diff --git a/.claude/memory/project-status.md b/.claude/memory/project-status.md
index cc2db27..94d6470 100644
--- a/.claude/memory/project-status.md
+++ b/.claude/memory/project-status.md
@@ -16,6 +16,7 @@ All 35 user stories in docs/prd.json are done (35/35), including the reward-syst
 - **TrackerServer threads**: deposit watcher (exactly-once via deposit-<sig> event ids) + leader-only settlement loop (threshold OR max-period, dust floor, resend-by-settlement-id → no double-pay).
 - **Forfeiture penalty**: validator forfeits pending balance + strike; 3 strikes ban; probation redirects shares to protocol cut. Math in packages/validator/README.md.
 - **Web dashboard**: GET /dashboard on any tracker, embedded dashboard.html, 4s polling.
+- **Observed routing throughput**: tracker records rolling observed tokens/sec per `(node_id, model)` from completed proxied inference requests, exposes it via `/v1/stats` and `/v1/network/map`, shows it on the dashboard, and prefers observed per-model TPS over startup benchmark for routing when samples exist.
 
 Suite: 222 passed, 3 skipped (openai/langchain packages missing in .venv — pre-existing).
 
diff --git a/packages/tracker/meshnet_tracker/dashboard.html b/packages/tracker/meshnet_tracker/dashboard.html
index 90e5a04..1b6e021 100644
--- a/packages/tracker/meshnet_tracker/dashboard.html
+++ b/packages/tracker/meshnet_tracker/dashboard.html
@@ -46,6 +46,7 @@
   <section><h2>Settlement history</h2><div id="settlements" class="empty">loading…</div></section>
   <section><h2>Strikes / bans / forfeitures</h2><div id="fraud" class="empty">loading…</div></section>
   <section><h2>Model usage (RPM)</h2><div id="stats" class="empty">loading…</div></section>
+  <section><h2>Node throughput</h2><div id="throughput" class="empty">loading…</div></section>
 </main>
 <script>
 "use strict";
@@ -53,6 +54,7 @@ const $ = id => document.getElementById(id);
 const esc = s => String(s).replace(/[&<>"]/g,
   c => ({"&":"&amp;","<":"&lt;",">":"&gt;",'"':"&quot;"}[c]));
 const usdt = v => (Math.round(v * 1e6) / 1e6).toFixed(6);
+const tps = v => (v === null || v === undefined) ? "?" : (Math.round(v * 10) / 10).toFixed(1);
 const short = (s, n=14) => { s = String(s); return s.length > n ? s.slice(0, 6) + "…" + s.slice(-5) : s; };
 
 async function fetchJson(path) {
@@ -96,13 +98,16 @@ function renderNodes(map) {
   let html = "";
   for (const [model, group] of Object.entries(byModel)) {
     html += `<div><b>${esc(model)}</b> <span class="dim">(${group.length} node${group.length===1?"":"s"})</span></div>`;
-    html += table(["node", "shard", "mode", "health"], group.map(n => [
+    html += table(["node", "shard", "tps (1h)", "queue", "health"], group.map(n => {
+      const modelStats = (n.throughput && (n.throughput[n.hf_repo] || n.throughput[n.model])) || {};
+      return [
       esc(short(n.node_id || "?")),
       esc(`${n.shard_start ?? "?"}-${n.shard_end ?? "?"}`),
-      n.tracker_mode ? '<span class="pill">tracker</span>' : '<span class="dim">worker</span>',
+      `<span class="num">${esc(tps(modelStats.tokens_per_sec_last_hour))}</span>`,
+      esc(String((n.stats && n.stats.queue_depth) ?? 0)),
       (n.stats && (n.stats.alive === false || n.stats.healthy === false))
         ? '<span class="bad">down</span>' : '<span class="ok">up</span>',
-    ]));
+    ]; }));
   }
   $("nodes").innerHTML = html;
 }
@@ -172,6 +177,22 @@ function renderStats(stats) {
   $("stats").innerHTML = table(["model", "rpm (1h)", "rpm (24h)", "rpm (30d)"], rows);
 }
 
+function renderThroughput(stats) {
+  const nodes = (stats && stats.nodes) || {};
+  const rows = [];
+  for (const [nodeId, nodeStats] of Object.entries(nodes)) {
+    for (const [model, s] of Object.entries((nodeStats && nodeStats.models) || {})) {
+      rows.push([
+        esc(short(nodeId)),
+        esc(short(model, 24)),
+        `<span class="num">${esc(tps(s.tokens_per_sec_last_hour))}</span>`,
+        `<span class="num">${esc(String(s.sample_count_last_hour ?? 0))}</span>`,
+      ]);
+    }
+  }
+  $("throughput").innerHTML = table(["node", "model", "tps (1h)", "samples"], rows);
+}
+
 async function refresh() {
   $("self-url").textContent = location.host;
   const [raft, map, summary, settlements, wallets, stats] = await Promise.all([
@@ -188,6 +209,7 @@ async function refresh() {
   renderSettlements(settlements);
   renderFraud(wallets, summary);
   renderStats(stats);
+  renderThroughput(stats);
   $("refreshed").textContent = "refreshed " + new Date().toLocaleTimeString();
 }
 refresh();
diff --git a/packages/tracker/meshnet_tracker/server.py b/packages/tracker/meshnet_tracker/server.py
index c553aac..8e82ddb 100644
--- a/packages/tracker/meshnet_tracker/server.py
+++ b/packages/tracker/meshnet_tracker/server.py
@@ -180,6 +180,73 @@ class _RollingCounter:
                 self._counts[i] = cnt
 
 
+class _RollingThroughput:
+    """Circular buckets for observed tokens/sec.
+
+    Each bucket stores total output tokens and total elapsed seconds. TPS for a
+    window is the ratio across non-stale buckets, which avoids over-weighting
+    small fast requests.
+    """
+
+    def __init__(self, num_buckets: int, bucket_seconds: int) -> None:
+        self._num = num_buckets
+        self._bsec = bucket_seconds
+        self._tokens: list[int] = [0] * num_buckets
+        self._seconds: list[float] = [0.0] * num_buckets
+        self._samples: list[int] = [0] * num_buckets
+        self._epochs: list[int] = [-1] * num_buckets
+
+    def _epoch(self, now: float) -> int:
+        return int(now) // self._bsec
+
+    def record(self, total_tokens: int, elapsed_seconds: float, now: float | None = None) -> None:
+        if total_tokens <= 0 or elapsed_seconds <= 0:
+            return
+        t = now if now is not None else time.time()
+        ep = self._epoch(t)
+        idx = ep % self._num
+        if self._epochs[idx] != ep:
+            self._tokens[idx] = 0
+            self._seconds[idx] = 0.0
+            self._samples[idx] = 0
+            self._epochs[idx] = ep
+        self._tokens[idx] += int(total_tokens)
+        self._seconds[idx] += float(elapsed_seconds)
+        self._samples[idx] += 1
+
+    def stats(self, now: float | None = None) -> dict:
+        t = now if now is not None else time.time()
+        cutoff = self._epoch(t) - self._num
+        tokens = 0
+        seconds = 0.0
+        samples = 0
+        for i in range(self._num):
+            if self._epochs[i] > cutoff:
+                tokens += self._tokens[i]
+                seconds += self._seconds[i]
+                samples += self._samples[i]
+        return {
+            "tokens_per_sec": round(tokens / seconds, 4) if seconds > 0 else None,
+            "tokens": tokens,
+            "seconds": round(seconds, 6),
+            "sample_count": samples,
+        }
+
+    def buckets(self) -> list[tuple[int, int, float, int]]:
+        return [
+            (self._epochs[i], self._tokens[i], self._seconds[i], self._samples[i])
+            for i in range(self._num)
+        ]
+
+    def restore_buckets(self, data: list[tuple[int, int, float, int]]) -> None:
+        for i, (ep, tokens, seconds, samples) in enumerate(data):
+            if i < self._num:
+                self._epochs[i] = ep
+                self._tokens[i] = tokens
+                self._seconds[i] = seconds
+                self._samples[i] = samples
+
+
 class _ModelStats:
     """Three rolling windows for one model: last hour, last day, last month."""
 
@@ -203,6 +270,34 @@ class _ModelStats:
         }
 
 
+class _NodeModelThroughput:
+    """Observed throughput windows for one node/model pair."""
+
+    def __init__(self) -> None:
+        self.per_minute = _RollingThroughput(60, 60)
+        self.per_hour = _RollingThroughput(24, 3600)
+        self.per_day = _RollingThroughput(30, 86400)
+
+    def record(self, total_tokens: int, elapsed_seconds: float, now: float | None = None) -> None:
+        t = now if now is not None else time.time()
+        self.per_minute.record(total_tokens, elapsed_seconds, t)
+        self.per_hour.record(total_tokens, elapsed_seconds, t)
+        self.per_day.record(total_tokens, elapsed_seconds, t)
+
+    def stats(self, now: float | None = None) -> dict:
+        hour = self.per_minute.stats(now)
+        day = self.per_hour.stats(now)
+        month = self.per_day.stats(now)
+        return {
+            "tokens_per_sec_last_hour": hour["tokens_per_sec"],
+            "tokens_per_sec_last_day": day["tokens_per_sec"],
+            "tokens_per_sec_last_month": month["tokens_per_sec"],
+            "sample_count_last_hour": hour["sample_count"],
+            "tokens_last_hour": hour["tokens"],
+            "seconds_last_hour": hour["seconds"],
+        }
+
+
 class _StatsCollector:
     """Thread-safe model request stats with SQLite persistence and peer slice merging."""
 
@@ -211,6 +306,7 @@ class _StatsCollector:
     def __init__(self, db_path: str | None = None) -> None:
         self._lock = threading.Lock()
         self._local: dict[str, _ModelStats] = {}
+        self._node_model: dict[tuple[str, str], _NodeModelThroughput] = {}
         self._peer_rpms: dict[str, dict[str, dict]] = {}  # tracker_url -> model -> rpms
         self._db_path = db_path
         if db_path:
@@ -226,11 +322,50 @@ class _StatsCollector:
                 self._local[model] = _ModelStats()
             self._local[model].record(t)
 
+    def record_node_throughput(
+        self,
+        node_id: str,
+        model: str,
+        total_tokens: int,
+        elapsed_seconds: float,
+        now: float | None = None,
+    ) -> None:
+        if not node_id or not model or total_tokens <= 0 or elapsed_seconds <= 0:
+            return
+        t = now if now is not None else time.time()
+        with self._lock:
+            key = (node_id, model)
+            if key not in self._node_model:
+                self._node_model[key] = _NodeModelThroughput()
+            self._node_model[key].record(total_tokens, elapsed_seconds, t)
+
     def get_local_rpms(self, now: float | None = None) -> dict[str, dict]:
         t = now if now is not None else time.time()
         with self._lock:
             return {m: s.rpms(t) for m, s in self._local.items()}
 
+    def get_node_model_stats(self, node_id: str, model: str, now: float | None = None) -> dict:
+        t = now if now is not None else time.time()
+        empty = {
+            "tokens_per_sec_last_hour": None,
+            "tokens_per_sec_last_day": None,
+            "tokens_per_sec_last_month": None,
+            "sample_count_last_hour": 0,
+            "tokens_last_hour": 0,
+            "seconds_last_hour": 0.0,
+        }
+        with self._lock:
+            stat = self._node_model.get((node_id, model))
+            return stat.stats(t) if stat is not None else dict(empty)
+
+    def get_node_throughput_stats(self, now: float | None = None) -> dict[str, dict]:
+        t = now if now is not None else time.time()
+        with self._lock:
+            result: dict[str, dict] = {}
+            for (node_id, model), stat in self._node_model.items():
+                result.setdefault(node_id, {"models": {}})["models"][model] = stat.stats(t)
+            return result
+
     def merge_peer_rpms(self, tracker_url: str, rpms: dict[str, dict]) -> None:
         with self._lock:
             self._peer_rpms[tracker_url] = dict(rpms)
@@ -258,6 +393,12 @@ class _StatsCollector:
             "(model TEXT, window TEXT, bucket_idx INTEGER, bucket_epoch INTEGER, count INTEGER, "
             "PRIMARY KEY (model, window, bucket_idx))"
         )
+        con.execute(
+            "CREATE TABLE IF NOT EXISTS node_model_tps_buckets "
+            "(node_id TEXT, model TEXT, window TEXT, bucket_idx INTEGER, bucket_epoch INTEGER, "
+            "tokens INTEGER, seconds REAL, samples INTEGER, "
+            "PRIMARY KEY (node_id, model, window, bucket_idx))"
+        )
         con.commit()
         con.close()
 
@@ -275,16 +416,34 @@ class _StatsCollector:
                     for idx, (ep, cnt) in enumerate(counter.buckets()):
                         if ep >= 0:
                             rows.append((model, window_name, idx, ep, cnt))
+            tps_rows = []
+            for (node_id, model), stat in self._node_model.items():
+                for window_name, counter in (
+                    ("hour", stat.per_minute),
+                    ("day", stat.per_hour),
+                    ("month", stat.per_day),
+                ):
+                    for idx, (ep, tokens, seconds, samples) in enumerate(counter.buckets()):
+                        if ep >= 0:
+                            tps_rows.append((node_id, model, window_name, idx, ep, tokens, seconds, samples))
         con = sqlite3.connect(self._db_path)  # type: ignore[arg-type]
         con.executemany(
             "INSERT OR REPLACE INTO model_rpm_buckets VALUES (?,?,?,?,?)", rows
         )
+        con.executemany(
+            "INSERT OR REPLACE INTO node_model_tps_buckets VALUES (?,?,?,?,?,?,?,?)",
+            tps_rows,
+        )
         con.commit()
         con.close()
 
     def _load_from_db(self) -> None:
         con = sqlite3.connect(self._db_path)  # type: ignore[arg-type]
         rows = con.execute("SELECT model, window, bucket_idx, bucket_epoch, count FROM model_rpm_buckets").fetchall()
+        tps_rows = con.execute(
+            "SELECT node_id, model, window, bucket_idx, bucket_epoch, tokens, seconds, samples "
+            "FROM node_model_tps_buckets"
+        ).fetchall()
         con.close()
         grouped: dict[str, dict[str, list[tuple[int, int]]]] = {}
         for model, window, idx, ep, cnt in rows:
@@ -301,6 +460,23 @@ class _StatsCollector:
                         data[idx] = (ep, cnt)
                 counter.restore_buckets(data)
             self._local[model] = ms
+        tps_grouped: dict[tuple[str, str], dict[str, list[tuple[int, int, int, float, int]]]] = {}
+        for node_id, model, window, idx, ep, tokens, seconds, samples in tps_rows:
+            tps_grouped.setdefault((node_id, model), {}).setdefault(window, []).append(
+                (idx, ep, tokens, seconds, samples)
+            )
+        for key, windows in tps_grouped.items():
+            stat = _NodeModelThroughput()
+            for window_name, entries in windows.items():
+                counter = {"hour": stat.per_minute, "day": stat.per_hour, "month": stat.per_day}.get(window_name)
+                if counter is None:
+                    continue
+                data = [(0, 0, 0.0, 0)] * counter._num
+                for idx, ep, tokens, seconds, samples in entries:
+                    if 0 <= idx < counter._num:
+                        data[idx] = (ep, int(tokens), float(seconds), int(samples))
+                counter.restore_buckets(data)
+            self._node_model[key] = stat
 
 
 class _NodeEntry:
@@ -309,6 +485,7 @@ class _NodeEntry:
         "model", "hf_repo", "num_layers", "model_metadata", "shard_checksum", "hardware_profile", "wallet_address",
         "score", "vram_bytes", "ram_bytes", "quantizations", "max_loaded_shards",
         "benchmark_tokens_per_sec", "quantization", "managed_assignment",
+        "model_tokens_per_sec",
         "pending_directives", "last_heartbeat", "tracker_mode",
         "relay_addr", "cert_fingerprint", "peer_id",
         # heartbeat stats (reported by node, cumulative)
@@ -361,6 +538,7 @@ class _NodeEntry:
         self.benchmark_tokens_per_sec = benchmark_tokens_per_sec
         self.quantization = quantization
         self.managed_assignment = managed_assignment
+        self.model_tokens_per_sec: dict[str, float] = {}
         self.tracker_mode = tracker_mode
         self.hf_repo = hf_repo
         self.num_layers = num_layers
@@ -380,20 +558,31 @@ class _NodeEntry:
         self.pending_new_assignment: dict | None = None
 
 
-def _effective_throughput(node: "_NodeEntry") -> float:
+def _effective_throughput(node: "_NodeEntry", model: str | None = None) -> float:
     """Effective tokens/s accounting for current queue depth."""
-    return node.benchmark_tokens_per_sec / (node.queue_depth + 1)
+    observed = None
+    if model:
+        observed = node.model_tokens_per_sec.get(model)
+        if observed is None:
+            for alias in _model_aliases(model):
+                observed = node.model_tokens_per_sec.get(alias)
+                if observed is not None:
+                    break
+    base = observed if observed is not None and observed > 0 else node.benchmark_tokens_per_sec
+    return base / (node.queue_depth + 1)
 
 
 def _select_route(
     nodes: list[_NodeEntry],
     required_start: int,
     required_end: int,
+    model: str | None = None,
 ) -> tuple[list[_NodeEntry], str]:
     """Greedy interval-cover biased toward fast, lightly-loaded nodes.
 
     Among nodes that equally advance coverage, prefer the one with higher
-    effective throughput: benchmark_tokens_per_sec / (queue_depth + 1).
+    effective throughput: observed per-model tokens/sec / (queue_depth + 1),
+    falling back to startup benchmark_tokens_per_sec until observations exist.
     Tiebreak: higher shard_end (fewer hops).
     """
     candidates = sorted(
@@ -411,7 +600,7 @@ def _select_route(
                     best = node
                 elif node.shard_end > best.shard_end:
                     best = node
-                elif node.shard_end == best.shard_end and _effective_throughput(node) > _effective_throughput(best):
+                elif node.shard_end == best.shard_end and _effective_throughput(node, model) > _effective_throughput(best, model):
                     best = node
         if best is None:
             missing = covered_up_to + 1
@@ -1379,6 +1568,15 @@ class _TrackerHandler(http.server.BaseHTTPRequestHandler):
                 preset = _hf_rebalance_preset([node])
             return _node_capacity_summary(node, preset)
 
+        def throughput_for(node: _NodeEntry) -> dict:
+            if server.stats is None:
+                return {}
+            models = [m for m in (node.hf_repo, node.model) if m]
+            result = {}
+            for model in models:
+                result[model] = server.stats.get_node_model_stats(node.node_id, model)
+            return result
+
         self._send_json(200, {
             "relay_url": server.relay_url,
             "pool": _pool_summary(nodes),
@@ -1408,6 +1606,7 @@ class _TrackerHandler(http.server.BaseHTTPRequestHandler):
                     "tracker_mode": node.tracker_mode,
                     "last_heartbeat": node.last_heartbeat,
                     "capacity": capacity_for(node),
+                    "throughput": throughput_for(node),
                     "stats": _node_health(node, server.heartbeat_timeout),
                 }
                 for node in nodes
@@ -1513,8 +1712,7 @@ class _TrackerHandler(http.server.BaseHTTPRequestHandler):
                 }})
                 return
 
-            # Simple round-robin via list length modulo (stateless, good enough)
-            node = candidates[int(time.time() * 1000) % len(candidates)]
+            node = max(candidates, key=lambda n: _effective_throughput(n, model))
         target_url = f"{node.endpoint}/v1/chat/completions"
         request_id = str(body.get("id") or f"req-{time.time_ns():x}")
 
@@ -1537,7 +1735,7 @@ class _TrackerHandler(http.server.BaseHTTPRequestHandler):
         if pinned_nodes is not None:
             route_nodes = pinned_nodes
         else:
-            route_nodes, _ = _select_route(all_nodes, rs, re)
+            route_nodes, _ = _select_route(all_nodes, rs, re, model=route_model)
         # Compute start_layer for each hop: each node begins where the previous ended + 1.
         # This allows overlapping shard registrations without double-computation.
         covered_up_to = rs - 1
@@ -1591,12 +1789,14 @@ class _TrackerHandler(http.server.BaseHTTPRequestHandler):
                 f"(direct endpoint {target_url})",
                 flush=True,
             )
+            started = time.monotonic()
             relayed = _relay_http_request(
                 node.relay_addr,
                 path="/v1/chat/completions",
                 body=raw_body,
                 headers=relay_headers,
             )
+            elapsed = time.monotonic() - started
             if relayed is not None:
                 self._send_relayed_response(relayed)
                 if int(relayed.get("status", 503)) < 400:
@@ -1605,6 +1805,7 @@ class _TrackerHandler(http.server.BaseHTTPRequestHandler):
                         tokens = _usage_total_tokens(json.loads(body_text)) or 0
                     except (json.JSONDecodeError, TypeError):
                         tokens = 0
+                    self._record_observed_throughput(model, route_model, tokens, elapsed, route_nodes)
                     self._bill_completed(api_key, model, tokens, node_work)
                 return
             print(
@@ -1614,6 +1815,7 @@ class _TrackerHandler(http.server.BaseHTTPRequestHandler):
             )
 
         try:
+            started = time.monotonic()
             upstream = urllib.request.urlopen(req, timeout=300.0)
             print(f"[tracker] proxy connected {request_id}: {target_url}", flush=True)
         except urllib.error.HTTPError as exc:
@@ -1674,17 +1876,21 @@ class _TrackerHandler(http.server.BaseHTTPRequestHandler):
                                         pass
                 except BrokenPipeError:
                     pass
+                elapsed = time.monotonic() - started
                 # Bill even on client disconnect — the nodes did the work.
                 # Chunk count approximates generated tokens when the stream
                 # carries no usage record.
+                observed_tokens = stream_tokens if stream_tokens is not None else chunk_count
+                self._record_observed_throughput(model, route_model, observed_tokens, elapsed, route_nodes)
                 self._bill_completed(
                     api_key, model,
-                    stream_tokens if stream_tokens is not None else chunk_count,
+                    observed_tokens,
                     node_work,
                 )
             else:
                 # Non-streaming: buffer and relay
                 resp_body = upstream.read()
+                elapsed = time.monotonic() - started
                 print(
                     f"[tracker] proxy complete {request_id}: {target_url} bytes={len(resp_body)}",
                     flush=True,
@@ -1701,8 +1907,42 @@ class _TrackerHandler(http.server.BaseHTTPRequestHandler):
                     tokens = _usage_total_tokens(json.loads(resp_body)) or 0
                 except json.JSONDecodeError:
                     tokens = 0
+                self._record_observed_throughput(model, route_model, tokens, elapsed, route_nodes)
                 self._bill_completed(api_key, model, tokens, node_work)
 
+    def _record_observed_throughput(
+        self,
+        requested_model: str,
+        route_model: str,
+        total_tokens: int,
+        elapsed_seconds: float,
+        route_nodes: list[_NodeEntry],
+    ) -> None:
+        """Record observed route TPS for participating nodes.
+
+        The tracker sees end-to-end request duration, not per-hop timings, so
+        each hop gets the same route-level observation for now. Per-hop telemetry
+        can refine this later without changing the external stats shape.
+        """
+        server: _TrackerHTTPServer = self.server  # type: ignore[assignment]
+        if server.stats is None or total_tokens <= 0 or elapsed_seconds <= 0:
+            return
+        models = [m for m in (requested_model, route_model) if m]
+        if len(models) == 2 and models[0] == models[1]:
+            models = [models[0]]
+        for node in route_nodes:
+            for model in models:
+                server.stats.record_node_throughput(
+                    node.node_id,
+                    model,
+                    total_tokens=total_tokens,
+                    elapsed_seconds=elapsed_seconds,
+                )
+                stats = server.stats.get_node_model_stats(node.node_id, model)
+                observed = stats.get("tokens_per_sec_last_hour")
+                if observed is not None:
+                    node.model_tokens_per_sec[model] = float(observed)
+
     def _bill_completed(
         self,
         api_key: str | None,
@@ -2073,9 +2313,12 @@ class _TrackerHandler(http.server.BaseHTTPRequestHandler):
     def _handle_stats(self):
         server: _TrackerHTTPServer = self.server  # type: ignore[assignment]
         if server.stats is None:
-            self._send_json(200, {"models": {}})
+            self._send_json(200, {"models": {}, "nodes": {}})
             return
-        self._send_json(200, {"models": server.stats.get_combined_stats()})
+        self._send_json(200, {
+            "models": server.stats.get_combined_stats(),
+            "nodes": server.stats.get_node_throughput_stats(),
+        })
 
     def _handle_stats_gossip(self):
         server: _TrackerHTTPServer = self.server  # type: ignore[assignment]
diff --git a/tests/test_billing_ledger.py b/tests/test_billing_ledger.py
index cb5bec4..1892bdc 100644
--- a/tests/test_billing_ledger.py
+++ b/tests/test_billing_ledger.py
@@ -262,6 +262,11 @@ def test_proxy_chat_bills_client_and_credits_node(billed_tracker):
     assert summary["node_pending"]["wallet-head"] == pytest.approx(0.02 * 0.90)
     assert summary["protocol_cut"] == pytest.approx(0.02 * 0.10)
 
+    stats = json.loads(urllib.request.urlopen(f"{tracker_url}/v1/stats").read())
+    node_stats = next(iter(stats["nodes"].values()))["models"][MODEL]
+    assert node_stats["tokens_per_sec_last_hour"] is not None
+    assert node_stats["sample_count_last_hour"] == 1
+
 
 def test_proxy_chat_402_when_balance_exhausted(billed_tracker):
     tracker_url, ledger = billed_tracker
diff --git a/tests/test_dashboard.py b/tests/test_dashboard.py
index abec411..b0e3c27 100644
--- a/tests/test_dashboard.py
+++ b/tests/test_dashboard.py
@@ -10,7 +10,7 @@ from meshnet_tracker.server import TrackerServer
 PANELS = [
     "Tracker hive", "Nodes &amp; coverage", "Client balances",
     "Node pending payouts", "Settlement history",
-    "Strikes / bans / forfeitures", "Model usage",
+    "Strikes / bans / forfeitures", "Model usage", "Node throughput",
 ]
 
 
diff --git a/tests/test_tracker_routing.py b/tests/test_tracker_routing.py
index 1218f0b..a6a3dce 100644
--- a/tests/test_tracker_routing.py
+++ b/tests/test_tracker_routing.py
@@ -7,6 +7,8 @@ import time
 import urllib.error
 import urllib.request
 
+import pytest
+
 from meshnet_gateway.server import GatewayServer, _banned_route_wallet
 from meshnet_node.server import StubNodeServer
 from meshnet_contracts import LocalSolanaContracts
@@ -1501,6 +1503,24 @@ def test_stats_collector_records_and_returns_rpms():
     assert combined["my-model"]["rpm_last_month"] > 0
 
 
+def test_stats_collector_records_node_model_tokens_per_second():
+    from meshnet_tracker.server import _StatsCollector
+
+    collector = _StatsCollector()
+    now = 1_000_000.0
+    collector.record_node_throughput("node-a", "my-model", total_tokens=200, elapsed_seconds=2.0, now=now)
+    collector.record_node_throughput("node-a", "my-model", total_tokens=300, elapsed_seconds=3.0, now=now)
+
+    node_stats = collector.get_node_model_stats("node-a", "my-model", now=now)
+    assert node_stats["tokens_per_sec_last_hour"] == pytest.approx(100.0)
+    assert node_stats["tokens_per_sec_last_day"] == pytest.approx(100.0)
+    assert node_stats["tokens_per_sec_last_month"] == pytest.approx(100.0)
+    assert node_stats["sample_count_last_hour"] == 2
+
+    node_models = collector.get_node_throughput_stats(now=now)
+    assert node_models["node-a"]["models"]["my-model"]["tokens_per_sec_last_hour"] == pytest.approx(100.0)
+
+
 def test_stats_collector_merges_peer_rpms_additively():
     from meshnet_tracker.server import _StatsCollector
 
@@ -1526,12 +1546,15 @@ def test_stats_sqlite_persistence_survives_restart(tmp_path):
     collector = _StatsCollector(db_path=db)
     for _ in range(10):
         collector.record_request("persistent-model", now=now)
+    collector.record_node_throughput("node-p", "persistent-model", total_tokens=120, elapsed_seconds=2.0, now=now)
     collector.save_to_db()
 
     collector2 = _StatsCollector(db_path=db)
     combined = collector2.get_combined_stats(now=now)
     assert "persistent-model" in combined
     assert combined["persistent-model"]["rpm_last_hour"] > 0
+    node_models = collector2.get_node_throughput_stats(now=now)
+    assert node_models["node-p"]["models"]["persistent-model"]["tokens_per_sec_last_hour"] == pytest.approx(60.0)
 
 
 def test_stats_gossip_endpoint_merges_peer_slice():
@@ -1622,6 +1645,20 @@ def test_select_route_prefers_higher_throughput_node_when_shards_equal():
     assert route[0].node_id == "fast"
 
 
+def test_select_route_prefers_observed_model_throughput_over_startup_benchmark():
+    """Observed per-model TPS is the primary routing signal once available."""
+    from meshnet_tracker.server import _select_route
+
+    high_benchmark = _make_node("bench-fast", 0, 11, bench=100.0, queue_depth=0)
+    observed_fast = _make_node("observed-fast", 0, 11, bench=1.0, queue_depth=0)
+    high_benchmark.model_tokens_per_sec["m"] = 10.0
+    observed_fast.model_tokens_per_sec["m"] = 40.0
+
+    route, err = _select_route([high_benchmark, observed_fast], 0, 11, model="m")
+    assert err == ""
+    assert route[0].node_id == "observed-fast"
+
+
 def test_select_route_throughput_accounts_for_queue_depth():
     """A nominally faster node with high queue depth loses to a slower idle node."""
     from meshnet_tracker.server import _select_route