The April 12 first-round vote produced a fragmented field of 35 candidates, with final tallies released in mid-May confirming Keiko Fujimori in first place at roughly 17 percent while a narrow contest for second determined the runoff pairing. Traders have assigned near-certain probability to outcomes outside the listed combinations, reflecting how vote shares for Rafael López Aliaga, Roberto Sánchez Palomino, and others fell short of securing the exact matchups priced in the market. Peru’s runoff system requires the top two finishers to advance to the June 7 contest, and the completed count has locked in that structure. Late legal challenges or verified irregularities in remaining precincts could still shift the second-place finisher, though such developments remain low-probability at this stage.