The share of visitors or clicks that complete the target action, the core efficiency metric of an arbitrage funnel.
Conversion rate (CR) is conversions divided by the traffic that could have converted — leads ÷ visits, or sales ÷ clicks, depending on the funnel stage measured. It compounds down the funnel: prelander CR × offer CR × approve rate gives the effective rate from click to billable lead.
CR is the lever that decides whether an arbitrage campaign is profitable at a given traffic cost, alongside EPC (earnings per click) and payout. A small CR improvement at the top of a high-volume funnel can outweigh large changes elsewhere.
Because approve rate is a hidden multiplier on effective CR, lead-side analytics report it per source and per advertiser.