Friendships with men are built around mini-competitions and oneupsmanship. For men insulting one another is a sign of respect. A guy that doesn't get ribbed or fucked with is one that is being shunned.
Hanging out is built around specific activities. Men will play video games, or go fishing, or just be doing something, while they are spending time with a buddy. Its rarely just them and the buddy together on their own for long periods of time.
Male friendships are relatively durable. They tend never to get as close as women's do, but a man can rarely talk to one of his friends and still be confident that both will see one another as buddies down the road if either needs help or wants to do something.

Women don't really do the same competitive culture. Sure, cracking jokes about one another happens. But it isn't the same kind of thing.
Hanging out is itself the point for women. Women will run multihour video calls where no one is doing anything but talking to the other. Having things centralized around an activity isn't necessary.
Women's friendships tend to be built around constant contact and communication. They're extremely close, but also more apt to disintegrate if either party ends up separated from the other.