Name

Beginner Futures Trader

Spot Trader Curious About Futures

Completely New to Mudrex

Experienced Futures Trader

Signal-Based Trader

Age

18-30

25-40

22-35

28-45

20-35

Demographics

Tech-savvy young investors, first-time derivatives traders

Existing Mudrex spot traders

Crypto beginners, no trading experience

Traders migrating from Bybit/other platforms

Users engaging due to trade signals

Need

Try Futures with low risk

Leverage for higher returns

Find an easy way to invest in crypto

Reliable platform with high liquidity

Follow expert recommendations

Pain Point

Complexity, lack of education, high fees

Lack of Futures knowledge, fear of liquidations

Fear of complexity, unfamiliar with trading

High fees, limited order types

Skepticism about signals, execution delays

Solution

Simple UI, educational resources, low-fee trial

Trade signals, guided Futures tutorials

Simplified UI, step-by-step onboarding

Competitive fee tiers, deep liquidity

High-accuracy signals, easy order placement

Behavior

Exploring Futures, small trade sizes, low confidence

Trades Spot but hesitates with Futures

Wants to invest but unsure how to start

Trades high volume, hedges positions

Places trades based on signals

Perceived Value of Brand

Widest trading pairs, easy INR deposits

Trusts Mudrex for crypto

Mudrex is beginner-friendly

Competitive fees, Bybit (Unavailable for India) exit advantage

Trusts Mudrex’s signals

Marketing Pitch

Start trading Futures with ease

Use leverage to maximize profits

Start crypto investing easily

Most trading pairs in India

Profit with automated insights

Goals

Learn and test Futures trading

Expand from Spot to Futures trading

Learn about crypto & trading

Migrate from Bybit, get better execution

Trade Futures based on insights

Frequency of Use Case

Low

Moderate

Low

High

Moderate

Average Spend on the Product

$50-$200 per trade

$500-$2000 per trade

$100-$500 first deposit

$5000-$50,000 per trade

$500-$3000 per trade

Value Accessibility to Product

Medium

High

Medium

High

Medium

Value Experience of the Product

Needs guided onboarding and trial incentives

Needs an easy transition from Spot

Needs strong hand-holding & trust-building

Needs reliability & advanced tools

Needs automated execution & tracking

ICP 1 (Beginner Futures Trader)

High

High

Low

Low

1000 users

ICP 2 (Existing Spot Trader)

Moderate

High

High

High

1400 users

ICP 3 (Completely New to Mudrex)

Low

High

Low

Moderate

1100 users

ICP 4 (Pro Futures Trader)

Moderate

Low

High

High

1500 users

ICP 5 (Trade Signal Followers)

High

High

High

Moderate

1200 users

Primary

Functional

Help new users confidently place their first Futures trade with minimal risk.

Enable Spot traders to transition smoothly to Futures with educational support.

Make Futures trading accessible and easy to understand for first-time users.

Offer pro traders required trading pairs, liquidity, and fast execution.

Provide a seamless trade execution experience for signal-based traders.

User interviews, drop-off analysis, competitor research.

"I want to try Futures, but I'm scared of liquidation and don’t understand leverage."

Secondary

Financial

Allow users to test leverage trading at low cost and reduce risk.

Help traders maximize profits with leverage while minimizing liquidation risks.

Introduce a cost-effective entry to Futures trading with incentives.

Ensure high-volume traders benefit from lower fees and rebates.

Enable seamless auto-execution of profitable trade signals.

User Calls,Fee sensitivity tracking, trade volume analysis, user behavior insights, Social Media Comments

"If the fees were lower, I would trade more frequently."

Place 5 Futures trades within 7 days of first trade.

Users who place at least 5 trades in their first week tend to retain longer. This metric ensures users actively engage with the platform rather than just testing a single trade. If they don’t return after the first trade, it indicates friction in onboarding or product experience. High drop-offs after a single trade could signal unclear UI, fee concerns, or poor user guidance.

- % of users placing 5 trades within 7 days

- Retention rate of users who meet this milestone vs. those who don’t

- Drop-off analysis after 1st, 2nd, and 3rd trades

High

Existing Spot traders place their first Futures trade within 72 hours of Spot trade.

Spot traders already trust Mudrex and have trading experience. Encouraging them to try Futures quickly after their last Spot trade reduces hesitation and increases activation. A longer gap may indicate fear of leverage, lack of knowledge, or difficulty in discovering Futures.

- % of Spot traders who place a Futures trade within 72 hours

- Comparison of retention between Spot traders who activate vs. those who don’t 

- Click-through rate on Futures discovery touchpoints (e.g., banners, in-app nudges)

Medium

Successful wallet transfer from Spot to Futures within 24 hours of KYC completion.

A significant drop-off (38%) happens at the

 wallet transfer step

. If users transfer funds quickly, it shows intent to trade. A delayed transfer suggests friction in UI, unclear guidance, or lack of urgency. Improving this step can increase Futures activation.

- % of users completing wallet transfer within 24 hours

- % of transferred funds leading to an actual trade

- Drop-off points in the transfer process (e.g., unclear UI, exit points)

Medium

Users place their first Futures trade within 2 hours of viewing a trade signal (Future metric).

Many users engage with

 Mudrex trade signals (80% success rate) 

but we currently lack tracking. Once in-app signals are implemented, we can measure conversion by tracking event clicks on signals and corresponding orders within

 1-2 hours

. Fast execution shows confidence in signals and lowers friction.

- % of users clicking on a signal and placing a trade

- Trade success rate based on signals

- Retention of users who follow trade signals vs. those who don’t

Low

Users who place a second trade within 24 hours of their first trade have higher retention.

The first trade is often experimental. If a user

 returns within 24 hours

to place another trade, it shows increasing confidence. Users who wait too long may lose interest, face friction, or be hesitant due to unclear UI or fees.

- % of users placing a second trade within 24 hours

- Retention comparison of users who trade once vs. those who continue

- Reasons for drop-offs after the first trade (survey or user interviews)

High

Website & App Visitors

Use Google Analytics & Amplitude to track new user visits. Monitor how many users navigate to the Futures section.

Onboarding Funnel Analysis

Use CleverTap & Amplitude to track user drop-offs at key points (KYC, Wallet Transfer, First Trade). Identify where users exit the funnel.

CTA Clicks & UI Interactions

Use heatmaps andA/B testing to optimize CTA placements on the Futures landing page. Test prompts nudging Spot traders to try Futures.

In-App Messaging Engagement

Track open and click rates of in-app messages about Futures features, PNs, and trade signals.

Trade Signal Effectiveness

Measure trade execution rates within 1-2 hours of signal release once in-app tracking is available. Track Telegram channel engagement until then.

Wallet Transfer Completion

Track how many users transfer funds to Futures within 24 hours of KYC. Identify UI friction points using event logs

User Cohort Analysis

Segment users based on acquisition source (organic, referral, paid) to see which cohorts convert best to Futures traders.

D1 vs. D7 Retention

Track how many users return after 1 day and 7 days to assess engagement after their first trade. Implement re-engagement nudges for drop-offs.

Activation Rate

Define activation as 5 trades within 7 days and track how many users reach this milestone. Analyze correlation with long-term retention

Feature Adoption Rate

Monitor adoption of advanced Futures features (like leverage adjustments, order types) to gauge user maturity.