The first decision is whether you are replacing Figma the canvas or Figma the operating model, because they are very different jobs. Drawing screens, editing vectors, and exporting assets are the easy parts to match; the hard parts are shared component libraries, multiplayer review, prototype links, and developer handoff, and no open tool reproduces all of them exactly. Of the options here, Penpot is the only one aiming at that full product-design workflow, with components, variants, design tokens, and an inspect mode, while Excalidraw deliberately stays a fast whiteboard for wireframes and diagrams rather than a pixel-perfect editor.
Expect the gaps to show up in fidelity and collaboration rather than basic drawing. Auto layout, variants, interactive prototype states, and plugin pipelines rarely transfer one for one, and browser-based coediting can behave differently under large files and many reviewers. Penpot builds its files on SVG, CSS, HTML, and JSON, which keeps them inspectable and closer to how engineers actually read a design, but you should still test a real design critique with designers, product managers, and engineers in the room before committing a whole team.
For the move itself, begin inside Figma with an inventory of files, libraries, fonts, and prototype links, then export finished screens as SVG, PDF, or PNG and keep the original Figma files as archives. Vector paths, images, and text usually import; components, variants, auto layout, comments, and version history generally need rebuilding. Migrate one product area first, recreate its component library by hand, validate handoff with engineers on a real feature, then freeze the old library once the new one holds up.