Mixpanel does one thing extremely well: it turns a stream of product events into funnels, retention curves, and cohort breakdowns that tell you how people actually use what you built. For understanding behavior over time it is sharp and fast. The catch is the meter. Plans are priced on event volume, so the more your product is used - exactly when the data matters most - the more you pay, and the raw events themselves sit in Mixpanel's cloud rather than anywhere you can query them directly.
The open source alternatives below capture the same event-driven analytics on a database you own. Every event you send is yours to keep, re-query, and join against the rest of your data, with no ceiling that punishes a popular launch. Funnels and retention are computed over your own raw stream, so growth raises your server bill, not a usage tier.