Applications ranging from algorithmic trading to scientific data analysis require realtime analytics based on views over databases that change at very high rates. Such views have to be kept fresh at low maintenance cost and latencies. At the same time, these views have to support classical SQL, rather than window semantics, to enable applications that combine current with aged or historical data. In this paper, we present viewlet transforms, a recursive finite differencing technique applied to queries. The viewlet transform materializes a query and a set of its higher-order deltas as views. These views support each other's incremental maintenance, leading to a reduced overall view maintenance cost. The viewlet transform of a query admits efficient evaluation, the elimination of certain expensive query operations, and aggressive parallelization. We develop viewlet transforms into a workable query execution technique, present a heuristic and cost-based optimization framework, and report on experiments with a prototype dynamic data management system that combines viewlet transforms with an optimizing compilation technique. The system supports tens of thousands of complete view refreshes a second for a wide range of queries.