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Traditionally it comes down to wing size, but there is a good amount of line blurring happening at the moment as wing performance has improved substantially in the last 5 years. The goals tend to be different to. Speedflying typically involves a rapid descent with flights lasting 1-3 minutes. Paragliding one typically tries to stay aloft as long as possible, either by catching thermal lift to go cross country or sustaining upslope ridge lift on a mountain. Then you can start soaring the small wings and have all the fun!