Recently compared the event contract mechanisms across different platforms and found some interesting differences. One leading exchange's event contracts track futures prices, while another platform uses spot prices as the reference benchmark. This detail is actually very important.

In terms of odds, both platforms are quite similar, maintaining around 85% across 5-minute, 15-minute, 30-minute, and 1-hour cycles. On the surface, they seem comparable, but in actual operation, the differences in the price matching mechanisms directly affect the speed of market fluctuation transmission and slippage risk.

Especially when trading short-term, particularly in ultra-short cycles like 5 minutes, a single-sided market can cause the price gap between futures and spot to widen. Spot prices are usually closer to the actual market transactions, but sometimes react faster. Futures, on the other hand, may respond to market sentiment in advance, leading to larger volatility.

This raises an interesting question: which is more likely to seize opportunities and make a profit in a one-sided market? This may require practical testing, as the 5-minute level itself is full of uncertainties.