diff --git a/src/response.ts b/src/response.ts
index 70fa144..9ccbc75 100644
--- a/src/response.ts
+++ b/src/response.ts
@@ -1214,7 +1214,11 @@ export class HttpResponse extends Macroable {
      * Handle text based response
      */
     if (this.content) {
-      httpResponseSerializer.traceSync(this.writeBody, undefined, this, ...this.content)
+      if (httpResponseSerializer.hasSubscribers) {
+        httpResponseSerializer.traceSync(this.writeBody, undefined, this, ...this.content)
+      } else {
+        this.writeBody(...this.content)
+      }
       return
     }
 
diff --git a/src/router/executor.ts b/src/router/executor.ts
index 524d0fa..8a558b9 100644
--- a/src/router/executor.ts
+++ b/src/router/executor.ts
@@ -33,46 +33,49 @@ export function execute(
     .runner()
     .errorHandler((error) => errorResponder(error, ctx))
     .finalHandler(() => {
+      /**
+       * Tracing channels are only used when someone is listening. Otherwise
+       * the handlers are called directly to skip the tracePromise overhead.
+       */
       if (typeof route.handler === 'function') {
-        return (
-          httpRouteHandler.tracePromise(
-            ($ctx: HttpContext) => Promise.resolve((route.handler as Function)($ctx)),
-            httpRouteHandler.hasSubscribers ? { route } : undefined,
-            undefined,
-            ctx
-          ) as unknown as Promise<any>
-        ).then(useReturnValue(ctx))
+        const handler = route.handler
+        const promise = httpRouteHandler.hasSubscribers
+          ? httpRouteHandler.tracePromise(
+              ($ctx: HttpContext) => Promise.resolve(handler($ctx)),
+              { route },
+              undefined,
+              ctx
+            )
+          : Promise.resolve(handler(ctx))
+
+        return promise.then(useReturnValue(ctx))
       }
 
-      return (
-        httpRouteHandler.tracePromise(
-          route.handler.handle,
-          httpRouteHandler.hasSubscribers ? { route } : undefined,
-          undefined,
-          resolver,
-          ctx
-        ) as unknown as Promise<any>
-      ).then(useReturnValue(ctx))
+      const promise = httpRouteHandler.hasSubscribers
+        ? httpRouteHandler.tracePromise(route.handler.handle, { route }, undefined, resolver, ctx)
+        : route.handler.handle(resolver, ctx)
+
+      return promise.then(useReturnValue(ctx))
     })
     .run(async (middleware, next) => {
       if (typeof middleware === 'function') {
-        return httpMiddleware.tracePromise(
-          middleware,
-          httpMiddleware.hasSubscribers ? { middleware } : undefined,
-          undefined,
-          ctx,
-          next
-        ) as unknown as Promise<any>
+        if (!httpMiddleware.hasSubscribers) {
+          return middleware(ctx, next)
+        }
+        return httpMiddleware.tracePromise(middleware, { middleware }, undefined, ctx, next)
       }
 
+      if (!httpMiddleware.hasSubscribers) {
+        return middleware.handle(resolver, ctx, next, middleware.args)
+      }
       return httpMiddleware.tracePromise(
         middleware.handle,
-        httpMiddleware.hasSubscribers ? { middleware } : undefined,
+        { middleware },
         undefined,
         resolver,
         ctx,
         next,
         middleware.args
-      ) as unknown as Promise<any>
+      )
     })
 }
diff --git a/src/server/factories/middleware_handler.ts b/src/server/factories/middleware_handler.ts
index 5e38d6b..0831757 100644
--- a/src/server/factories/middleware_handler.ts
+++ b/src/server/factories/middleware_handler.ts
@@ -37,9 +37,18 @@ export function middlewareHandler(resolver: ContainerResolver<any>, ctx: HttpCon
    */
   return function (fn: ParsedGlobalMiddleware, next: NextFn) {
     debug('executing middleware %s', fn.name)
+
+    /**
+     * Calling the handler directly avoids the variadic tracePromise call
+     * (rest args array + Reflect.apply) when nobody is listening.
+     */
+    if (!httpMiddleware.hasSubscribers) {
+      return fn.handle(resolver, ctx, next)
+    }
+
     return httpMiddleware.tracePromise(
       fn.handle,
-      httpMiddleware.hasSubscribers ? { middleware: fn } : undefined,
+      { middleware: fn },
       undefined,
       resolver,
       ctx,
diff --git a/src/server/main.ts b/src/server/main.ts
index db096d9..d30db0b 100644
--- a/src/server/main.ts
+++ b/src/server/main.ts
@@ -148,6 +148,18 @@ export class Server {
     )
   }
 
+  /**
+   * Handles the request inside the "adonisjs.http.request" tracing channel.
+   * The channel is skipped when nobody is listening to avoid the
+   * tracePromise overhead on every request.
+   */
+  #traceRequest(ctx: HttpContext, resolver: ContainerResolver<any>) {
+    if (!httpRequest.hasSubscribers) {
+      return this.#handleRequest(ctx, resolver)
+    }
+    return httpRequest.tracePromise(this.#handleRequest, { ctx }, this, ctx, resolver)
+  }
+
   /**
    * Indicates whether the server has completed its boot process
    */
@@ -471,23 +483,9 @@ export class Server {
      * Handle request
      */
     if (this.usingAsyncLocalStorage) {
-      return asyncLocalStorage.storage!.run(ctx, () =>
-        httpRequest.tracePromise(
-          this.#handleRequest,
-          httpRequest.hasSubscribers ? { ctx } : undefined,
-          this,
-          ctx,
-          resolver
-        )
-      )
+      return asyncLocalStorage.storage!.run(ctx, () => this.#traceRequest(ctx, resolver))
     }
 
-    return httpRequest.tracePromise(
-      this.#handleRequest,
-      httpRequest.hasSubscribers ? { ctx } : undefined,
-      this,
-      ctx,
-      resolver
-    )
+    return this.#traceRequest(ctx, resolver)
   }
 }
diff --git a/tests/server.spec.ts b/tests/server.spec.ts
index b5d521b..492a65e 100644
--- a/tests/server.spec.ts
+++ b/tests/server.spec.ts
@@ -15,6 +15,12 @@ import { Emitter } from '@adonisjs/events'
 import type { NextFn } from '@poppinss/middleware/types'
 import { AppFactory } from '@adonisjs/application/factories'
 import { createServer, IncomingMessage, ServerResponse } from 'node:http'
+import {
+  httpRequest,
+  httpMiddleware,
+  httpRouteHandler,
+  httpResponseSerializer,
+} from '../src/tracing_channels.ts'
 
 import { Router } from '../src/router/main.ts'
 import { HttpContext } from '../src/http_context/main.ts'
@@ -85,6 +91,77 @@ test.group('Server', () => {
   })
 })
 
+test.group('Server | tracing', () => {
+  test('emit tracing events when subscribing after the server has booted', async ({
+    assert,
+    cleanup,
+  }) => {
+    const app = new AppFactory().create(BASE_URL, () => {})
+    const server = new ServerFactory().merge({ app }).create()
+    const httpServer = createServer(server.handle.bind(server))
+
+    await app.init()
+
+    server.use([
+      async () => {
+        return {
+          default: class GlobalMiddleware {
+            async handle(_: HttpContext, next: NextFn) {
+              await next()
+            }
+          },
+        }
+      },
+    ])
+    server
+      .getRouter()
+      .get('/', async () => 'handled')
+      .middleware(async (_, next) => {
+        await next()
+      })
+
+    await server.boot()
+
+    /**
+     * Requests made before subscribing must not prevent events
+     * from being emitted later on
+     */
+    await supertest(httpServer).get('/').expect(200)
+
+    const events: string[] = []
+    const subscribe = (name: string, channel: { subscribe: Function; unsubscribe: Function }) => {
+      const handlers = {
+        start: () => events.push(`${name}:start`),
+        end: () => {},
+        asyncStart: () => {},
+        asyncEnd: () => events.push(`${name}:asyncEnd`),
+        error: () => {},
+      }
+      channel.subscribe(handlers)
+      cleanup(() => channel.unsubscribe(handlers))
+    }
+
+    subscribe('request', httpRequest)
+    subscribe('middleware', httpMiddleware)
+    subscribe('route', httpRouteHandler)
+    subscribe('serializer', httpResponseSerializer)
+
+    const { text } = await supertest(httpServer).get('/').expect(200)
+    assert.equal(text, 'handled')
+    assert.deepEqual(events, [
+      'request:start',
+      'middleware:start',
+      'middleware:start',
+      'route:start',
+      'route:asyncEnd',
+      'middleware:asyncEnd',
+      'middleware:asyncEnd',
+      'serializer:start',
+      'request:asyncEnd',
+    ])
+  })
+})
+
 test.group('Server | Response handling', () => {
   test('invoke router handler', async ({ assert }) => {
     const app = new AppFactory().create(BASE_URL, () => {})