New — first transaction ever |
Reactivated — skipped 1+ month, came back |
Retained — active last month and this month |
Churned — active last month but not this month
Retention Rate %
Cohort Retention Heatmap
Each row = clients who traded for the first time ever in that month.
Top 15 Clients by PnL
Top 5 Client Trend
Revenue Flow: Client → Currency Pair
Revenue Concentration Over Time
Top 1 = single-client dependency risk.
Top 5 / Top 10 = how quickly revenue accumulates in a few clients.
Lower is more diversified.
Monthly Revenue
Concentration Alerts — Clients > 10% of Revenue
Top 10 Markets — P&L Over Time
Clients by Number of Markets
Avg Markets per Client Over Time
Avg PnL by Market Count
Revenue Waterfall
Each bar decomposes the month-over-month revenue change:
New +
Reactivation +
Expansion +
Contraction +
Churn
Ending Revenue per Month
Net Revenue Retention (NRR) & Gross Revenue Retention (GRR)
NRR > 100% = existing clients alone grow revenue.
GRR = baseline retention without expansion.
The gap between NRR and GRR shows how much growth depends on upselling.
LTV Distribution
Pareto — Client % vs PnL %
Shows what % of total PnL is generated by the top X% of clients.
A steep curve = whale dependency.
Avg Cumulative PnL per Client vs CAC
$400k
CAC = annual client acquisition cost / total clients.
The payback month is when avg cumulative PnL crosses the CAC line.
Avg PnL per Client by Months Since First Trade
Shows whether clients become more or less valuable over time.
An upward trend = strong product-market fit.