diff --git a/src/libraries/System.Private.CoreLib/src/System/Threading/Tasks/Sources/ManualResetValueTaskSourceCore.cs b/src/libraries/System.Private.CoreLib/src/System/Threading/Tasks/Sources/ManualResetValueTaskSourceCore.cs
index 3ce4906d5b2b70..f7972b5e5d0060 100644
--- a/src/libraries/System.Private.CoreLib/src/System/Threading/Tasks/Sources/ManualResetValueTaskSourceCore.cs
+++ b/src/libraries/System.Private.CoreLib/src/System/Threading/Tasks/Sources/ManualResetValueTaskSourceCore.cs
@@ -34,8 +34,10 @@ public struct ManualResetValueTaskSourceCore<TResult>
         private TResult? _result;
         /// <summary>The current version of this value, used to help prevent misuse.</summary>
         private short _version;
-        /// <summary>Whether the current operation has completed.</summary>
-        private bool _completed;
+        /// <summary>Typical latency between rearming the source and completing it.</summary>
+        private long _avgLatencyTicks;
+        /// <summary>Ticks at time of rearming the source.</summary>
+        private long _startTicks;
         /// <summary>Whether to force continuations to run asynchronously.</summary>
         private bool _runContinuationsAsynchronously;
 
@@ -57,7 +59,7 @@ public void Reset()
             _capturedContext = null;
             _error = null;
             _result = default;
-            _completed = false;
+            _startTicks = Stopwatch.GetTimestamp();
         }
 
         /// <summary>Completes with a successful result.</summary>
@@ -79,16 +81,61 @@ public void SetException(Exception error)
         /// <summary>Gets the operation version.</summary>
         public short Version => _version;
 
+        private bool IsCompleted()
+        {
+            if (CheckIsCompleted())
+            {
+                return true;
+            }
+
+            // Note: long reads can be torn on 32bit,
+            // but since this is a statistical approximation it does not matter.
+            long avgLatency = _avgLatencyTicks;
+            if (avgLatency == 0 || avgLatency > (Stopwatch.Frequency * 2 / 1000000))
+            {
+                return false;
+            }
+
+            // torn read is not a concern here because _startTicks is set as a part of
+            // rearming the source, before possible publishing to other threads.
+            long startTicks = _startTicks;
+            long spinUntil = startTicks + avgLatency * 2;
+            do
+            {
+                if (CheckIsCompleted())
+                {
+                    return true;
+                }
+
+                Thread.SpinWait(1);
+            }
+            while (Stopwatch.GetTimestamp() < spinUntil);
+
+            return false;
+        }
+
+        private bool CheckIsCompleted()
+        {
+            return Volatile.Read(ref _continuation) == (object)ManualResetValueTaskSourceCoreShared.s_sentinel;
+        }
+
         /// <summary>Gets the status of the operation.</summary>
         /// <param name="token">Opaque value that was provided to the <see cref="ValueTask"/>'s constructor.</param>
         public ValueTaskSourceStatus GetStatus(short token)
         {
             ValidateToken(token);
+
+            if (!IsCompleted())
+            {
+                return ValueTaskSourceStatus.Pending;
+            }
+
             return
-                Volatile.Read(ref _continuation) is null || !_completed ? ValueTaskSourceStatus.Pending :
-                _error is null ? ValueTaskSourceStatus.Succeeded :
-                _error.SourceException is OperationCanceledException ? ValueTaskSourceStatus.Canceled :
-                ValueTaskSourceStatus.Faulted;
+                _error is null ?
+                    ValueTaskSourceStatus.Succeeded :
+                    _error.SourceException is OperationCanceledException ?
+                        ValueTaskSourceStatus.Canceled :
+                        ValueTaskSourceStatus.Faulted;
         }
 
         /// <summary>Gets the result of the operation.</summary>
@@ -96,7 +143,7 @@ public ValueTaskSourceStatus GetStatus(short token)
         [StackTraceHidden]
         public TResult GetResult(short token)
         {
-            if (token != _version || !_completed || _error is not null)
+            if (token != _version || !CheckIsCompleted() || _error is not null)
             {
                 ThrowForFailedGetResult();
             }
@@ -172,9 +219,9 @@ public void OnCompleted(Action<object?> continuation, object? state, short token
             }
 
             // Operation already completed, so we need to queue the supplied callback.
-            // At this point the storedContinuation should be the sentinal; if it's not, the instance was misused.
+            // At this point the storedContinuation should be the sentinel; if it's not, the instance was misused.
             Debug.Assert(storedContinuation is not null, $"{nameof(storedContinuation)} is null");
-            if (!ReferenceEquals(storedContinuation, ManualResetValueTaskSourceCoreShared.s_sentinel))
+            if (storedContinuation != (object)ManualResetValueTaskSourceCoreShared.s_sentinel)
             {
                 ThrowHelper.ThrowInvalidOperationException();
             }
@@ -209,11 +256,19 @@ private void ValidateToken(short token)
         /// <summary>Signals that the operation has completed.  Invoked after the result or error has been set.</summary>
         private void SignalCompletion()
         {
-            if (_completed)
+            if (CheckIsCompleted())
             {
                 ThrowHelper.ThrowInvalidOperationException();
             }
-            _completed = true;
+
+            // torn read is not a concern here because _startTicks is set as a part of
+            // rearming the source, before possible publishing to other threads.
+            long startTicks = _startTicks;
+            if (startTicks != 0)
+            {
+                long latencyTicks = Stopwatch.GetTimestamp() - startTicks;
+                _avgLatencyTicks = (_avgLatencyTicks + latencyTicks) / 2;
+            }
 
             Action<object?>? continuation =
                 Volatile.Read(ref _continuation) ??
@@ -225,6 +280,7 @@ private void SignalCompletion()
                 _continuationState = null;
                 object? context = _capturedContext;
                 _capturedContext = null;
+                _continuation = ManualResetValueTaskSourceCoreShared.s_sentinel;
 
                 if (context is null)
                 {
diff --git a/src/libraries/System.Threading.Channels/src/System.Threading.Channels.csproj b/src/libraries/System.Threading.Channels/src/System.Threading.Channels.csproj
index 67fe73b57cd42d..f76023ccd54fd8 100644
--- a/src/libraries/System.Threading.Channels/src/System.Threading.Channels.csproj
+++ b/src/libraries/System.Threading.Channels/src/System.Threading.Channels.csproj
@@ -56,6 +56,7 @@ System.Threading.Channel&lt;T&gt;</PackageDescription>
     <ProjectReference Include="$(LibrariesProjectRoot)System.Memory\src\System.Memory.csproj" />
     <ProjectReference Include="$(LibrariesProjectRoot)System.Runtime\src\System.Runtime.csproj" />
     <ProjectReference Include="$(LibrariesProjectRoot)System.Threading\src\System.Threading.csproj" />
+    <ProjectReference Include="$(LibrariesProjectRoot)System.Threading.Thread\src\System.Threading.Thread.csproj" />
     <ProjectReference Include="$(LibrariesProjectRoot)System.Threading.ThreadPool\src\System.Threading.ThreadPool.csproj" />
   </ItemGroup>
 
diff --git a/src/libraries/System.Threading.Channels/src/System/Threading/Channels/AsyncOperation.cs b/src/libraries/System.Threading.Channels/src/System/Threading/Channels/AsyncOperation.cs
index be40c6d7924131..9083adf98e6ac5 100644
--- a/src/libraries/System.Threading.Channels/src/System/Threading/Channels/AsyncOperation.cs
+++ b/src/libraries/System.Threading.Channels/src/System/Threading/Channels/AsyncOperation.cs
@@ -4,6 +4,7 @@
 using System.Collections.Generic;
 using System.Diagnostics;
 using System.Runtime.ExceptionServices;
+using System.Threading;
 using System.Threading.Tasks;
 using System.Threading.Tasks.Sources;
 
@@ -92,6 +93,11 @@ private volatile
         /// </remarks>
         private protected short _currentId;
 
+        /// <summary>Typical latency between rearming the source and completing it.</summary>
+        private protected long _avgLatencyTicks;
+        /// <summary>Ticks at time of rearming the source.</summary>
+        private protected long _startTicks;
+
         /// <summary>Initializes the interactor.</summary>
         /// <param name="runContinuationsAsynchronously">true if continuations should be forced to run asynchronously; otherwise, false.</param>
         /// <param name="cancellationToken">The cancellation token used to cancel the operation.</param>
@@ -139,7 +145,43 @@ private CancellationToken CancellationToken
 #endif
 
         /// <summary>Gets whether the operation has completed.</summary>
-        internal bool IsCompleted => ReferenceEquals(_continuation, s_completedSentinel);
+        private protected bool IsCompleted()
+        {
+            if (CheckIsCompleted())
+            {
+                return true;
+            }
+
+            // Note: long reads can be torn on 32bit,
+            // but since this is a statistical approximation it does not matter.
+            long avgLatency = _avgLatencyTicks;
+            if (avgLatency == 0 || avgLatency > (Stopwatch.Frequency * 2 / 1000000))
+            {
+                return false;
+            }
+
+            // torn read is not a concern here because _startTicks is set as a part of
+            // rearming the source, before possible publishing to other threads.
+            long startTicks = _startTicks;
+            long spinUntil = startTicks + avgLatency * 2;
+            do
+            {
+                if (CheckIsCompleted())
+                {
+                    return true;
+                }
+
+                Thread.SpinWait(1);
+            }
+            while (Stopwatch.GetTimestamp() < spinUntil);
+
+            return false;
+        }
+
+        private protected bool CheckIsCompleted()
+        {
+            return Volatile.Read(ref _continuation) == (object)s_completedSentinel;
+        }
 
         /// <summary>Completes the operation with a failed state and the specified error.</summary>
         /// <param name="exception">The error.</param>
@@ -203,6 +245,15 @@ private protected void SignalCompletion()
             // be a nop, as its TrySetCanceled will return false and the callback will exit without doing further work.
             Unregister(_cancellationRegistration);
 
+            // torn read is not a concern here because _startTicks is set as a part of
+            // rearming the source, before possible publishing to other threads.
+            long startTicks = _startTicks;
+            if (startTicks != 0)
+            {
+                long latencyTicks = Stopwatch.GetTimestamp() - startTicks;
+                _avgLatencyTicks = (_avgLatencyTicks + latencyTicks) / 2;
+            }
+
             // NB: Assigning _continuation happens after assigning continuation dependencies (_capturedContext, _continuationState)
             //     and effectively "commits" the entire continuation state as ready for invocation.
             //     We must read _continuation before accessing its dependencies.
@@ -364,7 +415,7 @@ public void OnCompleted(Action<object?> continuation, object? state, short token
                 // If the set failed because there's already a delegate in _continuation, but that delegate is
                 // something other than s_completedSentinel, something went wrong, which should only happen if
                 // the instance was erroneously used, likely to hook up multiple continuations.
-                Debug.Assert(IsCompleted, $"Expected IsCompleted");
+                Debug.Assert(CheckIsCompleted(), $"Expected IsCompleted");
                 if (!ReferenceEquals(prevContinuation, s_completedSentinel))
                 {
                     Debug.Assert(prevContinuation != s_availableSentinel, "Continuation was the available sentinel.");
@@ -444,11 +495,17 @@ public ValueTaskSourceStatus GetStatus(short token)
                 ThrowIncorrectCurrentIdException();
             }
 
+            if (!IsCompleted())
+            {
+                return ValueTaskSourceStatus.Pending;
+            }
+
             return
-                !IsCompleted ? ValueTaskSourceStatus.Pending :
-                _error is null ? ValueTaskSourceStatus.Succeeded :
-                _error.SourceException is OperationCanceledException ? ValueTaskSourceStatus.Canceled :
-                ValueTaskSourceStatus.Faulted;
+                _error is null ?
+                    ValueTaskSourceStatus.Succeeded :
+                    _error.SourceException is OperationCanceledException ?
+                        ValueTaskSourceStatus.Canceled :
+                        ValueTaskSourceStatus.Faulted;
         }
 
         /// <summary>Gets the result of the operation.</summary>
@@ -460,7 +517,7 @@ void IValueTaskSource.GetResult(short token)
                 ThrowIncorrectCurrentIdException();
             }
 
-            if (!IsCompleted)
+            if (!CheckIsCompleted())
             {
                 ThrowIncompleteOperationException();
             }
@@ -504,7 +561,7 @@ public TResult GetResult(short token)
                 ThrowIncorrectCurrentIdException();
             }
 
-            if (!IsCompleted)
+            if (!CheckIsCompleted())
             {
                 ThrowIncompleteOperationException();
             }
@@ -533,6 +590,7 @@ public bool TryOwnAndReset()
                 _result = default;
                 _error = null;
                 _capturedContext = null;
+                _startTicks = Stopwatch.GetTimestamp();
                 return true;
             }