diff --git a/tokio/src/macros/cfg.rs b/tokio/src/macros/cfg.rs
index 3afc0402374..4ab13c2c11c 100644
--- a/tokio/src/macros/cfg.rs
+++ b/tokio/src/macros/cfg.rs
@@ -368,7 +368,7 @@ macro_rules! cfg_trace {
             #[cfg_attr(docsrs, doc(cfg(feature = "tracing")))]
             $item
         )*
-    }
+    };
 }
 
 macro_rules! cfg_not_trace {
diff --git a/tokio/src/macros/trace.rs b/tokio/src/macros/trace.rs
index 31dde2f255a..80a257e1899 100644
--- a/tokio/src/macros/trace.rs
+++ b/tokio/src/macros/trace.rs
@@ -1,9 +1,8 @@
 cfg_trace! {
     macro_rules! trace_op {
-        ($name:literal, $readiness:literal, $parent:expr) => {
+        ($name:expr, $readiness:literal) => {
             tracing::trace!(
                 target: "runtime::resource::poll_op",
-                parent: $parent,
                 op_name = $name,
                 is_ready = $readiness
             );
@@ -11,14 +10,14 @@ cfg_trace! {
     }
 
     macro_rules! trace_poll_op {
-        ($name:literal, $poll:expr, $parent:expr $(,)*) => {
+        ($name:expr, $poll:expr $(,)*) => {
             match $poll {
                 std::task::Poll::Ready(t) => {
-                    trace_op!($name, true, $parent);
+                    trace_op!($name, true);
                     std::task::Poll::Ready(t)
                 }
                 std::task::Poll::Pending => {
-                    trace_op!($name, false, $parent);
+                    trace_op!($name, false);
                     return std::task::Poll::Pending;
                 }
             }
diff --git a/tokio/src/sync/barrier.rs b/tokio/src/sync/barrier.rs
index 0e39dac8bb5..dfc76a40ebf 100644
--- a/tokio/src/sync/barrier.rs
+++ b/tokio/src/sync/barrier.rs
@@ -1,5 +1,7 @@
 use crate::loom::sync::Mutex;
 use crate::sync::watch;
+#[cfg(all(tokio_unstable, feature = "tracing"))]
+use crate::util::trace;
 
 /// A barrier enables multiple tasks to synchronize the beginning of some computation.
 ///
@@ -41,6 +43,8 @@ pub struct Barrier {
     state: Mutex<BarrierState>,
     wait: watch::Receiver<usize>,
     n: usize,
+    #[cfg(all(tokio_unstable, feature = "tracing"))]
+    resource_span: tracing::Span,
 }
 
 #[derive(Debug)]
@@ -55,6 +59,7 @@ impl Barrier {
     ///
     /// A barrier will block `n`-1 tasks which call [`Barrier::wait`] and then wake up all
     /// tasks at once when the `n`th task calls `wait`.
+    #[track_caller]
     pub fn new(mut n: usize) -> Barrier {
         let (waker, wait) = crate::sync::watch::channel(0);
 
@@ -65,6 +70,32 @@ impl Barrier {
             n = 1;
         }
 
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let resource_span = {
+            let location = std::panic::Location::caller();
+            let resource_span = tracing::trace_span!(
+                "runtime.resource",
+                concrete_type = "Barrier",
+                kind = "Sync",
+                loc.file = location.file(),
+                loc.line = location.line(),
+                loc.col = location.column(),
+            );
+
+            resource_span.in_scope(|| {
+                tracing::trace!(
+                    target: "runtime::resource::state_update",
+                    size = n,
+                );
+
+                tracing::trace!(
+                    target: "runtime::resource::state_update",
+                    arrived = 0,
+                )
+            });
+            resource_span
+        };
+
         Barrier {
             state: Mutex::new(BarrierState {
                 waker,
@@ -73,6 +104,8 @@ impl Barrier {
             }),
             n,
             wait,
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            resource_span: resource_span,
         }
     }
 
@@ -85,6 +118,20 @@ impl Barrier {
     /// [`BarrierWaitResult::is_leader`] when returning from this function, and all other tasks
     /// will receive a result that will return `false` from `is_leader`.
     pub async fn wait(&self) -> BarrierWaitResult {
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        return trace::async_op(
+            || self.wait_internal(),
+            self.resource_span.clone(),
+            "Barrier::wait",
+            "poll",
+            false,
+        )
+        .await;
+
+        #[cfg(any(not(tokio_unstable), not(feature = "tracing")))]
+        return self.wait_internal().await;
+    }
+    async fn wait_internal(&self) -> BarrierWaitResult {
         // NOTE: we are taking a _synchronous_ lock here.
         // It is okay to do so because the critical section is fast and never yields, so it cannot
         // deadlock even if another future is concurrently holding the lock.
@@ -96,7 +143,23 @@ impl Barrier {
             let mut state = self.state.lock();
             let generation = state.generation;
             state.arrived += 1;
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            tracing::trace!(
+                target: "runtime::resource::state_update",
+                arrived = 1,
+                arrived.op = "add",
+            );
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            tracing::trace!(
+                target: "runtime::resource::async_op::state_update",
+                arrived = true,
+            );
             if state.arrived == self.n {
+                #[cfg(all(tokio_unstable, feature = "tracing"))]
+                tracing::trace!(
+                    target: "runtime::resource::async_op::state_update",
+                    is_leader = true,
+                );
                 // we are the leader for this generation
                 // wake everyone, increment the generation, and return
                 state
diff --git a/tokio/src/sync/batch_semaphore.rs b/tokio/src/sync/batch_semaphore.rs
index b5c39d2a05d..4f5effff319 100644
--- a/tokio/src/sync/batch_semaphore.rs
+++ b/tokio/src/sync/batch_semaphore.rs
@@ -19,6 +19,8 @@ use crate::loom::cell::UnsafeCell;
 use crate::loom::sync::atomic::AtomicUsize;
 use crate::loom::sync::{Mutex, MutexGuard};
 use crate::util::linked_list::{self, LinkedList};
+#[cfg(all(tokio_unstable, feature = "tracing"))]
+use crate::util::trace;
 use crate::util::WakeList;
 
 use std::future::Future;
@@ -35,6 +37,8 @@ pub(crate) struct Semaphore {
     waiters: Mutex<Waitlist>,
     /// The current number of available permits in the semaphore.
     permits: AtomicUsize,
+    #[cfg(all(tokio_unstable, feature = "tracing"))]
+    resource_span: tracing::Span,
 }
 
 struct Waitlist {
@@ -101,6 +105,9 @@ struct Waiter {
     /// use `UnsafeCell` internally.
     pointers: linked_list::Pointers<Waiter>,
 
+    #[cfg(all(tokio_unstable, feature = "tracing"))]
+    ctx: trace::AsyncOpTracingCtx,
+
     /// Should not be `Unpin`.
     _p: PhantomPinned,
 }
@@ -129,12 +136,34 @@ impl Semaphore {
             "a semaphore may not have more than MAX_PERMITS permits ({})",
             Self::MAX_PERMITS
         );
+
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let resource_span = {
+            let resource_span = tracing::trace_span!(
+                "runtime.resource",
+                concrete_type = "Semaphore",
+                kind = "Sync",
+                is_internal = true
+            );
+
+            resource_span.in_scope(|| {
+                tracing::trace!(
+                    target: "runtime::resource::state_update",
+                    permits = permits,
+                    permits.op = "override",
+                )
+            });
+            resource_span
+        };
+
         Self {
             permits: AtomicUsize::new(permits << Self::PERMIT_SHIFT),
             waiters: Mutex::new(Waitlist {
                 queue: LinkedList::new(),
                 closed: false,
             }),
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            resource_span,
         }
     }
 
@@ -156,6 +185,8 @@ impl Semaphore {
                 queue: LinkedList::new(),
                 closed: false,
             }),
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            resource_span: tracing::Span::none(),
         }
     }
 
@@ -224,7 +255,10 @@ impl Semaphore {
             let next = curr - num_permits;
 
             match self.permits.compare_exchange(curr, next, AcqRel, Acquire) {
-                Ok(_) => return Ok(()),
+                Ok(_) => {
+                    // TODO: Instrument once issue has been solved}
+                    return Ok(());
+                }
                 Err(actual) => curr = actual,
             }
         }
@@ -283,6 +317,17 @@ impl Semaphore {
                     rem,
                     Self::MAX_PERMITS
                 );
+
+                // add remaining permits back
+                #[cfg(all(tokio_unstable, feature = "tracing"))]
+                self.resource_span.in_scope(|| {
+                    tracing::trace!(
+                    target: "runtime::resource::state_update",
+                    permits = rem,
+                    permits.op = "add",
+                    )
+                });
+
                 rem = 0;
             }
 
@@ -347,6 +392,20 @@ impl Semaphore {
                     acquired += acq;
                     if remaining == 0 {
                         if !queued {
+                            #[cfg(all(tokio_unstable, feature = "tracing"))]
+                            self.resource_span.in_scope(|| {
+                                tracing::trace!(
+                                    target: "runtime::resource::state_update",
+                                    permits = acquired,
+                                    permits.op = "sub",
+                                );
+                                tracing::trace!(
+                                    target: "runtime::resource::async_op::state_update",
+                                    permits_obtained = acquired,
+                                    permits.op = "add",
+                                )
+                            });
+
                             return Ready(Ok(()));
                         } else if lock.is_none() {
                             break self.waiters.lock();
@@ -362,6 +421,15 @@ impl Semaphore {
             return Ready(Err(AcquireError::closed()));
         }
 
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        self.resource_span.in_scope(|| {
+            tracing::trace!(
+                target: "runtime::resource::state_update",
+                permits = acquired,
+                permits.op = "sub",
+            )
+        });
+
         if node.assign_permits(&mut acquired) {
             self.add_permits_locked(acquired, waiters);
             return Ready(Ok(()));
@@ -406,11 +474,16 @@ impl fmt::Debug for Semaphore {
 }
 
 impl Waiter {
-    fn new(num_permits: u32) -> Self {
+    fn new(
+        num_permits: u32,
+        #[cfg(all(tokio_unstable, feature = "tracing"))] ctx: trace::AsyncOpTracingCtx,
+    ) -> Self {
         Waiter {
             waker: UnsafeCell::new(None),
             state: AtomicUsize::new(num_permits as usize),
             pointers: linked_list::Pointers::new(),
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            ctx,
             _p: PhantomPinned,
         }
     }
@@ -426,6 +499,14 @@ impl Waiter {
             match self.state.compare_exchange(curr, next, AcqRel, Acquire) {
                 Ok(_) => {
                     *n -= assign;
+                    #[cfg(all(tokio_unstable, feature = "tracing"))]
+                    self.ctx.async_op_span.in_scope(|| {
+                        tracing::trace!(
+                            target: "runtime::resource::async_op::state_update",
+                            permits_obtained = assign,
+                            permits.op = "add",
+                        );
+                    });
                     return next == 0;
                 }
                 Err(actual) => curr = actual,
@@ -438,12 +519,26 @@ impl Future for Acquire<'_> {
     type Output = Result<(), AcquireError>;
 
     fn poll(self: Pin<&mut Self>, cx: &mut Context<'_>) -> Poll<Self::Output> {
-        // First, ensure the current task has enough budget to proceed.
-        let coop = ready!(crate::coop::poll_proceed(cx));
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let _resource_span = self.node.ctx.resource_span.clone().entered();
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let _async_op_span = self.node.ctx.async_op_span.clone().entered();
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let _async_op_poll_span = self.node.ctx.async_op_poll_span.clone().entered();
 
         let (node, semaphore, needed, queued) = self.project();
 
-        match semaphore.poll_acquire(cx, needed, node, *queued) {
+        // First, ensure the current task has enough budget to proceed.
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let coop = ready!(trace_poll_op!(
+            "poll_acquire",
+            crate::coop::poll_proceed(cx),
+        ));
+
+        #[cfg(not(all(tokio_unstable, feature = "tracing")))]
+        let coop = ready!(crate::coop::poll_proceed(cx));
+
+        let result = match semaphore.poll_acquire(cx, needed, node, *queued) {
             Pending => {
                 *queued = true;
                 Pending
@@ -454,18 +549,59 @@ impl Future for Acquire<'_> {
                 *queued = false;
                 Ready(Ok(()))
             }
-        }
+        };
+
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        return trace_poll_op!("poll_acquire", result);
+
+        #[cfg(not(all(tokio_unstable, feature = "tracing")))]
+        return result;
     }
 }
 
 impl<'a> Acquire<'a> {
     fn new(semaphore: &'a Semaphore, num_permits: u32) -> Self {
-        Self {
+        #[cfg(any(not(tokio_unstable), not(feature = "tracing")))]
+        return Self {
             node: Waiter::new(num_permits),
             semaphore,
             num_permits,
             queued: false,
-        }
+        };
+
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        return semaphore.resource_span.in_scope(|| {
+            let async_op_span =
+                tracing::trace_span!("runtime.resource.async_op", source = "Acquire::new");
+            let async_op_poll_span = async_op_span.in_scope(|| {
+                tracing::trace!(
+                    target: "runtime::resource::async_op::state_update",
+                    permits_requested = num_permits,
+                    permits.op = "override",
+                );
+
+                tracing::trace!(
+                    target: "runtime::resource::async_op::state_update",
+                    permits_obtained = 0 as usize,
+                    permits.op = "override",
+                );
+
+                tracing::trace_span!("runtime.resource.async_op.poll")
+            });
+
+            let ctx = trace::AsyncOpTracingCtx {
+                async_op_span,
+                async_op_poll_span,
+                resource_span: semaphore.resource_span.clone(),
+            };
+
+            Self {
+                node: Waiter::new(num_permits, ctx),
+                semaphore,
+                num_permits,
+                queued: false,
+            }
+        });
     }
 
     fn project(self: Pin<&mut Self>) -> (Pin<&mut Waiter>, &Semaphore, u32, &mut bool) {
diff --git a/tokio/src/sync/mutex.rs b/tokio/src/sync/mutex.rs
index 4d9f9886d76..2476726bdea 100644
--- a/tokio/src/sync/mutex.rs
+++ b/tokio/src/sync/mutex.rs
@@ -1,6 +1,8 @@
 #![cfg_attr(not(feature = "sync"), allow(unreachable_pub, dead_code))]
 
 use crate::sync::batch_semaphore as semaphore;
+#[cfg(all(tokio_unstable, feature = "tracing"))]
+use crate::util::trace;
 
 use std::cell::UnsafeCell;
 use std::error::Error;
@@ -124,6 +126,8 @@ use std::{fmt, marker, mem};
 /// [`Send`]: trait@std::marker::Send
 /// [`lock`]: method@Mutex::lock
 pub struct Mutex<T: ?Sized> {
+    #[cfg(all(tokio_unstable, feature = "tracing"))]
+    resource_span: tracing::Span,
     s: semaphore::Semaphore,
     c: UnsafeCell<T>,
 }
@@ -138,6 +142,8 @@ pub struct Mutex<T: ?Sized> {
 /// The lock is automatically released whenever the guard is dropped, at which
 /// point `lock` will succeed yet again.
 pub struct MutexGuard<'a, T: ?Sized> {
+    #[cfg(all(tokio_unstable, feature = "tracing"))]
+    resource_span: tracing::Span,
     lock: &'a Mutex<T>,
 }
 
@@ -157,6 +163,8 @@ pub struct MutexGuard<'a, T: ?Sized> {
 ///
 /// [`Arc`]: std::sync::Arc
 pub struct OwnedMutexGuard<T: ?Sized> {
+    #[cfg(all(tokio_unstable, feature = "tracing"))]
+    resource_span: tracing::Span,
     lock: Arc<Mutex<T>>,
 }
 
@@ -242,13 +250,42 @@ impl<T: ?Sized> Mutex<T> {
     ///
     /// let lock = Mutex::new(5);
     /// ```
+    #[track_caller]
     pub fn new(t: T) -> Self
     where
         T: Sized,
     {
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let resource_span = {
+            let location = std::panic::Location::caller();
+
+            tracing::trace_span!(
+                "runtime.resource",
+                concrete_type = "Mutex",
+                kind = "Sync",
+                loc.file = location.file(),
+                loc.line = location.line(),
+                loc.col = location.column(),
+            )
+        };
+
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let s = resource_span.in_scope(|| {
+            tracing::trace!(
+                target: "runtime::resource::state_update",
+                locked = false,
+            );
+            semaphore::Semaphore::new(1)
+        });
+
+        #[cfg(any(not(tokio_unstable), not(feature = "tracing")))]
+        let s = semaphore::Semaphore::new(1);
+
         Self {
             c: UnsafeCell::new(t),
-            s: semaphore::Semaphore::new(1),
+            s,
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            resource_span,
         }
     }
 
@@ -270,6 +307,8 @@ impl<T: ?Sized> Mutex<T> {
         Self {
             c: UnsafeCell::new(t),
             s: semaphore::Semaphore::const_new(1),
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            resource_span: tracing::Span::none(),
         }
     }
 
@@ -297,8 +336,32 @@ impl<T: ?Sized> Mutex<T> {
     /// }
     /// ```
     pub async fn lock(&self) -> MutexGuard<'_, T> {
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        trace::async_op(
+            || self.acquire(),
+            self.resource_span.clone(),
+            "Mutex::lock",
+            "poll",
+            false,
+        )
+        .await;
+
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        self.resource_span.in_scope(|| {
+            tracing::trace!(
+                target: "runtime::resource::state_update",
+                locked = true,
+            );
+        });
+
+        #[cfg(any(not(tokio_unstable), not(feature = "tracing")))]
         self.acquire().await;
-        MutexGuard { lock: self }
+
+        MutexGuard {
+            lock: self,
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            resource_span: self.resource_span.clone(),
+        }
     }
 
     /// Blocking lock this mutex. When the lock has been acquired, function returns a
@@ -368,8 +431,35 @@ impl<T: ?Sized> Mutex<T> {
     ///
     /// [`Arc`]: std::sync::Arc
     pub async fn lock_owned(self: Arc<Self>) -> OwnedMutexGuard<T> {
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        trace::async_op(
+            || self.acquire(),
+            self.resource_span.clone(),
+            "Mutex::lock_owned",
+            "poll",
+            false,
+        )
+        .await;
+
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        self.resource_span.in_scope(|| {
+            tracing::trace!(
+                target: "runtime::resource::state_update",
+                locked = true,
+            );
+        });
+
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let resource_span = self.resource_span.clone();
+
+        #[cfg(any(not(tokio_unstable), not(feature = "tracing")))]
         self.acquire().await;
-        OwnedMutexGuard { lock: self }
+
+        OwnedMutexGuard {
+            lock: self,
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            resource_span,
+        }
     }
 
     async fn acquire(&self) {
@@ -399,7 +489,21 @@ impl<T: ?Sized> Mutex<T> {
     /// ```
     pub fn try_lock(&self) -> Result<MutexGuard<'_, T>, TryLockError> {
         match self.s.try_acquire(1) {
-            Ok(_) => Ok(MutexGuard { lock: self }),
+            Ok(_) => {
+                #[cfg(all(tokio_unstable, feature = "tracing"))]
+                self.resource_span.in_scope(|| {
+                    tracing::trace!(
+                        target: "runtime::resource::state_update",
+                        locked = true,
+                    );
+                });
+
+                Ok(MutexGuard {
+                    lock: self,
+                    #[cfg(all(tokio_unstable, feature = "tracing"))]
+                    resource_span: self.resource_span.clone(),
+                })
+            }
             Err(_) => Err(TryLockError(())),
         }
     }
@@ -454,7 +558,24 @@ impl<T: ?Sized> Mutex<T> {
     /// # }
     pub fn try_lock_owned(self: Arc<Self>) -> Result<OwnedMutexGuard<T>, TryLockError> {
         match self.s.try_acquire(1) {
-            Ok(_) => Ok(OwnedMutexGuard { lock: self }),
+            Ok(_) => {
+                #[cfg(all(tokio_unstable, feature = "tracing"))]
+                self.resource_span.in_scope(|| {
+                    tracing::trace!(
+                        target: "runtime::resource::state_update",
+                        locked = true,
+                    );
+                });
+
+                #[cfg(all(tokio_unstable, feature = "tracing"))]
+                let resource_span = self.resource_span.clone();
+
+                Ok(OwnedMutexGuard {
+                    lock: self,
+                    #[cfg(all(tokio_unstable, feature = "tracing"))]
+                    resource_span,
+                })
+            }
             Err(_) => Err(TryLockError(())),
         }
     }
@@ -637,7 +758,14 @@ impl<'a, T: ?Sized> MutexGuard<'a, T> {
 
 impl<T: ?Sized> Drop for MutexGuard<'_, T> {
     fn drop(&mut self) {
-        self.lock.s.release(1)
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        self.resource_span.in_scope(|| {
+            tracing::trace!(
+                target: "runtime::resource::state_update",
+                locked = false,
+            );
+        });
+        self.lock.s.release(1);
     }
 }
 
@@ -699,6 +827,13 @@ impl<T: ?Sized> OwnedMutexGuard<T> {
 
 impl<T: ?Sized> Drop for OwnedMutexGuard<T> {
     fn drop(&mut self) {
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        self.resource_span.in_scope(|| {
+            tracing::trace!(
+                target: "runtime::resource::state_update",
+                locked = false,
+            );
+        });
         self.lock.s.release(1)
     }
 }
diff --git a/tokio/src/sync/oneshot.rs b/tokio/src/sync/oneshot.rs
index 08a2d9e49d7..cfc92259d39 100644
--- a/tokio/src/sync/oneshot.rs
+++ b/tokio/src/sync/oneshot.rs
@@ -122,6 +122,8 @@
 use crate::loom::cell::UnsafeCell;
 use crate::loom::sync::atomic::AtomicUsize;
 use crate::loom::sync::Arc;
+#[cfg(all(tokio_unstable, feature = "tracing"))]
+use crate::util::trace;
 
 use std::fmt;
 use std::future::Future;
@@ -215,6 +217,8 @@ use std::task::{Context, Poll, Waker};
 #[derive(Debug)]
 pub struct Sender<T> {
     inner: Option<Arc<Inner<T>>>,
+    #[cfg(all(tokio_unstable, feature = "tracing"))]
+    resource_span: tracing::Span,
 }
 
 /// Receives a value from the associated [`Sender`].
@@ -305,6 +309,12 @@ pub struct Sender<T> {
 #[derive(Debug)]
 pub struct Receiver<T> {
     inner: Option<Arc<Inner<T>>>,
+    #[cfg(all(tokio_unstable, feature = "tracing"))]
+    resource_span: tracing::Span,
+    #[cfg(all(tokio_unstable, feature = "tracing"))]
+    async_op_span: tracing::Span,
+    #[cfg(all(tokio_unstable, feature = "tracing"))]
+    async_op_poll_span: tracing::Span,
 }
 
 pub mod error {
@@ -442,7 +452,56 @@ struct State(usize);
 ///     }
 /// }
 /// ```
+#[track_caller]
 pub fn channel<T>() -> (Sender<T>, Receiver<T>) {
+    #[cfg(all(tokio_unstable, feature = "tracing"))]
+    let resource_span = {
+        let location = std::panic::Location::caller();
+
+        let resource_span = tracing::trace_span!(
+            "runtime.resource",
+            concrete_type = "Sender|Receiver",
+            kind = "Sync",
+            loc.file = location.file(),
+            loc.line = location.line(),
+            loc.col = location.column(),
+        );
+
+        resource_span.in_scope(|| {
+            tracing::trace!(
+            target: "runtime::resource::state_update",
+            tx_dropped = false,
+            tx_dropped.op = "override",
+            )
+        });
+
+        resource_span.in_scope(|| {
+            tracing::trace!(
+            target: "runtime::resource::state_update",
+            rx_dropped = false,
+            rx_dropped.op = "override",
+            )
+        });
+
+        resource_span.in_scope(|| {
+            tracing::trace!(
+            target: "runtime::resource::state_update",
+            value_sent = false,
+            value_sent.op = "override",
+            )
+        });
+
+        resource_span.in_scope(|| {
+            tracing::trace!(
+            target: "runtime::resource::state_update",
+            value_received = false,
+            value_received.op = "override",
+            )
+        });
+
+        resource_span
+    };
+
     let inner = Arc::new(Inner {
         state: AtomicUsize::new(State::new().as_usize()),
         value: UnsafeCell::new(None),
@@ -452,8 +511,27 @@ pub fn channel<T>() -> (Sender<T>, Receiver<T>) {
 
     let tx = Sender {
         inner: Some(inner.clone()),
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        resource_span: resource_span.clone(),
+    };
+
+    #[cfg(all(tokio_unstable, feature = "tracing"))]
+    let async_op_span = resource_span
+        .in_scope(|| tracing::trace_span!("runtime.resource.async_op", source = "Receiver::await"));
+
+    #[cfg(all(tokio_unstable, feature = "tracing"))]
+    let async_op_poll_span =
+        async_op_span.in_scope(|| tracing::trace_span!("runtime.resource.async_op.poll"));
+
+    let rx = Receiver {
+        inner: Some(inner),
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        resource_span: resource_span,
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        async_op_span,
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        async_op_poll_span,
     };
-    let rx = Receiver { inner: Some(inner) };
 
     (tx, rx)
 }
@@ -525,6 +603,15 @@ impl<T> Sender<T> {
             }
         }
 
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        self.resource_span.in_scope(|| {
+            tracing::trace!(
+            target: "runtime::resource::state_update",
+            value_sent = true,
+            value_sent.op = "override",
+            )
+        });
+
         Ok(())
     }
 
@@ -598,7 +685,20 @@ impl<T> Sender<T> {
     pub async fn closed(&mut self) {
         use crate::future::poll_fn;
 
-        poll_fn(|cx| self.poll_closed(cx)).await
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let resource_span = self.resource_span.clone();
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let closed = trace::async_op(
+            || poll_fn(|cx| self.poll_closed(cx)),
+            resource_span,
+            "Sender::closed",
+            "poll_closed",
+            false,
+        );
+        #[cfg(not(all(tokio_unstable, feature = "tracing")))]
+        let closed = poll_fn(|cx| self.poll_closed(cx));
+
+        closed.await
     }
 
     /// Returns `true` if the associated [`Receiver`] handle has been dropped.
@@ -728,6 +828,14 @@ impl<T> Drop for Sender<T> {
     fn drop(&mut self) {
         if let Some(inner) = self.inner.as_ref() {
             inner.complete();
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            self.resource_span.in_scope(|| {
+                tracing::trace!(
+                target: "runtime::resource::state_update",
+                tx_dropped = true,
+                tx_dropped.op = "override",
+                )
+            });
         }
     }
 }
@@ -795,6 +903,14 @@ impl<T> Receiver<T> {
     pub fn close(&mut self) {
         if let Some(inner) = self.inner.as_ref() {
             inner.close();
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            self.resource_span.in_scope(|| {
+                tracing::trace!(
+                target: "runtime::resource::state_update",
+                rx_dropped = true,
+                rx_dropped.op = "override",
+                )
+            });
         }
     }
 
@@ -872,7 +988,17 @@ impl<T> Receiver<T> {
                 // `UnsafeCell`. Therefore, it is now safe for us to access the
                 // cell.
                 match unsafe { inner.consume_value() } {
-                    Some(value) => Ok(value),
+                    Some(value) => {
+                        #[cfg(all(tokio_unstable, feature = "tracing"))]
+                        self.resource_span.in_scope(|| {
+                            tracing::trace!(
+                            target: "runtime::resource::state_update",
+                            value_received = true,
+                            value_received.op = "override",
+                            )
+                        });
+                        Ok(value)
+                    }
                     None => Err(TryRecvError::Closed),
                 }
             } else if state.is_closed() {
@@ -894,6 +1020,14 @@ impl<T> Drop for Receiver<T> {
     fn drop(&mut self) {
         if let Some(inner) = self.inner.as_ref() {
             inner.close();
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            self.resource_span.in_scope(|| {
+                tracing::trace!(
+                target: "runtime::resource::state_update",
+                rx_dropped = true,
+                rx_dropped.op = "override",
+                )
+            });
         }
     }
 }
@@ -903,8 +1037,21 @@ impl<T> Future for Receiver<T> {
 
     fn poll(mut self: Pin<&mut Self>, cx: &mut Context<'_>) -> Poll<Self::Output> {
         // If `inner` is `None`, then `poll()` has already completed.
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let _res_span = self.resource_span.clone().entered();
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let _ao_span = self.async_op_span.clone().entered();
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let _ao_poll_span = self.async_op_poll_span.clone().entered();
+
         let ret = if let Some(inner) = self.as_ref().get_ref().inner.as_ref() {
-            ready!(inner.poll_recv(cx))?
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            let res = ready!(trace_poll_op!("poll_recv", inner.poll_recv(cx)))?;
+
+            #[cfg(any(not(tokio_unstable), not(feature = "tracing")))]
+            let res = ready!(inner.poll_recv(cx))?;
+
+            res
         } else {
             panic!("called after complete");
         };
diff --git a/tokio/src/sync/rwlock.rs b/tokio/src/sync/rwlock.rs
index 120bc72b848..6991f0e8b6a 100644
--- a/tokio/src/sync/rwlock.rs
+++ b/tokio/src/sync/rwlock.rs
@@ -1,5 +1,7 @@
 use crate::sync::batch_semaphore::{Semaphore, TryAcquireError};
 use crate::sync::mutex::TryLockError;
+#[cfg(all(tokio_unstable, feature = "tracing"))]
+use crate::util::trace;
 use std::cell::UnsafeCell;
 use std::marker;
 use std::marker::PhantomData;
@@ -86,6 +88,9 @@ const MAX_READS: u32 = 10;
 /// [_write-preferring_]: https://en.wikipedia.org/wiki/Readers%E2%80%93writer_lock#Priority_policies
 #[derive(Debug)]
 pub struct RwLock<T: ?Sized> {
+    #[cfg(all(tokio_unstable, feature = "tracing"))]
+    resource_span: tracing::Span,
+
     // maximum number of concurrent readers
     mr: u32,
 
@@ -197,14 +202,55 @@ impl<T: ?Sized> RwLock<T> {
     ///
     /// let lock = RwLock::new(5);
     /// ```
+    #[track_caller]
     pub fn new(value: T) -> RwLock<T>
     where
         T: Sized,
     {
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let resource_span = {
+            let location = std::panic::Location::caller();
+            let resource_span = tracing::trace_span!(
+                "runtime.resource",
+                concrete_type = "RwLock",
+                kind = "Sync",
+                loc.file = location.file(),
+                loc.line = location.line(),
+                loc.col = location.column(),
+            );
+
+            resource_span.in_scope(|| {
+                tracing::trace!(
+                    target: "runtime::resource::state_update",
+                    max_readers = MAX_READS,
+                );
+
+                tracing::trace!(
+                    target: "runtime::resource::state_update",
+                    write_locked = false,
+                );
+
+                tracing::trace!(
+                    target: "runtime::resource::state_update",
+                    current_readers = 0,
+                );
+            });
+
+            resource_span
+        };
+
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let s = resource_span.in_scope(|| Semaphore::new(MAX_READS as usize));
+
+        #[cfg(any(not(tokio_unstable), not(feature = "tracing")))]
+        let s = Semaphore::new(MAX_READS as usize);
+
         RwLock {
             mr: MAX_READS,
             c: UnsafeCell::new(value),
-            s: Semaphore::new(MAX_READS as usize),
+            s,
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            resource_span,
         }
     }
 
@@ -222,6 +268,7 @@ impl<T: ?Sized> RwLock<T> {
     /// # Panics
     ///
     /// Panics if `max_reads` is more than `u32::MAX >> 3`.
+    #[track_caller]
     pub fn with_max_readers(value: T, max_reads: u32) -> RwLock<T>
     where
         T: Sized,
@@ -231,10 +278,52 @@ impl<T: ?Sized> RwLock<T> {
             "a RwLock may not be created with more than {} readers",
             MAX_READS
         );
+
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let resource_span = {
+            let location = std::panic::Location::caller();
+
+            let resource_span = tracing::trace_span!(
+                "runtime.resource",
+                concrete_type = "RwLock",
+                kind = "Sync",
+                loc.file = location.file(),
+                loc.line = location.line(),
+                loc.col = location.column(),
+            );
+
+            resource_span.in_scope(|| {
+                tracing::trace!(
+                    target: "runtime::resource::state_update",
+                    max_readers = max_reads,
+                );
+
+                tracing::trace!(
+                    target: "runtime::resource::state_update",
+                    write_locked = false,
+                );
+
+                tracing::trace!(
+                    target: "runtime::resource::state_update",
+                    current_readers = 0,
+                );
+            });
+
+            resource_span
+        };
+
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let s = resource_span.in_scope(|| Semaphore::new(max_reads as usize));
+
+        #[cfg(any(not(tokio_unstable), not(feature = "tracing")))]
+        let s = Semaphore::new(max_reads as usize);
+
         RwLock {
             mr: max_reads,
             c: UnsafeCell::new(value),
-            s: Semaphore::new(max_reads as usize),
+            s,
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            resource_span,
         }
     }
 
@@ -257,6 +346,8 @@ impl<T: ?Sized> RwLock<T> {
             mr: MAX_READS,
             c: UnsafeCell::new(value),
             s: Semaphore::const_new(MAX_READS as usize),
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            resource_span: tracing::Span::none(),
         }
     }
 
@@ -281,6 +372,8 @@ impl<T: ?Sized> RwLock<T> {
             mr: max_reads,
             c: UnsafeCell::new(value),
             s: Semaphore::const_new(max_reads as usize),
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            resource_span: tracing::Span::none(),
         }
     }
 
@@ -330,15 +423,39 @@ impl<T: ?Sized> RwLock<T> {
     ///}
     /// ```
     pub async fn read(&self) -> RwLockReadGuard<'_, T> {
-        self.s.acquire(1).await.unwrap_or_else(|_| {
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let inner = trace::async_op(
+            || self.s.acquire(1),
+            self.resource_span.clone(),
+            "RwLock::read",
+            "poll",
+            false,
+        );
+
+        #[cfg(not(all(tokio_unstable, feature = "tracing")))]
+        let inner = self.s.acquire(1);
+
+        inner.await.unwrap_or_else(|_| {
             // The semaphore was closed. but, we never explicitly close it, and we have a
             // handle to it through the Arc, which means that this can never happen.
             unreachable!()
         });
+
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        self.resource_span.in_scope(|| {
+            tracing::trace!(
+            target: "runtime::resource::state_update",
+            current_readers = 1,
+            current_readers.op = "add",
+            )
+        });
+
         RwLockReadGuard {
             s: &self.s,
             data: self.c.get(),
             marker: marker::PhantomData,
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            resource_span: self.resource_span.clone(),
         }
     }
 
@@ -394,15 +511,42 @@ impl<T: ?Sized> RwLock<T> {
     ///}
     /// ```
     pub async fn read_owned(self: Arc<Self>) -> OwnedRwLockReadGuard<T> {
-        self.s.acquire(1).await.unwrap_or_else(|_| {
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let inner = trace::async_op(
+            || self.s.acquire(1),
+            self.resource_span.clone(),
+            "RwLock::read_owned",
+            "poll",
+            false,
+        );
+
+        #[cfg(not(all(tokio_unstable, feature = "tracing")))]
+        let inner = self.s.acquire(1);
+
+        inner.await.unwrap_or_else(|_| {
             // The semaphore was closed. but, we never explicitly close it, and we have a
             // handle to it through the Arc, which means that this can never happen.
             unreachable!()
         });
+
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        self.resource_span.in_scope(|| {
+            tracing::trace!(
+            target: "runtime::resource::state_update",
+            current_readers = 1,
+            current_readers.op = "add",
+            )
+        });
+
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let resource_span = self.resource_span.clone();
+
         OwnedRwLockReadGuard {
             data: self.c.get(),
             lock: ManuallyDrop::new(self),
             _p: PhantomData,
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            resource_span,
         }
     }
 
@@ -445,10 +589,21 @@ impl<T: ?Sized> RwLock<T> {
             Err(TryAcquireError::Closed) => unreachable!(),
         }
 
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        self.resource_span.in_scope(|| {
+            tracing::trace!(
+            target: "runtime::resource::state_update",
+            current_readers = 1,
+            current_readers.op = "add",
+            )
+        });
+
         Ok(RwLockReadGuard {
             s: &self.s,
             data: self.c.get(),
             marker: marker::PhantomData,
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            resource_span: self.resource_span.clone(),
         })
     }
 
@@ -497,10 +652,24 @@ impl<T: ?Sized> RwLock<T> {
             Err(TryAcquireError::Closed) => unreachable!(),
         }
 
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        self.resource_span.in_scope(|| {
+            tracing::trace!(
+            target: "runtime::resource::state_update",
+            current_readers = 1,
+            current_readers.op = "add",
+            )
+        });
+
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let resource_span = self.resource_span.clone();
+
         Ok(OwnedRwLockReadGuard {
             data: self.c.get(),
             lock: ManuallyDrop::new(self),
             _p: PhantomData,
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            resource_span,
         })
     }
 
@@ -533,16 +702,40 @@ impl<T: ?Sized> RwLock<T> {
     ///}
     /// ```
     pub async fn write(&self) -> RwLockWriteGuard<'_, T> {
-        self.s.acquire(self.mr).await.unwrap_or_else(|_| {
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let inner = trace::async_op(
+            || self.s.acquire(self.mr),
+            self.resource_span.clone(),
+            "RwLock::write",
+            "poll",
+            false,
+        );
+
+        #[cfg(not(all(tokio_unstable, feature = "tracing")))]
+        let inner = self.s.acquire(self.mr);
+
+        inner.await.unwrap_or_else(|_| {
             // The semaphore was closed. but, we never explicitly close it, and we have a
             // handle to it through the Arc, which means that this can never happen.
             unreachable!()
         });
+
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        self.resource_span.in_scope(|| {
+            tracing::trace!(
+            target: "runtime::resource::state_update",
+            write_locked = true,
+            write_locked.op = "override",
+            )
+        });
+
         RwLockWriteGuard {
             permits_acquired: self.mr,
             s: &self.s,
             data: self.c.get(),
             marker: marker::PhantomData,
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            resource_span: self.resource_span.clone(),
         }
     }
 
@@ -582,16 +775,43 @@ impl<T: ?Sized> RwLock<T> {
     ///}
     /// ```
     pub async fn write_owned(self: Arc<Self>) -> OwnedRwLockWriteGuard<T> {
-        self.s.acquire(self.mr).await.unwrap_or_else(|_| {
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let inner = trace::async_op(
+            || self.s.acquire(self.mr),
+            self.resource_span.clone(),
+            "RwLock::write_owned",
+            "poll",
+            false,
+        );
+
+        #[cfg(not(all(tokio_unstable, feature = "tracing")))]
+        let inner = self.s.acquire(self.mr);
+
+        inner.await.unwrap_or_else(|_| {
             // The semaphore was closed. but, we never explicitly close it, and we have a
             // handle to it through the Arc, which means that this can never happen.
             unreachable!()
         });
+
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        self.resource_span.in_scope(|| {
+            tracing::trace!(
+            target: "runtime::resource::state_update",
+            write_locked = true,
+            write_locked.op = "override",
+            )
+        });
+
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let resource_span = self.resource_span.clone();
+
         OwnedRwLockWriteGuard {
             permits_acquired: self.mr,
             data: self.c.get(),
             lock: ManuallyDrop::new(self),
             _p: PhantomData,
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            resource_span,
         }
     }
 
@@ -625,11 +845,22 @@ impl<T: ?Sized> RwLock<T> {
             Err(TryAcquireError::Closed) => unreachable!(),
         }
 
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        self.resource_span.in_scope(|| {
+            tracing::trace!(
+            target: "runtime::resource::state_update",
+            write_locked = true,
+            write_locked.op = "override",
+            )
+        });
+
         Ok(RwLockWriteGuard {
             permits_acquired: self.mr,
             s: &self.s,
             data: self.c.get(),
             marker: marker::PhantomData,
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            resource_span: self.resource_span.clone(),
         })
     }
 
@@ -670,11 +901,25 @@ impl<T: ?Sized> RwLock<T> {
             Err(TryAcquireError::Closed) => unreachable!(),
         }
 
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        self.resource_span.in_scope(|| {
+            tracing::trace!(
+            target: "runtime::resource::state_update",
+            write_locked = true,
+            write_locked.op = "override",
+            )
+        });
+
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let resource_span = self.resource_span.clone();
+
         Ok(OwnedRwLockWriteGuard {
             permits_acquired: self.mr,
             data: self.c.get(),
             lock: ManuallyDrop::new(self),
             _p: PhantomData,
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            resource_span,
         })
     }
 
diff --git a/tokio/src/sync/rwlock/owned_read_guard.rs b/tokio/src/sync/rwlock/owned_read_guard.rs
index 1881295846e..27b71bd988b 100644
--- a/tokio/src/sync/rwlock/owned_read_guard.rs
+++ b/tokio/src/sync/rwlock/owned_read_guard.rs
@@ -15,6 +15,8 @@ use std::sync::Arc;
 /// [`read_owned`]: method@crate::sync::RwLock::read_owned
 /// [`RwLock`]: struct@crate::sync::RwLock
 pub struct OwnedRwLockReadGuard<T: ?Sized, U: ?Sized = T> {
+    #[cfg(all(tokio_unstable, feature = "tracing"))]
+    pub(super) resource_span: tracing::Span,
     // ManuallyDrop allows us to destructure into this field without running the destructor.
     pub(super) lock: ManuallyDrop<Arc<RwLock<T>>>,
     pub(super) data: *const U,
@@ -56,12 +58,17 @@ impl<T: ?Sized, U: ?Sized> OwnedRwLockReadGuard<T, U> {
     {
         let data = f(&*this) as *const V;
         let lock = unsafe { ManuallyDrop::take(&mut this.lock) };
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let resource_span = this.resource_span.clone();
         // NB: Forget to avoid drop impl from being called.
         mem::forget(this);
+
         OwnedRwLockReadGuard {
             lock: ManuallyDrop::new(lock),
             data,
             _p: PhantomData,
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            resource_span,
         }
     }
 
@@ -105,12 +112,17 @@ impl<T: ?Sized, U: ?Sized> OwnedRwLockReadGuard<T, U> {
             None => return Err(this),
         };
         let lock = unsafe { ManuallyDrop::take(&mut this.lock) };
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let resource_span = this.resource_span.clone();
         // NB: Forget to avoid drop impl from being called.
         mem::forget(this);
+
         Ok(OwnedRwLockReadGuard {
             lock: ManuallyDrop::new(lock),
             data,
             _p: PhantomData,
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            resource_span,
         })
     }
 }
@@ -145,5 +157,14 @@ impl<T: ?Sized, U: ?Sized> Drop for OwnedRwLockReadGuard<T, U> {
     fn drop(&mut self) {
         self.lock.s.release(1);
         unsafe { ManuallyDrop::drop(&mut self.lock) };
+
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        self.resource_span.in_scope(|| {
+            tracing::trace!(
+            target: "runtime::resource::state_update",
+            current_readers = 1,
+            current_readers.op = "sub",
+            )
+        });
     }
 }
diff --git a/tokio/src/sync/rwlock/owned_write_guard.rs b/tokio/src/sync/rwlock/owned_write_guard.rs
index 0a78d28e903..dbedab4cbb2 100644
--- a/tokio/src/sync/rwlock/owned_write_guard.rs
+++ b/tokio/src/sync/rwlock/owned_write_guard.rs
@@ -16,6 +16,8 @@ use std::sync::Arc;
 /// [`write_owned`]: method@crate::sync::RwLock::write_owned
 /// [`RwLock`]: struct@crate::sync::RwLock
 pub struct OwnedRwLockWriteGuard<T: ?Sized> {
+    #[cfg(all(tokio_unstable, feature = "tracing"))]
+    pub(super) resource_span: tracing::Span,
     pub(super) permits_acquired: u32,
     // ManuallyDrop allows us to destructure into this field without running the destructor.
     pub(super) lock: ManuallyDrop<Arc<RwLock<T>>>,
@@ -64,13 +66,18 @@ impl<T: ?Sized> OwnedRwLockWriteGuard<T> {
         let data = f(&mut *this) as *mut U;
         let lock = unsafe { ManuallyDrop::take(&mut this.lock) };
         let permits_acquired = this.permits_acquired;
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let resource_span = this.resource_span.clone();
         // NB: Forget to avoid drop impl from being called.
         mem::forget(this);
+
         OwnedRwLockMappedWriteGuard {
             permits_acquired,
             lock: ManuallyDrop::new(lock),
             data,
             _p: PhantomData,
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            resource_span,
         }
     }
 
@@ -123,13 +130,19 @@ impl<T: ?Sized> OwnedRwLockWriteGuard<T> {
         };
         let permits_acquired = this.permits_acquired;
         let lock = unsafe { ManuallyDrop::take(&mut this.lock) };
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let resource_span = this.resource_span.clone();
+
         // NB: Forget to avoid drop impl from being called.
         mem::forget(this);
+
         Ok(OwnedRwLockMappedWriteGuard {
             permits_acquired,
             lock: ManuallyDrop::new(lock),
             data,
             _p: PhantomData,
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            resource_span,
         })
     }
 
@@ -181,15 +194,39 @@ impl<T: ?Sized> OwnedRwLockWriteGuard<T> {
     pub fn downgrade(mut self) -> OwnedRwLockReadGuard<T> {
         let lock = unsafe { ManuallyDrop::take(&mut self.lock) };
         let data = self.data;
+        let to_release = (self.permits_acquired - 1) as usize;
 
         // Release all but one of the permits held by the write guard
-        lock.s.release((self.permits_acquired - 1) as usize);
+        lock.s.release(to_release);
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        self.resource_span.in_scope(|| {
+            tracing::trace!(
+            target: "runtime::resource::state_update",
+            write_locked = false,
+            write_locked.op = "override",
+            )
+        });
+
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        self.resource_span.in_scope(|| {
+            tracing::trace!(
+            target: "runtime::resource::state_update",
+            current_readers = 1,
+            current_readers.op = "add",
+            )
+        });
+
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let resource_span = self.resource_span.clone();
         // NB: Forget to avoid drop impl from being called.
         mem::forget(self);
+
         OwnedRwLockReadGuard {
             lock: ManuallyDrop::new(lock),
             data,
             _p: PhantomData,
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            resource_span,
         }
     }
 }
@@ -229,6 +266,14 @@ where
 impl<T: ?Sized> Drop for OwnedRwLockWriteGuard<T> {
     fn drop(&mut self) {
         self.lock.s.release(self.permits_acquired as usize);
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        self.resource_span.in_scope(|| {
+            tracing::trace!(
+            target: "runtime::resource::state_update",
+            write_locked = false,
+            write_locked.op = "override",
+            )
+        });
         unsafe { ManuallyDrop::drop(&mut self.lock) };
     }
 }
diff --git a/tokio/src/sync/rwlock/owned_write_guard_mapped.rs b/tokio/src/sync/rwlock/owned_write_guard_mapped.rs
index d88ee01e1fd..55a24d96ac3 100644
--- a/tokio/src/sync/rwlock/owned_write_guard_mapped.rs
+++ b/tokio/src/sync/rwlock/owned_write_guard_mapped.rs
@@ -15,6 +15,8 @@ use std::sync::Arc;
 /// [mapping]: method@crate::sync::OwnedRwLockWriteGuard::map
 /// [`OwnedRwLockWriteGuard`]: struct@crate::sync::OwnedRwLockWriteGuard
 pub struct OwnedRwLockMappedWriteGuard<T: ?Sized, U: ?Sized = T> {
+    #[cfg(all(tokio_unstable, feature = "tracing"))]
+    pub(super) resource_span: tracing::Span,
     pub(super) permits_acquired: u32,
     // ManuallyDrop allows us to destructure into this field without running the destructor.
     pub(super) lock: ManuallyDrop<Arc<RwLock<T>>>,
@@ -63,13 +65,18 @@ impl<T: ?Sized, U: ?Sized> OwnedRwLockMappedWriteGuard<T, U> {
         let data = f(&mut *this) as *mut V;
         let lock = unsafe { ManuallyDrop::take(&mut this.lock) };
         let permits_acquired = this.permits_acquired;
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let resource_span = this.resource_span.clone();
         // NB: Forget to avoid drop impl from being called.
         mem::forget(this);
+
         OwnedRwLockMappedWriteGuard {
             permits_acquired,
             lock: ManuallyDrop::new(lock),
             data,
             _p: PhantomData,
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            resource_span,
         }
     }
 
@@ -120,13 +127,18 @@ impl<T: ?Sized, U: ?Sized> OwnedRwLockMappedWriteGuard<T, U> {
         };
         let lock = unsafe { ManuallyDrop::take(&mut this.lock) };
         let permits_acquired = this.permits_acquired;
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let resource_span = this.resource_span.clone();
         // NB: Forget to avoid drop impl from being called.
         mem::forget(this);
+
         Ok(OwnedRwLockMappedWriteGuard {
             permits_acquired,
             lock: ManuallyDrop::new(lock),
             data,
             _p: PhantomData,
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            resource_span,
         })
     }
 }
@@ -166,6 +178,14 @@ where
 impl<T: ?Sized, U: ?Sized> Drop for OwnedRwLockMappedWriteGuard<T, U> {
     fn drop(&mut self) {
         self.lock.s.release(self.permits_acquired as usize);
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        self.resource_span.in_scope(|| {
+            tracing::trace!(
+            target: "runtime::resource::state_update",
+            write_locked = false,
+            write_locked.op = "override",
+            )
+        });
         unsafe { ManuallyDrop::drop(&mut self.lock) };
     }
 }
diff --git a/tokio/src/sync/rwlock/read_guard.rs b/tokio/src/sync/rwlock/read_guard.rs
index 090b297e4af..36921319923 100644
--- a/tokio/src/sync/rwlock/read_guard.rs
+++ b/tokio/src/sync/rwlock/read_guard.rs
@@ -13,6 +13,8 @@ use std::ops;
 /// [`read`]: method@crate::sync::RwLock::read
 /// [`RwLock`]: struct@crate::sync::RwLock
 pub struct RwLockReadGuard<'a, T: ?Sized> {
+    #[cfg(all(tokio_unstable, feature = "tracing"))]
+    pub(super) resource_span: tracing::Span,
     pub(super) s: &'a Semaphore,
     pub(super) data: *const T,
     pub(super) marker: marker::PhantomData<&'a T>,
@@ -59,12 +61,17 @@ impl<'a, T: ?Sized> RwLockReadGuard<'a, T> {
     {
         let data = f(&*this) as *const U;
         let s = this.s;
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let resource_span = this.resource_span.clone();
         // NB: Forget to avoid drop impl from being called.
         mem::forget(this);
+
         RwLockReadGuard {
             s,
             data,
             marker: marker::PhantomData,
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            resource_span,
         }
     }
 
@@ -113,12 +120,17 @@ impl<'a, T: ?Sized> RwLockReadGuard<'a, T> {
             None => return Err(this),
         };
         let s = this.s;
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let resource_span = this.resource_span.clone();
         // NB: Forget to avoid drop impl from being called.
         mem::forget(this);
+
         Ok(RwLockReadGuard {
             s,
             data,
             marker: marker::PhantomData,
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            resource_span,
         })
     }
 }
@@ -152,5 +164,14 @@ where
 impl<'a, T: ?Sized> Drop for RwLockReadGuard<'a, T> {
     fn drop(&mut self) {
         self.s.release(1);
+
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        self.resource_span.in_scope(|| {
+            tracing::trace!(
+            target: "runtime::resource::state_update",
+            current_readers = 1,
+            current_readers.op = "sub",
+            )
+        });
     }
 }
diff --git a/tokio/src/sync/rwlock/write_guard.rs b/tokio/src/sync/rwlock/write_guard.rs
index 8c80ee70db4..7cadd74c60d 100644
--- a/tokio/src/sync/rwlock/write_guard.rs
+++ b/tokio/src/sync/rwlock/write_guard.rs
@@ -15,6 +15,8 @@ use std::ops;
 /// [`write`]: method@crate::sync::RwLock::write
 /// [`RwLock`]: struct@crate::sync::RwLock
 pub struct RwLockWriteGuard<'a, T: ?Sized> {
+    #[cfg(all(tokio_unstable, feature = "tracing"))]
+    pub(super) resource_span: tracing::Span,
     pub(super) permits_acquired: u32,
     pub(super) s: &'a Semaphore,
     pub(super) data: *mut T,
@@ -66,6 +68,8 @@ impl<'a, T: ?Sized> RwLockWriteGuard<'a, T> {
         let data = f(&mut *this) as *mut U;
         let s = this.s;
         let permits_acquired = this.permits_acquired;
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let resource_span = this.resource_span.clone();
         // NB: Forget to avoid drop impl from being called.
         mem::forget(this);
         RwLockMappedWriteGuard {
@@ -73,6 +77,8 @@ impl<'a, T: ?Sized> RwLockWriteGuard<'a, T> {
             s,
             data,
             marker: marker::PhantomData,
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            resource_span,
         }
     }
 
@@ -129,6 +135,8 @@ impl<'a, T: ?Sized> RwLockWriteGuard<'a, T> {
         };
         let s = this.s;
         let permits_acquired = this.permits_acquired;
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let resource_span = this.resource_span.clone();
         // NB: Forget to avoid drop impl from being called.
         mem::forget(this);
         Ok(RwLockMappedWriteGuard {
@@ -136,6 +144,8 @@ impl<'a, T: ?Sized> RwLockWriteGuard<'a, T> {
             s,
             data,
             marker: marker::PhantomData,
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            resource_span,
         })
     }
 
@@ -188,15 +198,38 @@ impl<'a, T: ?Sized> RwLockWriteGuard<'a, T> {
     /// [`RwLock`]: struct@crate::sync::RwLock
     pub fn downgrade(self) -> RwLockReadGuard<'a, T> {
         let RwLockWriteGuard { s, data, .. } = self;
-
+        let to_release = (self.permits_acquired - 1) as usize;
         // Release all but one of the permits held by the write guard
-        s.release((self.permits_acquired - 1) as usize);
+        s.release(to_release);
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        self.resource_span.in_scope(|| {
+            tracing::trace!(
+            target: "runtime::resource::state_update",
+            write_locked = false,
+            write_locked.op = "override",
+            )
+        });
+
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        self.resource_span.in_scope(|| {
+            tracing::trace!(
+            target: "runtime::resource::state_update",
+            current_readers = 1,
+            current_readers.op = "add",
+            )
+        });
+
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let resource_span = self.resource_span.clone();
         // NB: Forget to avoid drop impl from being called.
         mem::forget(self);
+
         RwLockReadGuard {
             s,
             data,
             marker: marker::PhantomData,
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            resource_span,
         }
     }
 }
@@ -236,5 +269,14 @@ where
 impl<'a, T: ?Sized> Drop for RwLockWriteGuard<'a, T> {
     fn drop(&mut self) {
         self.s.release(self.permits_acquired as usize);
+
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        self.resource_span.in_scope(|| {
+            tracing::trace!(
+            target: "runtime::resource::state_update",
+            write_locked = false,
+            write_locked.op = "override",
+            )
+        });
     }
 }
diff --git a/tokio/src/sync/rwlock/write_guard_mapped.rs b/tokio/src/sync/rwlock/write_guard_mapped.rs
index 3cf69de4bdd..b5c644a9e83 100644
--- a/tokio/src/sync/rwlock/write_guard_mapped.rs
+++ b/tokio/src/sync/rwlock/write_guard_mapped.rs
@@ -14,6 +14,8 @@ use std::ops;
 /// [mapping]: method@crate::sync::RwLockWriteGuard::map
 /// [`RwLockWriteGuard`]: struct@crate::sync::RwLockWriteGuard
 pub struct RwLockMappedWriteGuard<'a, T: ?Sized> {
+    #[cfg(all(tokio_unstable, feature = "tracing"))]
+    pub(super) resource_span: tracing::Span,
     pub(super) permits_acquired: u32,
     pub(super) s: &'a Semaphore,
     pub(super) data: *mut T,
@@ -64,13 +66,18 @@ impl<'a, T: ?Sized> RwLockMappedWriteGuard<'a, T> {
         let data = f(&mut *this) as *mut U;
         let s = this.s;
         let permits_acquired = this.permits_acquired;
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let resource_span = this.resource_span.clone();
         // NB: Forget to avoid drop impl from being called.
         mem::forget(this);
+
         RwLockMappedWriteGuard {
             permits_acquired,
             s,
             data,
             marker: marker::PhantomData,
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            resource_span,
         }
     }
 
@@ -126,13 +133,18 @@ impl<'a, T: ?Sized> RwLockMappedWriteGuard<'a, T> {
         };
         let s = this.s;
         let permits_acquired = this.permits_acquired;
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let resource_span = this.resource_span.clone();
         // NB: Forget to avoid drop impl from being called.
         mem::forget(this);
+
         Ok(RwLockMappedWriteGuard {
             permits_acquired,
             s,
             data,
             marker: marker::PhantomData,
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            resource_span,
         })
     }
 }
@@ -172,5 +184,14 @@ where
 impl<'a, T: ?Sized> Drop for RwLockMappedWriteGuard<'a, T> {
     fn drop(&mut self) {
         self.s.release(self.permits_acquired as usize);
+
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        self.resource_span.in_scope(|| {
+            tracing::trace!(
+            target: "runtime::resource::state_update",
+            write_locked = false,
+            write_locked.op = "override",
+            )
+        });
     }
 }
diff --git a/tokio/src/sync/semaphore.rs b/tokio/src/sync/semaphore.rs
index 839b523c4ce..860f46f3998 100644
--- a/tokio/src/sync/semaphore.rs
+++ b/tokio/src/sync/semaphore.rs
@@ -1,5 +1,7 @@
 use super::batch_semaphore as ll; // low level implementation
 use super::{AcquireError, TryAcquireError};
+#[cfg(all(tokio_unstable, feature = "tracing"))]
+use crate::util::trace;
 use std::sync::Arc;
 
 /// Counting semaphore performing asynchronous permit acquisition.
@@ -77,6 +79,8 @@ use std::sync::Arc;
 pub struct Semaphore {
     /// The low level semaphore
     ll_sem: ll::Semaphore,
+    #[cfg(all(tokio_unstable, feature = "tracing"))]
+    resource_span: tracing::Span,
 }
 
 /// A permit from the semaphore.
@@ -120,9 +124,33 @@ fn bounds() {
 
 impl Semaphore {
     /// Creates a new semaphore with the initial number of permits.
+    #[track_caller]
     pub fn new(permits: usize) -> Self {
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let resource_span = {
+            let location = std::panic::Location::caller();
+
+            tracing::trace_span!(
+                "runtime.resource",
+                concrete_type = "Semaphore",
+                kind = "Sync",
+                loc.file = location.file(),
+                loc.line = location.line(),
+                loc.col = location.column(),
+                inherits_child_attrs = true,
+            )
+        };
+
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let ll_sem = resource_span.in_scope(|| ll::Semaphore::new(permits));
+
+        #[cfg(any(not(tokio_unstable), not(feature = "tracing")))]
+        let ll_sem = ll::Semaphore::new(permits);
+
         Self {
-            ll_sem: ll::Semaphore::new(permits),
+            ll_sem,
+            #[cfg(all(tokio_unstable, feature = "tracing"))]
+            resource_span,
         }
     }
 
@@ -139,9 +167,16 @@ impl Semaphore {
     #[cfg(all(feature = "parking_lot", not(all(loom, test))))]
     #[cfg_attr(docsrs, doc(cfg(feature = "parking_lot")))]
     pub const fn const_new(permits: usize) -> Self {
-        Self {
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        return Self {
             ll_sem: ll::Semaphore::const_new(permits),
-        }
+            resource_span: tracing::Span::none(),
+        };
+
+        #[cfg(any(not(tokio_unstable), not(feature = "tracing")))]
+        return Self {
+            ll_sem: ll::Semaphore::const_new(permits),
+        };
     }
 
     /// Returns the current number of available permits.
@@ -191,7 +226,18 @@ impl Semaphore {
     /// [`AcquireError`]: crate::sync::AcquireError
     /// [`SemaphorePermit`]: crate::sync::SemaphorePermit
     pub async fn acquire(&self) -> Result<SemaphorePermit<'_>, AcquireError> {
-        self.ll_sem.acquire(1).await?;
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let inner = trace::async_op(
+            || self.ll_sem.acquire(1),
+            self.resource_span.clone(),
+            "Semaphore::acquire",
+            "poll",
+            true,
+        );
+        #[cfg(not(all(tokio_unstable, feature = "tracing")))]
+        let inner = self.ll_sem.acquire(1);
+
+        inner.await?;
         Ok(SemaphorePermit {
             sem: self,
             permits: 1,
@@ -227,7 +273,19 @@ impl Semaphore {
     /// [`AcquireError`]: crate::sync::AcquireError
     /// [`SemaphorePermit`]: crate::sync::SemaphorePermit
     pub async fn acquire_many(&self, n: u32) -> Result<SemaphorePermit<'_>, AcquireError> {
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        trace::async_op(
+            || self.ll_sem.acquire(n),
+            self.resource_span.clone(),
+            "Semaphore::acquire_many",
+            "poll",
+            true,
+        )
+        .await?;
+
+        #[cfg(not(all(tokio_unstable, feature = "tracing")))]
         self.ll_sem.acquire(n).await?;
+
         Ok(SemaphorePermit {
             sem: self,
             permits: n,
@@ -350,7 +408,18 @@ impl Semaphore {
     /// [`AcquireError`]: crate::sync::AcquireError
     /// [`OwnedSemaphorePermit`]: crate::sync::OwnedSemaphorePermit
     pub async fn acquire_owned(self: Arc<Self>) -> Result<OwnedSemaphorePermit, AcquireError> {
-        self.ll_sem.acquire(1).await?;
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let inner = trace::async_op(
+            || self.ll_sem.acquire(1),
+            self.resource_span.clone(),
+            "Semaphore::acquire_owned",
+            "poll",
+            true,
+        );
+        #[cfg(not(all(tokio_unstable, feature = "tracing")))]
+        let inner = self.ll_sem.acquire(1);
+
+        inner.await?;
         Ok(OwnedSemaphorePermit {
             sem: self,
             permits: 1,
@@ -403,7 +472,18 @@ impl Semaphore {
         self: Arc<Self>,
         n: u32,
     ) -> Result<OwnedSemaphorePermit, AcquireError> {
-        self.ll_sem.acquire(n).await?;
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let inner = trace::async_op(
+            || self.ll_sem.acquire(n),
+            self.resource_span.clone(),
+            "Semaphore::acquire_many_owned",
+            "poll",
+            true,
+        );
+        #[cfg(not(all(tokio_unstable, feature = "tracing")))]
+        let inner = self.ll_sem.acquire(n);
+
+        inner.await?;
         Ok(OwnedSemaphorePermit {
             sem: self,
             permits: n,
diff --git a/tokio/src/time/driver/sleep.rs b/tokio/src/time/driver/sleep.rs
index d10639d191c..7f27ef201f7 100644
--- a/tokio/src/time/driver/sleep.rs
+++ b/tokio/src/time/driver/sleep.rs
@@ -1,3 +1,5 @@
+#[cfg(all(tokio_unstable, feature = "tracing"))]
+use crate::time::driver::ClockTime;
 use crate::time::driver::{Handle, TimerEntry};
 use crate::time::{error::Error, Duration, Instant};
 use crate::util::trace;
@@ -8,10 +10,6 @@ use std::panic::Location;
 use std::pin::Pin;
 use std::task::{self, Poll};
 
-cfg_trace! {
-    use crate::time::driver::ClockTime;
-}
-
 /// Waits until `deadline` is reached.
 ///
 /// No work is performed while awaiting on the sleep future to complete. `Sleep`
@@ -238,8 +236,7 @@ cfg_trace! {
     #[derive(Debug)]
     struct Inner {
         deadline: Instant,
-        resource_span: tracing::Span,
-        async_op_span: tracing::Span,
+        ctx: trace::AsyncOpTracingCtx,
         time_source: ClockTime,
     }
 }
@@ -266,8 +263,7 @@ impl Sleep {
             let deadline_tick = time_source.deadline_to_tick(deadline);
             let duration = deadline_tick.checked_sub(time_source.now()).unwrap_or(0);
 
-            let location = location.expect("should have location if tracking caller");
-
+            let location = location.expect("should have location if tracing");
             let resource_span = tracing::trace_span!(
                 "runtime.resource",
                 concrete_type = "Sleep",
@@ -277,21 +273,29 @@ impl Sleep {
                 loc.col = location.column(),
             );
 
-            let async_op_span =
-                tracing::trace_span!("runtime.resource.async_op", source = "Sleep::new_timeout");
+            let async_op_span = resource_span.in_scope(|| {
+                tracing::trace!(
+                    target: "runtime::resource::state_update",
+                    duration = duration,
+                    duration.unit = "ms",
+                    duration.op = "override",
+                );
 
-            tracing::trace!(
-                target: "runtime::resource::state_update",
-                parent: resource_span.id(),
-                duration = duration,
-                duration.unit = "ms",
-                duration.op = "override",
-            );
+                tracing::trace_span!("runtime.resource.async_op", source = "Sleep::new_timeout")
+            });
+
+            let async_op_poll_span =
+                async_op_span.in_scope(|| tracing::trace_span!("runtime.resource.async_op.poll"));
+
+            let ctx = trace::AsyncOpTracingCtx {
+                async_op_span,
+                async_op_poll_span,
+                resource_span,
+            };
 
             Inner {
                 deadline,
-                resource_span,
-                async_op_span,
+                ctx,
                 time_source,
             }
         };
@@ -358,54 +362,52 @@ impl Sleep {
 
         #[cfg(all(tokio_unstable, feature = "tracing"))]
         {
-            me.inner.async_op_span =
+            let _resource_enter = me.inner.ctx.resource_span.enter();
+            me.inner.ctx.async_op_span =
                 tracing::trace_span!("runtime.resource.async_op", source = "Sleep::reset");
+            let _async_op_enter = me.inner.ctx.async_op_span.enter();
+
+            me.inner.ctx.async_op_poll_span =
+                tracing::trace_span!("runtime.resource.async_op.poll");
+
+            let duration = {
+                let now = me.inner.time_source.now();
+                let deadline_tick = me.inner.time_source.deadline_to_tick(deadline);
+                deadline_tick.checked_sub(now).unwrap_or(0)
+            };
 
             tracing::trace!(
                 target: "runtime::resource::state_update",
-                parent: me.inner.resource_span.id(),
-                duration = {
-                    let now = me.inner.time_source.now();
-                    let deadline_tick = me.inner.time_source.deadline_to_tick(deadline);
-                    deadline_tick.checked_sub(now).unwrap_or(0)
-                },
+                duration = duration,
                 duration.unit = "ms",
                 duration.op = "override",
             );
         }
     }
 
-    cfg_not_trace! {
-        fn poll_elapsed(self: Pin<&mut Self>, cx: &mut task::Context<'_>) -> Poll<Result<(), Error>> {
-            let me = self.project();
+    fn poll_elapsed(self: Pin<&mut Self>, cx: &mut task::Context<'_>) -> Poll<Result<(), Error>> {
+        let me = self.project();
 
-            // Keep track of task budget
-            let coop = ready!(crate::coop::poll_proceed(cx));
+        // Keep track of task budget
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let coop = ready!(trace_poll_op!(
+            "poll_elapsed",
+            crate::coop::poll_proceed(cx),
+        ));
 
-            me.entry.poll_elapsed(cx).map(move |r| {
-                coop.made_progress();
-                r
-            })
-        }
-    }
+        #[cfg(any(not(tokio_unstable), not(feature = "tracing")))]
+        let coop = ready!(crate::coop::poll_proceed(cx));
 
-    cfg_trace! {
-        fn poll_elapsed(self: Pin<&mut Self>, cx: &mut task::Context<'_>) -> Poll<Result<(), Error>> {
-            let me = self.project();
-            // Keep track of task budget
-            let coop = ready!(trace_poll_op!(
-                "poll_elapsed",
-                crate::coop::poll_proceed(cx),
-                me.inner.resource_span.id(),
-            ));
-
-            let result =  me.entry.poll_elapsed(cx).map(move |r| {
-                coop.made_progress();
-                r
-            });
+        let result = me.entry.poll_elapsed(cx).map(move |r| {
+            coop.made_progress();
+            r
+        });
 
-            trace_poll_op!("poll_elapsed", result, me.inner.resource_span.id())
-        }
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        return trace_poll_op!("poll_elapsed", result);
+
+        #[cfg(any(not(tokio_unstable), not(feature = "tracing")))]
+        return result;
     }
 }
 
@@ -423,8 +425,11 @@ impl Future for Sleep {
     // really do much better if we passed the error onwards.
     fn poll(mut self: Pin<&mut Self>, cx: &mut task::Context<'_>) -> Poll<Self::Output> {
         #[cfg(all(tokio_unstable, feature = "tracing"))]
-        let _span = self.inner.async_op_span.clone().entered();
-
+        let _res_span = self.inner.ctx.resource_span.clone().entered();
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let _ao_span = self.inner.ctx.async_op_span.clone().entered();
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let _ao_poll_span = self.inner.ctx.async_op_poll_span.clone().entered();
         match ready!(self.as_mut().poll_elapsed(cx)) {
             Ok(()) => Poll::Ready(()),
             Err(e) => panic!("timer error: {}", e),
diff --git a/tokio/src/time/interval.rs b/tokio/src/time/interval.rs
index 6a89943741e..439a1a19d54 100644
--- a/tokio/src/time/interval.rs
+++ b/tokio/src/time/interval.rs
@@ -1,6 +1,8 @@
 use crate::future::poll_fn;
 use crate::time::{sleep_until, Duration, Instant, Sleep};
+use crate::util::trace;
 
+use std::panic::Location;
 use std::pin::Pin;
 use std::task::{Context, Poll};
 use std::{convert::TryInto, future::Future};
@@ -68,10 +70,10 @@ use std::{convert::TryInto, future::Future};
 ///
 /// [`sleep`]: crate::time::sleep()
 /// [`.tick().await`]: Interval::tick
+#[track_caller]
 pub fn interval(period: Duration) -> Interval {
     assert!(period > Duration::new(0, 0), "`period` must be non-zero.");
-
-    interval_at(Instant::now(), period)
+    internal_interval_at(Instant::now(), period, trace::caller_location())
 }
 
 /// Creates new [`Interval`] that yields with interval of `period` with the
@@ -103,13 +105,44 @@ pub fn interval(period: Duration) -> Interval {
 ///     // approximately 70ms have elapsed.
 /// }
 /// ```
+#[track_caller]
 pub fn interval_at(start: Instant, period: Duration) -> Interval {
     assert!(period > Duration::new(0, 0), "`period` must be non-zero.");
+    internal_interval_at(start, period, trace::caller_location())
+}
+
+#[cfg_attr(not(all(tokio_unstable, feature = "tracing")), allow(unused_variables))]
+fn internal_interval_at(
+    start: Instant,
+    period: Duration,
+    location: Option<&'static Location<'static>>,
+) -> Interval {
+    #[cfg(all(tokio_unstable, feature = "tracing"))]
+    let resource_span = {
+        let location = location.expect("should have location if tracing");
+
+        tracing::trace_span!(
+            "runtime.resource",
+            concrete_type = "Interval",
+            kind = "timer",
+            loc.file = location.file(),
+            loc.line = location.line(),
+            loc.col = location.column(),
+        )
+    };
+
+    #[cfg(all(tokio_unstable, feature = "tracing"))]
+    let delay = resource_span.in_scope(|| Box::pin(sleep_until(start)));
+
+    #[cfg(not(all(tokio_unstable, feature = "tracing")))]
+    let delay = Box::pin(sleep_until(start));
 
     Interval {
-        delay: Box::pin(sleep_until(start)),
+        delay,
         period,
         missed_tick_behavior: Default::default(),
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        resource_span,
     }
 }
 
@@ -362,6 +395,9 @@ pub struct Interval {
 
     /// The strategy `Interval` should use when a tick is missed.
     missed_tick_behavior: MissedTickBehavior,
+
+    #[cfg(all(tokio_unstable, feature = "tracing"))]
+    resource_span: tracing::Span,
 }
 
 impl Interval {
@@ -391,7 +427,20 @@ impl Interval {
     /// }
     /// ```
     pub async fn tick(&mut self) -> Instant {
-        poll_fn(|cx| self.poll_tick(cx)).await
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let resource_span = self.resource_span.clone();
+        #[cfg(all(tokio_unstable, feature = "tracing"))]
+        let instant = trace::async_op(
+            || poll_fn(|cx| self.poll_tick(cx)),
+            resource_span,
+            "Interval::tick",
+            "poll_tick",
+            false,
+        );
+        #[cfg(not(all(tokio_unstable, feature = "tracing")))]
+        let instant = poll_fn(|cx| self.poll_tick(cx));
+
+        instant.await
     }
 
     /// Polls for the next instant in the interval to be reached.
diff --git a/tokio/src/util/trace.rs b/tokio/src/util/trace.rs
index 74ae739354b..6080e2358ae 100644
--- a/tokio/src/util/trace.rs
+++ b/tokio/src/util/trace.rs
@@ -1,5 +1,11 @@
 cfg_trace! {
     cfg_rt! {
+        use core::{
+            pin::Pin,
+            task::{Context, Poll},
+        };
+        use pin_project_lite::pin_project;
+        use std::future::Future;
         pub(crate) use tracing::instrument::Instrumented;
 
         #[inline]
@@ -18,6 +24,58 @@ cfg_trace! {
             );
             task.instrument(span)
         }
+
+        pub(crate) fn async_op<P,F>(inner: P, resource_span: tracing::Span, source: &str, poll_op_name: &'static str, inherits_child_attrs: bool) -> InstrumentedAsyncOp<F>
+        where P: FnOnce() -> F {
+            resource_span.in_scope(|| {
+                let async_op_span = tracing::trace_span!("runtime.resource.async_op", source = source, inherits_child_attrs = inherits_child_attrs);
+                let enter = async_op_span.enter();
+                let async_op_poll_span = tracing::trace_span!("runtime.resource.async_op.poll");
+                let inner = inner();
+                drop(enter);
+                let tracing_ctx = AsyncOpTracingCtx {
+                    async_op_span,
+                    async_op_poll_span,
+                    resource_span: resource_span.clone(),
+                };
+                InstrumentedAsyncOp {
+                    inner,
+                    tracing_ctx,
+                    poll_op_name,
+                }
+            })
+        }
+
+        #[derive(Debug, Clone)]
+        pub(crate) struct AsyncOpTracingCtx {
+            pub(crate) async_op_span: tracing::Span,
+            pub(crate) async_op_poll_span: tracing::Span,
+            pub(crate) resource_span: tracing::Span,
+        }
+
+
+        pin_project! {
+            #[derive(Debug, Clone)]
+            pub(crate) struct InstrumentedAsyncOp<F> {
+                #[pin]
+                pub(crate) inner: F,
+                pub(crate) tracing_ctx: AsyncOpTracingCtx,
+                pub(crate) poll_op_name: &'static str
+            }
+        }
+
+        impl<F: Future> Future for InstrumentedAsyncOp<F> {
+            type Output = F::Output;
+
+            fn poll(self: Pin<&mut Self>, cx: &mut Context<'_>) -> Poll<Self::Output> {
+                let this = self.project();
+                let poll_op_name = &*this.poll_op_name;
+                let _res_enter = this.tracing_ctx.resource_span.enter();
+                let _async_op_enter = this.tracing_ctx.async_op_span.enter();
+                let _async_op_poll_enter = this.tracing_ctx.async_op_poll_span.enter();
+                trace_poll_op!(poll_op_name, this.inner.poll(cx))
+            }
+        }
     }
 }
 cfg_time! {