Phase-shifting speckle interferometry could achieve full-field deformation measurement of rough surfaces. To meet the dynamic requirement and further improve the accuracy, a two-step synchronous phase-shifting measurement system is established based on the polarization-sensitive phase modulation ability of a liquid crystal spatial light modulator; by multiplexing the reference wavefront, an accurate phase shift is generated between two independent recording channels, and a common-path self-reference vortex interference structure is built for precise spatial registration. Meanwhile, according to the speckle statistical principle, a novel two-frame phase-shifting algorithm as well as a two-step spatial registration strategy is presented to strengthen the robustness of intensity and position differences caused by spatial-multiplexing; thereby, accurate transient deformation can be directly obtained from phase-shifting speckle interferograms recorded before and after deformation. The effectiveness and accuracy of the proposal are validated from the out-of-plane deformation measurement experiment by comparing with the traditional two-step and four-step phase-shifting methods. The dynamic ability is exhibited through reconstructing mechanical and thermal deformations across various application scenarios.