Short-term price fluctuation markets have become the deciding factor in the competition for market leadership. Kalshi’s momentum far surpasses Polymarket, primarily driven by trading volume from the BTC 15-minute market and its Combo markets—even the BTC 15-minute market is beginning to rival non-combined sports markets. Polymarket’s growth has not been as consistent as Kalshi’s, partly because its short-term 5-minute and 15-minute markets are locked in a battle with Predict Fun. Predict Fun has closed the gap with Polymarket in the 5-minute market, achieving higher trading volume, more active users, and greater transaction counts by offering lower fees and continuously improving liquidity.