As the prediction market enters the "high trading volume era": a summary of the structural differentiation between Kalshi, Polymarket, and Opinion, the prediction market is undergoing a transformation, shifting from low-frequency betting to high-frequency trading, with more users repeatedly trading on the same event. Kalshi enhances participation frequency through sports events, Polymarket focuses on topic selection, and Opinion needs to pay attention to user stickiness. In the future, prediction markets will differentiate into various market infrastructures, with the focus shifting to liquidity, price interpretability, and genuine user needs. Author: 137Labs The prediction market is experiencing a critical turning point. By mid-January, the daily trading activity density, turnover speed, and user engagement frequency of mainstream prediction market platforms have all increased simultaneously.