| 9 | Northrop NOC 📈 chart | Equity | ▲ +1.0% hist -0.52–+2.53% · other way -1.37% (n=12) |
| 10 | Hyperliquid (HYPE) HYPEon Hyperliquid | Crypto | ▼ -0.9% model prior · unmeasured |
| 11 | RTX RTXon Hyperliquid 📈 chart | Equity | ▲ +0.9% hist -1.62–+1.09% · other way -4.07% (n=12) |
| 12 | Ether ETHon Hyperliquid 📈 chart | Crypto | ▼ -0.8% hist -7.56–+2.79% · other way +5.13% (n=12) |
| 13 | Gold XAUon Hyperliquid 📈 chart | Commodity | ▲ +0.8% hist +0.05–+0.95% · other way -0.6% (n=12) |
| 14 | Bitcoin BTCon Hyperliquid 📈 chart | Crypto | ▼ -0.7% hist -4.6–+2.06% · other way +5.17% (n=12) |
Probable recommendation
Historical precedent — what analogous events actually did
Across 38 analogous events (overlap‑weighted), as abnormal returns — market beta stripped, so it's the event's own effect, not the market backdrop. Shown at 20 days (persistent) and 5 days (immediate); ↺ fades = the two horizons disagree. Confidence = consistency × sample × significance.
| Asset | History says | Abnormal (20d · 5d) | Hit | n | Confidence | vs cascade |
|---|---|---|---|---|---|---|
| COIN COIN | LONG | +17.2% · 5d +8.8% | 90% | 9 | 0.67 | ⚠ differs |
| TRY TRY | SHORT | -1.9% · 5d +1.0% ↺ fades | 76% | 19 | 0.41 | ✓ matches cascade |
| AVGO AVGO | LONG | +3.8% · 5d -0.6% ↺ fades | 66% | 19 | 0.30 | ⚠ differs |
| MRVL MRVL | SHORT | -1.5% · 5d -3.0% | 71% | 21 | 0.30 | ✓ matches cascade |
| ETH ETH | SHORT | -6.8% · 5d -3.9% | 69% | 15 | 0.29 | ✓ matches cascade |
| AUD AUD | SHORT | -1.1% · 5d -0.3% | 68% | 19 | 0.28 | ✓ matches cascade |
| Volatility VIX | LONG | +6.2% · 5d +3.0% | 66% | 29 | 0.27 | ✓ matches cascade |
| High-yield credit HYG | SHORT | -0.6% · 5d -0.2% | 66% | 19 | 0.25 | ✓ matches cascade |
| XLF XLF | SHORT | -0.5% · 5d -0.3% | 64% | 22 | 0.22 | ✓ matches cascade |
| INTC INTC | SHORT | -2.2% · 5d -1.3% | 61% | 32 | 0.20 | ✓ matches cascade |
| MU MU | SHORT | -3.2% · 5d -3.0% | 60% | 31 | 0.16 | ✓ matches cascade |
| XLK XLK | LONG | +0.7% · 5d -0.6% ↺ fades | 60% | 22 | 0.15 | ⚠ differs |
| RTX RTX | SHORT | -2.0% · 5d -1.7% | 58% | 34 | 0.15 | ⚠ differs |
| JPM JPM | LONG | +0.7% · 5d -0.5% ↺ fades | 55% | 32 | 0.09 | ⚠ differs |