Short-term price fluctuations are becoming a key factor in the competition for market leadership in prediction markets. Kalshi's momentum far surpasses Polymarket's, primarily due to the significant trading volume generated by its BTC 15-minute and combo markets. The BTC 15-minute market is even showing signs of overtaking the non-combined sports betting market. Polymarket's growth hasn't been as consistent as Kalshi's, partly because its short-term 5-minute and 15-minute markets are locked in a fierce battle with PredictFun. PredictFun, with its lower fees and continuously improving liquidity, has caught up with Polymarket in terms of 5-minute market trading volume, users, and number of trades.