diff --git a/folsom-semantic-metrics/src/main/java/com/spotify/folsom/client/SemanticFolsomMetrics.java b/folsom-semantic-metrics/src/main/java/com/spotify/folsom/client/SemanticFolsomMetrics.java
index f79472d4..32c504b9 100644
--- a/folsom-semantic-metrics/src/main/java/com/spotify/folsom/client/SemanticFolsomMetrics.java
+++ b/folsom-semantic-metrics/src/main/java/com/spotify/folsom/client/SemanticFolsomMetrics.java
@@ -27,6 +27,8 @@
 import java.util.List;
 import java.util.Set;
 import java.util.concurrent.CompletionStage;
+import java.util.concurrent.ConcurrentHashMap;
+import java.util.concurrent.ConcurrentMap;
 import java.util.concurrent.CopyOnWriteArraySet;
 
 /**
@@ -73,6 +75,8 @@ public class SemanticFolsomMetrics implements Metrics {
   private final MetricId id;
 
   private final Set<OutstandingRequestsGauge> gauges = new CopyOnWriteArraySet<>();
+  private final ConcurrentMap<String, HostMetrics> instanceMetrics = new ConcurrentHashMap<>();
+  private final MetricId outstandingRequestGaugeBaseId;
 
   public SemanticFolsomMetrics(final SemanticMetricRegistry registry, final MetricId baseMetricId) {
 
@@ -142,12 +146,12 @@ protected Ratio getRatio() {
     this.touchSuccesses = registry.meter(touchMetersId.tagged("result", "success"));
     this.touchFailures = registry.meter(touchMetersId.tagged("result", "failure"));
 
-    final MetricId outstandingRequestGauge =
+    outstandingRequestGaugeBaseId =
         id.tagged(
             "what", "outstanding-requests",
             "unit", "requests");
     registry.register(
-        outstandingRequestGauge,
+        outstandingRequestGaugeBaseId.tagged("host", "all"),
         (Gauge<Long>)
             () ->
                 gauges.stream().mapToLong(OutstandingRequestsGauge::getOutstandingRequests).sum());
@@ -344,10 +348,47 @@ public RatioGauge getHitRatio() {
   @Override
   public void registerOutstandingRequestsGauge(final OutstandingRequestsGauge gauge) {
     gauges.add(gauge);
+    final String hostName = gauge.getHostName();
+    instanceMetrics.computeIfAbsent(hostName, HostMetrics::new).add(gauge);
   }
 
   @Override
-  public void unregisterOutstandingRequestsGauge(OutstandingRequestsGauge gauge) {
+  public void unregisterOutstandingRequestsGauge(final OutstandingRequestsGauge gauge) {
+    final String hostName = gauge.getHostName();
     gauges.remove(gauge);
+    instanceMetrics.computeIfAbsent(hostName, HostMetrics::new).remove(gauge);
+
+    // TODO: possibly clean up old hostnames from the map.
+  }
+
+  private class HostMetrics {
+    private final Set<OutstandingRequestsGauge> gauges = new CopyOnWriteArraySet<>();
+    private final MetricId metricId;
+    private boolean active = false;
+
+    private HostMetrics(final String hostname) {
+      metricId = outstandingRequestGaugeBaseId.tagged("host", hostname);
+    }
+
+    private synchronized void remove(final OutstandingRequestsGauge gauge) {
+      gauges.remove(gauge);
+
+      if (gauges.isEmpty() && active) {
+        active = false;
+        registry.remove(metricId);
+      }
+    }
+
+    private synchronized void add(final OutstandingRequestsGauge gauge) {
+      gauges.add(gauge);
+      if (!active) {
+        active = true;
+        registry.register(metricId, (Gauge<Long>) this::gaugeFunction);
+      }
+    }
+
+    private long gaugeFunction() {
+      return gauges.stream().mapToLong(OutstandingRequestsGauge::getOutstandingRequests).sum();
+    }
   }
 }
diff --git a/folsom/src/main/java/com/spotify/folsom/Metrics.java b/folsom/src/main/java/com/spotify/folsom/Metrics.java
index 9647c051..93963be6 100644
--- a/folsom/src/main/java/com/spotify/folsom/Metrics.java
+++ b/folsom/src/main/java/com/spotify/folsom/Metrics.java
@@ -42,5 +42,9 @@ public interface Metrics {
 
   interface OutstandingRequestsGauge {
     int getOutstandingRequests();
+
+    default String getHostName() {
+      return "";
+    }
   }
 }
diff --git a/folsom/src/main/java/com/spotify/folsom/client/DefaultRawMemcacheClient.java b/folsom/src/main/java/com/spotify/folsom/client/DefaultRawMemcacheClient.java
index 11b2770a..130e603e 100644
--- a/folsom/src/main/java/com/spotify/folsom/client/DefaultRawMemcacheClient.java
+++ b/folsom/src/main/java/com/spotify/folsom/client/DefaultRawMemcacheClient.java
@@ -97,6 +97,7 @@ public class DefaultRawMemcacheClient extends AbstractRawMemcacheClient {
                   ? new EpollEventLoopGroup(0, THREAD_FACTORY)
                   : new NioEventLoopGroup(0, THREAD_FACTORY));
   private final int pendingCounterLimit;
+  private final OutstandingRequestGauge outstandingRequestGauge = new OutstandingRequestGauge();
 
   public static CompletionStage<RawMemcacheClient> connect(
       final HostAndPort address,
@@ -210,7 +211,7 @@ private DefaultRawMemcacheClient(
 
     GLOBAL_CONNECTION_COUNT.incrementAndGet();
 
-    metrics.registerOutstandingRequestsGauge(this::numPendingRequests);
+    metrics.registerOutstandingRequestsGauge(outstandingRequestGauge);
 
     channel.pipeline().addLast("handler", new ConnectionHandler());
   }
@@ -450,7 +451,7 @@ private void setDisconnected(String message) {
       pendingCounter.set(pendingCounterLimit);
       channel.close();
       GLOBAL_CONNECTION_COUNT.decrementAndGet();
-      metrics.unregisterOutstandingRequestsGauge(this::numPendingRequests);
+      metrics.unregisterOutstandingRequestsGauge(outstandingRequestGauge);
       notifyConnectionChange();
     }
   }
@@ -459,13 +460,21 @@ static int getGlobalConnectionCount() {
     return GLOBAL_CONNECTION_COUNT.get();
   }
 
-  private int numPendingRequests() {
-    final int counter = pendingCounter.get();
-    if (counter >= pendingCounterLimit) {
-      if (disconnectReason.get() != null) {
-        return 0; // Disconnected implies no pending requests
+  private class OutstandingRequestGauge implements Metrics.OutstandingRequestsGauge {
+    @Override
+    public int getOutstandingRequests() {
+      final int counter = pendingCounter.get();
+      if (counter >= pendingCounterLimit) {
+        if (disconnectReason.get() != null) {
+          return 0; // Disconnected implies no pending requests
+        }
       }
+      return counter;
+    }
+
+    @Override
+    public String getHostName() {
+      return address.getHostText();
     }
-    return counter;
   }
 }