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Following up on the 15 minute market deep dive, we are now seeing a similar structure emerge in the newly launched 5 minute BTC markets by Polymarket. For those asking why traders would use 5 minute contracts instead of perps with tighter spreads, that is the wrong comparison.

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The 5min vs 15min Up Down markets on Polymarket have shifted meaningfully over the past 9 days. On Feb 12, 5min accounted for 31% of total volume, and by Feb 19, that rose to 68%. Total daily volume stayed roughly flat. 5min did not grow the pie. It pulled volume from 15min.