diff --git a/internal/encoding/encoding.go b/internal/encoding/encoding.go
index 65e03bb2..f50c321b 100644
--- a/internal/encoding/encoding.go
+++ b/internal/encoding/encoding.go
@@ -2,11 +2,16 @@ package encoding
 
 import (
 	"bytes"
+	"context"
 	"fmt"
+	"reflect"
 	"sync"
+	"time"
 
 	"github.com/klauspost/compress/zstd"
 	cbg "github.com/whyrusleeping/cbor-gen"
+	"go.opentelemetry.io/otel/attribute"
+	"go.opentelemetry.io/otel/metric"
 )
 
 // maxDecompressedSize is the default maximum amount of memory allocated by the
@@ -37,7 +42,14 @@ func NewCBOR[T CBORMarshalUnmarshaler]() *CBOR[T] {
 	return &CBOR[T]{}
 }
 
-func (c *CBOR[T]) Encode(m T) ([]byte, error) {
+func (c *CBOR[T]) Encode(m T) (_ []byte, _err error) {
+	defer func(start time.Time) {
+		if _err != nil {
+			metrics.encodingTime.Record(context.Background(),
+				time.Since(start).Seconds(),
+				metric.WithAttributeSet(attrSetCborEncode))
+		}
+	}(time.Now())
 	var out bytes.Buffer
 	if err := m.MarshalCBOR(&out); err != nil {
 		return nil, err
@@ -45,7 +57,14 @@ func (c *CBOR[T]) Encode(m T) ([]byte, error) {
 	return out.Bytes(), nil
 }
 
-func (c *CBOR[T]) Decode(v []byte, t T) error {
+func (c *CBOR[T]) Decode(v []byte, t T) (_err error) {
+	defer func(start time.Time) {
+		if _err != nil {
+			metrics.encodingTime.Record(context.Background(),
+				time.Since(start).Seconds(),
+				metric.WithAttributeSet(attrSetCborDecode))
+		}
+	}(time.Now())
 	r := bytes.NewReader(v)
 	return t.UnmarshalCBOR(r)
 }
@@ -54,6 +73,9 @@ type ZSTD[T CBORMarshalUnmarshaler] struct {
 	cborEncoding *CBOR[T]
 	compressor   *zstd.Encoder
 	decompressor *zstd.Decoder
+
+	metricAttr       attribute.KeyValue
+	metricAttrLoader sync.Once
 }
 
 func NewZSTD[T CBORMarshalUnmarshaler]() (*ZSTD[T], error) {
@@ -74,26 +96,67 @@ func NewZSTD[T CBORMarshalUnmarshaler]() (*ZSTD[T], error) {
 	}, nil
 }
 
-func (c *ZSTD[T]) Encode(m T) ([]byte, error) {
-	cborEncoded, err := c.cborEncoding.Encode(m)
-	if len(cborEncoded) > maxDecompressedSize {
+func (c *ZSTD[T]) Encode(t T) (_ []byte, _err error) {
+	decompressed, err := c.cborEncoding.Encode(t)
+	if len(decompressed) > maxDecompressedSize {
 		// Error out early if the encoded value is too large to be decompressed.
-		return nil, fmt.Errorf("encoded value cannot exceed maximum size: %d > %d", len(cborEncoded), maxDecompressedSize)
+		return nil, fmt.Errorf("encoded value cannot exceed maximum size: %d > %d", len(decompressed), maxDecompressedSize)
 	}
 	if err != nil {
 		return nil, err
 	}
-	compressed := c.compressor.EncodeAll(cborEncoded, make([]byte, 0, len(cborEncoded)))
+
+	compressed := c.compress(decompressed)
+	c.meterCompactionRatio(t, len(decompressed), len(compressed))
 	return compressed, nil
 }
 
-func (c *ZSTD[T]) Decode(v []byte, t T) error {
+func (c *ZSTD[T]) Decode(compressed []byte, t T) error {
 	buf := bufferPool.Get().(*[]byte)
 	defer bufferPool.Put(buf)
 
-	cborEncoded, err := c.decompressor.DecodeAll(v, (*buf)[:0])
+	decompressed, err := c.decompressInto(compressed, (*buf)[:0])
 	if err != nil {
 		return err
 	}
-	return c.cborEncoding.Decode(cborEncoded, t)
+	c.meterCompactionRatio(t, len(decompressed), len(compressed))
+	return c.cborEncoding.Decode(decompressed, t)
+}
+
+func (c *ZSTD[T]) compress(decompressed []byte) []byte {
+	defer func(start time.Time) {
+		metrics.encodingTime.Record(context.Background(),
+			time.Since(start).Seconds(),
+			metric.WithAttributeSet(attrSetZstdEncode))
+	}(time.Now())
+	return c.compressor.EncodeAll(decompressed, make([]byte, 0, len(decompressed)))
+}
+
+func (c *ZSTD[T]) decompressInto(compressed []byte, buf []byte) (_ []byte, _err error) {
+	defer func(start time.Time) {
+		if _err != nil {
+			metrics.encodingTime.Record(context.Background(),
+				time.Since(start).Seconds(),
+				metric.WithAttributeSet(attrSetZstdDecode))
+		}
+	}(time.Now())
+	return c.decompressor.DecodeAll(compressed, buf)
+}
+
+func (c *ZSTD[T]) meterCompactionRatio(target T, decompressedSize, compressedSize int) {
+	compactionRatio := float64(decompressedSize) / float64(compressedSize)
+	metrics.zstdCompactionRatio.Record(context.Background(), compactionRatio, metric.WithAttributes(c.getMetricAttribute(target)))
+}
+
+func (c *ZSTD[T]) getMetricAttribute(t T) attribute.KeyValue {
+	c.metricAttrLoader.Do(func() {
+		const key = "type"
+		switch target := reflect.TypeOf(t); {
+		case target.Kind() == reflect.Ptr:
+			c.metricAttr = attribute.String(key, target.Elem().Name())
+		default:
+			c.metricAttr = attribute.String(key, target.Name())
+		}
+	})
+	return c.metricAttr
 }
diff --git a/internal/encoding/encoding_api_test.go b/internal/encoding/encoding_api_test.go
new file mode 100644
index 00000000..18241042
--- /dev/null
+++ b/internal/encoding/encoding_api_test.go
@@ -0,0 +1,7 @@
+package encoding
+
+import "go.opentelemetry.io/otel/attribute"
+
+// GetMetricAttribute returns the attribute for metric collection, exported for
+// testing purposes.
+func (c *ZSTD[T]) GetMetricAttribute(t T) attribute.KeyValue { return c.getMetricAttribute(t) }
diff --git a/internal/encoding/encoding_test.go b/internal/encoding/encoding_test.go
index 1d186e9f..2d8a1c94 100644
--- a/internal/encoding/encoding_test.go
+++ b/internal/encoding/encoding_test.go
@@ -9,6 +9,7 @@ import (
 	"github.com/klauspost/compress/zstd"
 	"github.com/stretchr/testify/require"
 	cbg "github.com/whyrusleeping/cbor-gen"
+	"go.opentelemetry.io/otel/attribute"
 )
 
 var (
@@ -77,3 +78,20 @@ func TestZSTDLimits(t *testing.T) {
 	var dest testValue
 	require.ErrorContains(t, subject.Decode(tooLargeACompression, &dest), "decompressed size exceeds configured limit")
 }
+
+func TestZSTD_GetMetricAttribute(t *testing.T) {
+	t.Run("By Pointer", func(t *testing.T) {
+		subject, err := encoding.NewZSTD[*testValue]()
+		require.NoError(t, err)
+		require.Equal(t, attribute.String("type", "testValue"), subject.GetMetricAttribute(&testValue{}))
+	})
+	t.Run("By Value", func(t *testing.T) {
+		type anotherTestValue struct {
+			cbg.CBORUnmarshaler
+			cbg.CBORMarshaler
+		}
+		subject, err := encoding.NewZSTD[anotherTestValue]()
+		require.NoError(t, err)
+		require.Equal(t, attribute.String("type", "anotherTestValue"), subject.GetMetricAttribute(anotherTestValue{}))
+	})
+}
diff --git a/internal/encoding/metrics.go b/internal/encoding/metrics.go
new file mode 100644
index 00000000..09bf83b8
--- /dev/null
+++ b/internal/encoding/metrics.go
@@ -0,0 +1,38 @@
+package encoding
+
+import (
+	"github.com/filecoin-project/go-f3/internal/measurements"
+	"go.opentelemetry.io/otel"
+	"go.opentelemetry.io/otel/attribute"
+	"go.opentelemetry.io/otel/metric"
+)
+
+var (
+	attrCodecCbor     = attribute.String("codec", "cbor")
+	attrCodecZstd     = attribute.String("codec", "zstd")
+	attrActionEncode  = attribute.String("action", "encode")
+	attrActionDecode  = attribute.String("action", "decode")
+	attrSetCborEncode = attribute.NewSet(attrCodecCbor, attrActionEncode)
+	attrSetCborDecode = attribute.NewSet(attrCodecCbor, attrActionDecode)
+	attrSetZstdEncode = attribute.NewSet(attrCodecZstd, attrActionEncode)
+	attrSetZstdDecode = attribute.NewSet(attrCodecZstd, attrActionDecode)
+
+	meter = otel.Meter("f3/internal/encoding")
+
+	metrics = struct {
+		encodingTime        metric.Float64Histogram
+		zstdCompactionRatio metric.Float64Histogram
+	}{
+		encodingTime: measurements.Must(meter.Float64Histogram(
+			"f3_internal_encoding_time",
+			metric.WithDescription("The time spent on encoding/decoding in seconds."),
+			metric.WithUnit("s"),
+			metric.WithExplicitBucketBoundaries(0.001, 0.003, 0.005, 0.01, 0.03, 0.05, 0.1, 0.3, 0.5, 1.0, 2.0, 5.0, 10.0),
+		)),
+		zstdCompactionRatio: measurements.Must(meter.Float64Histogram(
+			"f3_internal_encoding_zstd_compaction_ratio",
+			metric.WithDescription("The ratio of compressed to uncompressed data size for zstd encoding."),
+			metric.WithExplicitBucketBoundaries(0.0, 0.1, 0.2, 0.5, 1.0, 2.0, 3.0, 4.0, 5.0, 10.0),
+		)),
+	}
+)