The dominant 98.4% price on “None” reflects trader consensus that Republicans secured no victories among the designated swing Senate seats in the November 3, 2026, elections. Democratic candidates posted decisive margins or clear leads in Iowa, Kansas, Maine, Michigan, Ohio, and Texas, consistent with late-cycle polling averages showing competitive or Democratic-leaning races in several Republican-held states. These results produced a net Democratic gain of seven seats and chamber control, leaving only Alaska unresolved with incomplete tallies. The slim 1.5% on AK accounts for the remaining possibility of a Republican hold there once final counts and any ranked-choice tabulation conclude. Late shifts in outstanding precincts or certification disputes represent the narrow pathways that could still alter the market resolution.