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Living alongside carnivores can incur both costs and benefits on people's lifeways. While positive outcomes of carnivore presence can foster coexistence, negative relations with carnivores can trigger carnivores' killing and undermine their conservation. In response to this, conservation efforts increasingly focus on promoting positive human-carnivore relations, most often through improvements in the flow of economic benefits from carnivores to local communities. However, there is a question mark over the effectiveness and potential consequences of market-based instruments for carnivore conservation. To understand the opportunities and pitfalls of market-based instruments for carnivore conservation, we use a centre-periphery framework to compare human-carnivore relations in two pastoral systems with uneven market-based conservation efforts across Kenya. We conducted 230 semi-structured interviews on …