How does Mixpanel pull Funnel events?

We have two events, “App download” and “Logged in” that are tracked for all users. Logging in happens right after app download, and should largely be a subset. Looking at raw numbers, the events are closely tied, which makes sense.


When we made a simple funnel with the 2 events though, it showed that only 5% of downloads were converting to logins, which is not possible. The raw number for the ‘app downloads’ looks correct but something is wrong with the ‘logged in’ event.


How does Mixpanel track continuity between events to know that a login corresponds to a previous app download? Is it by IP address or similar? (user data doesn’t at this stage yet of course because its before they logged in)

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