Luiz Inácio Lula da Silva won Brazil’s presidential election, becoming the country’s first president to begin a fourth term. According to Odaily, with 99.99% of votes counted, Lula received 51.78%, or 64,248,884 votes, while Senator Flávio Bolsonaro received 48.22%, or 59,822,138 votes.

Before voting, Polymarket briefly gave Flávio Bolsonaro an 80% chance of winning. The market’s odds shifted toward Lula after election results began to be reported. Lula received 45.16% of the vote in the first round, below Bolsonaro’s 47.03%, before winning in the runoff.

After Lula’s victory was announced, perpetual contracts on Hyperliquid linked to the iShares MSCI Brazil ETF (EWZ) fell more than 22%. The ETF tracks large- and mid-cap Brazilian companies.