- Closer Senate Race: Alaska or Texas?80¢80%
Texas holds a 61.5% implied probability of producing the narrower Senate margin. Both races rank among the tightest 2026 contests, with recent polling averages showing single-digit or sub-4-point spreads in each. In Alaska, Democrat Mary Peltola has held narrow leads or near-ties over incumbent Republican Dan Sullivan across October surveys (e.g., 48-47, 50-48, 51-49), though ranked-choice voting transfers could widen the final certified margin. In Texas, the open-seat matchup between Democrat James Talarico and Republican Ken Paxton has produced similarly tight results (Talarico +1 to +4 in multiple October polls), driven by heavy outside spending, shifting Latino and suburban voting patterns, and the state’s large electorate that can compress percentage margins. Traders appear to view Texas’s combination of polling volatility, demographic fluidity, and absence of RCV mechanics as more likely to deliver the smallest victory margin on Election Day.
Rules
The 2026 midterm elections are scheduled to be held on November 3, 2026. This market will resolve to "Alaska" if the regularly-scheduled US Senate race in Alaska has a smaller unrounded margin of victory than that of the Texas Senate election. This market will resolve to "Texas" if the regularly-scheduled US Senate race in Texas has a smaller unrounded margin of victory than that of the Alaska Senate election. If both states have the same margin of victory, this market will resolve 50-50. For the purpose of this market, the “margin of victory” is defined as the absolute difference between the percentages of valid votes received by the first- and second-place candidates. Percentages of the valid votes received by each candidate will be determined by dividing the total number of valid votes each of the top two candidates receives by the sum of all valid votes cast in the election. For elections that include runoffs, ranked-choice, or other multi-round elections, the relevant margin of victory will be that of the round in which the winner is determined. In the event that a relevant margin of victory cannot be determined by March 31, 2027, that state's margin of victory will be considered to be 0% for purposes of this market. The resolution source for this market will be a compilation of all of the relevant state election authorities responsible for certifying statewide elections, however, a consensus of credible reporting may also be used.