diff --git a/include/seastar/util/shared_token_bucket.hh b/include/seastar/util/shared_token_bucket.hh
index 1792441cb13..d4042f67463 100644
--- a/include/seastar/util/shared_token_bucket.hh
+++ b/include/seastar/util/shared_token_bucket.hh
@@ -134,6 +134,7 @@ class shared_token_bucket {
     static constexpr rate_resolution max_delta = std::chrono::duration_cast<rate_resolution>(std::chrono::hours(1));
 public:
     static constexpr T max_rate = std::numeric_limits<T>::max() / 2 / max_delta.count();
+    static constexpr capped_release is_capped = Capped;
 
 private:
     static constexpr T accumulated(T rate, rate_resolution delta) noexcept {
diff --git a/tests/perf/CMakeLists.txt b/tests/perf/CMakeLists.txt
index 4b77c4bc0e2..08366c3224b 100644
--- a/tests/perf/CMakeLists.txt
+++ b/tests/perf/CMakeLists.txt
@@ -67,6 +67,9 @@ seastar_add_test (fstream
 seastar_add_test (fair_queue
   SOURCES fair_queue_perf.cc)
 
+seastar_add_test (shared_token_bucket
+  SOURCES shared_token_bucket.cc)
+
 seastar_add_test (future_util
   SOURCES future_util_perf.cc)
 
diff --git a/tests/perf/shared_token_bucket.cc b/tests/perf/shared_token_bucket.cc
new file mode 100644
index 00000000000..d1dd1b3d84c
--- /dev/null
+++ b/tests/perf/shared_token_bucket.cc
@@ -0,0 +1,286 @@
+/*
+ * This file is open source software, licensed to you under the terms
+ * of the Apache License, Version 2.0 (the "License").  See the NOTICE file
+ * distributed with this work for additional information regarding copyright
+ * ownership.  You may not use this file except in compliance with the License.
+ *
+ * You may obtain a copy of the License at
+ *
+ *   http://www.apache.org/licenses/LICENSE-2.0
+ *
+ * Unless required by applicable law or agreed to in writing,
+ * software distributed under the License is distributed on an
+ * "AS IS" BASIS, WITHOUT WARRANTIES OR CONDITIONS OF ANY
+ * KIND, either express or implied.  See the License for the
+ * specific language governing permissions and limitations
+ * under the License.
+ */
+/*
+ * Copyright (C) 2023 ScyllaDB Ltd.
+ */
+
+
+#include <random>
+#include <seastar/testing/perf_tests.hh>
+#include <seastar/testing/random.hh>
+#include <seastar/core/sharded.hh>
+#include <seastar/core/sleep.hh>
+#include <seastar/util/later.hh>
+#include <seastar/util/shared_token_bucket.hh>
+
+using capped_token_bucket_t = internal::shared_token_bucket<uint64_t, std::ratio<1>, internal::capped_release::yes>;
+using pure_token_bucket_t = internal::shared_token_bucket<uint64_t, std::ratio<1>, internal::capped_release::no>;
+using clock_type = std::chrono::steady_clock;
+
+struct work_result {
+    uint64_t tokens;
+};
+
+struct statistics {
+    uint64_t total = 0;
+    uint64_t min = std::numeric_limits<uint64_t>::max();
+    uint64_t max = std::numeric_limits<uint64_t>::min();
+};
+
+statistics accumulate(statistics acc, const work_result& val) {
+    return statistics {
+        .total = acc.total + val.tokens,
+        .min = std::min(acc.min, val.tokens),
+        .max = std::max(acc.max, val.tokens),
+    };
+}
+
+template <typename TokenBucket>
+struct worker : public seastar::peering_sharded_service<worker<TokenBucket>> {
+    TokenBucket& tb;
+    uint64_t tokens = 0;
+    uint64_t tokens_per_tick_min = std::numeric_limits<uint64_t>::max();
+    uint64_t tokens_per_tick_max = std::numeric_limits<uint64_t>::min();
+    struct tick_data {
+        std::chrono::microseconds delay;
+        std::chrono::microseconds sleep;
+        uint64_t defic;
+        uint64_t tokens;
+        uint64_t total;
+
+        template <typename D1, typename D2>
+        tick_data(D1 dur, D2 slp, uint64_t def, uint64_t lt, uint64_t tt) noexcept
+                : delay(std::chrono::duration_cast<std::chrono::microseconds>(dur))
+                , sleep(std::chrono::duration_cast<std::chrono::microseconds>(slp))
+                , defic(def)
+                , tokens(lt)
+                , total(tt)
+        {}
+    };
+    std::deque<tick_data> ticks;
+    const uint64_t threshold; // this is to mimic the main user of shared-token-bucket -- a fair_queue::dispatch_requests
+    std::optional<std::pair<int, uint64_t>> head;
+    std::uniform_int_distribution<int> size;
+    uint64_t available = 0;
+    uint64_t release_per_tick = 0;
+    timer<> release_tokens;
+
+    worker(TokenBucket& tb_) noexcept
+        : tb(tb_)
+        , threshold(tb.limit() / smp::count)
+        , size(1, 128)
+        , release_tokens([this] { do_release(); })
+    {
+        if constexpr (TokenBucket::is_capped == internal::capped_release::yes) {
+            release_tokens.arm_periodic(std::chrono::microseconds(500));
+            release_per_tick = double(tb.rate()) / smp::count / 2000;
+        }
+        fmt::print("{} worker, threshold {}, release-per-tick {}\n", this_shard_id(), threshold, release_per_tick);
+    }
+
+    void do_release() {
+        auto release = std::min(release_per_tick, available);
+        available -= release;
+        tb.release(release);
+    }
+
+    future<work_result> work(std::function<future<>(std::chrono::duration<double> d)> do_sleep) {
+        assert(tokens == 0);
+        auto start = clock_type::now();
+        return do_until([end = start + std::chrono::seconds(1)] { return clock_type::now() >= end; },
+            [this, start, do_sleep = std::move(do_sleep)] {
+                uint64_t d = 0;
+                uint64_t l_tokens = 0;
+                int sz;
+
+                while (l_tokens < threshold) {
+                    if (head) {
+                        tb.replenish(clock_type::now());
+                        d = tb.deficiency(head->second);
+                        if (d > 0) {
+                            break;
+                        }
+                        sz = head->first;
+                        head.reset();
+                    } else {
+                        sz = size(testing::local_random_engine);
+                        auto h = tb.grab(sz);
+                        d = tb.deficiency(h);
+                        if (d > 0) {
+                            head = std::make_pair(sz, h);
+                            break;
+                        }
+                    }
+                    tokens += sz;
+                    l_tokens += sz;
+                    available += sz;
+                }
+
+                tokens_per_tick_min = std::min(tokens_per_tick_min, l_tokens);
+                tokens_per_tick_max = std::max(tokens_per_tick_max, l_tokens);
+                auto p = tb.duration_for(d);
+                ticks.emplace_back(clock_type::now() - start, p, d, l_tokens, tokens);
+                if (ticks.size() > 2048) {
+                    ticks.pop_front();
+                }
+                return do_sleep(p);
+            }
+        ).then([this, start] {
+            auto delay = std::chrono::duration_cast<std::chrono::duration<double>>(clock_type::now() - start).count();
+            fmt::print("{} {}t/{:.3f}s, speed is {:.1f}t/s goal {:.1f}t/s, {} ticks, per-tick [{}..{}]\n", this_shard_id(), tokens, delay,
+                    double(tokens) / delay, double(tb.rate()) / smp::count,
+                    ticks.size(), tokens_per_tick_min, tokens_per_tick_max);
+            tokens_per_tick_min = std::numeric_limits<uint64_t>::max();
+            tokens_per_tick_max = std::numeric_limits<uint64_t>::min();
+            work_result r {
+                .tokens = std::exchange(this->tokens, 0),
+            };
+            return make_ready_future<work_result>(std::move(r));
+        });
+    }
+
+    future<work_result> work_sleeping() {
+        return work([this] (std::chrono::duration<double> d) {
+            return seastar::sleep(std::chrono::duration_cast<std::chrono::microseconds>(d));
+        });
+    }
+
+    future<work_result> work_yielding() {
+        return work([] (std::chrono::duration<double>) {
+            return seastar::yield();
+        });
+    }
+
+    future<> print_and_clear_ticks() {
+        fmt::print("{} {} ticks\n", this_shard_id(), ticks.size());
+        std::chrono::microseconds p(0);
+        for (auto& td : ticks) {
+            fmt::print("  {:8} +{:5} us {:5}/{:5} def {:3} sleep {:5} us\n", td.delay.count(), (td.delay - p).count(), td.tokens, td.total, td.defic, td.sleep.count());
+            p = td.delay;
+        }
+        ticks.clear();
+        if (this_shard_id() == smp::count - 1) {
+            return make_ready_future<>();
+        }
+
+        return this->container().invoke_on(this_shard_id() + 1, &worker::print_and_clear_ticks);
+    }
+};
+
+struct hog {
+    std::exponential_distribution<double> busy;
+    std::exponential_distribution<double> rest;
+    std::optional<future<>> stopped;
+    bool keep_going = false;
+    uint64_t _iterations = 0;
+
+    template <typename T1, typename T2>
+    hog(T1 b, T2 r) noexcept
+        : busy(1.0 / std::chrono::duration_cast<std::chrono::duration<double>>(b).count())
+        , rest(1.0 / std::chrono::duration_cast<std::chrono::duration<double>>(r).count())
+    {}
+
+    void work() {
+        assert(!stopped.has_value());
+        keep_going = true;
+        stopped = do_until([this] { return !keep_going; },
+            [this] {
+                auto p = std::chrono::duration<double>(rest(testing::local_random_engine));
+                return seastar::sleep(std::chrono::duration_cast<std::chrono::microseconds>(p)).then([this] {
+                    _iterations++;
+                    auto until = clock_type::now() + std::chrono::duration<double>(busy(testing::local_random_engine));
+                    do {
+                    } while (clock_type::now() < until && keep_going);
+                });
+            }
+        );
+    }
+
+    future<> terminate() {
+        assert(stopped.has_value());
+        keep_going = false;
+        auto f = std::move(*stopped);
+        stopped.reset();
+        return f.finally([this] {
+            fmt::print("{}-hog {} iters\n", this_shard_id(), std::exchange(_iterations, 0));
+        });
+    }
+};
+
+template <typename TokenBucket>
+struct context {
+    using worker_t = worker<TokenBucket>;
+    TokenBucket tb;
+    seastar::sharded<worker_t> w;
+    seastar::sharded<hog> h;
+
+    static constexpr uint64_t rate = 1000000;
+    static constexpr uint64_t limit = rate / 2000;
+    static constexpr uint64_t threshold = 1;
+
+    context() : tb(rate, limit, threshold)
+    {
+        w.start(std::ref(tb)).get();
+        h.start(std::chrono::microseconds(500), std::chrono::microseconds(10)).get();
+        fmt::print("Created tb {}t/s (limit {} threshold {})\n", tb.rate(), tb.limit(), tb.threshold());
+    }
+
+    ~context() {
+        h.stop().get();
+        w.stop().get();
+    }
+
+    template <typename Fn>
+    future<> run_workers(Fn&& fn) {
+        auto start = clock_type::now();
+        return w.map_reduce0(std::forward<Fn>(fn), statistics{}, accumulate).then([this, start] (statistics st) {
+            auto delay = std::chrono::duration_cast<std::chrono::duration<double>>(clock_type::now() - start).count();
+            fmt::print("effective rate is {:.1f}t/s, [{} ... {}]\n", st.total / delay, st.min, st.max);
+        });
+    }
+
+    future<> test_sleeping() {
+        fmt::print("---8<---\n");
+        return run_workers(&worker_t::work_sleeping);
+    }
+
+    future<> test_yielding() {
+        fmt::print("---8<---\n");
+        return run_workers(&worker_t::work_yielding);
+    }
+
+    future<> test_sleeping_with_hog() {
+        fmt::print("---8<---\n");
+        return h.invoke_on_all(&hog::work).then([this] {
+            return run_workers(&worker_t::work_sleeping).then([this] {
+                return h.invoke_on_all(&hog::terminate);
+            });
+        });
+    }
+};
+
+struct perf_capped_context : public context<capped_token_bucket_t> {};
+struct perf_pure_context : public context<pure_token_bucket_t> {};
+
+PERF_TEST_F(perf_capped_context, sleeping_throughput) { return test_sleeping(); }
+PERF_TEST_F(perf_capped_context, yielding_throughput) { return test_yielding(); }
+PERF_TEST_F(perf_capped_context, sleeping_throughput_with_hog) { return test_sleeping_with_hog(); }
+
+PERF_TEST_F(perf_pure_context, sleeping_throughput) { return test_sleeping(); }
+PERF_TEST_F(perf_pure_context, yielding_throughput) { return test_yielding(); }
+PERF_TEST_F(perf_pure_context, sleeping_throughput_with_hog) { return test_sleeping_with_hog(); }