diff --git a/CONTRIBUTING.rst b/CONTRIBUTING.rst
index e6851f1..f1c4d52 100644
--- a/CONTRIBUTING.rst
+++ b/CONTRIBUTING.rst
@@ -126,6 +126,16 @@ The project follows a py-libp2p-style development workflow:
 
 Use ``make pr`` to run the complete workflow.
 
+Benchmarks
+----------
+
+Performance benchmarks live in ``tests/test_benchmarks.py`` and are marked with
+``@pytest.mark.benchmark``. They are excluded from ``make test`` / default CI.
+Run them locally with::
+
+    make bench
+    # or: pytest tests -m benchmark --benchmark-only
+
 Release Notes
 -------------
 
diff --git a/Makefile b/Makefile
index a3d6dab..ce27888 100644
--- a/Makefile
+++ b/Makefile
@@ -22,6 +22,7 @@ help:
 	@echo "lint - run pre-commit hooks on all files"
 	@echo "typecheck - run mypy and pyrefly type checking"
 	@echo "test - run tests quickly with the default Python"
+	@echo "bench - run pytest-benchmark suite only"
 	@echo "coverage - run tests with coverage report"
 	@echo "docs-ci - generate docs for CI"
 	@echo "docs - generate docs and open in browser"
@@ -66,7 +67,10 @@ typecheck:
 	pre-commit run mypy-local --all-files && pre-commit run pyrefly-local --all-files
 
 test:
-	python -m pytest tests
+	python -m pytest tests -m "not benchmark"
+
+bench:
+	python -m pytest tests -m benchmark --benchmark-only
 
 coverage:
 	coverage run --source multiaddr -m pytest tests
diff --git a/newsfragments/120.internal.rst b/newsfragments/120.internal.rst
new file mode 100644
index 0000000..7ed8959
--- /dev/null
+++ b/newsfragments/120.internal.rst
@@ -0,0 +1 @@
+Add an opt-in pytest-benchmark suite for core multiaddr hot paths (``make bench``).
diff --git a/pyproject.toml b/pyproject.toml
index aee301f..ae328b2 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -60,6 +60,7 @@ dev = [
     "pyrefly",
     "pyright",
     "pytest",
+    "pytest-benchmark",
     "pytest-cov",
     "pytest-runner",
     "pytest-trio>=0.5.2",
@@ -84,6 +85,9 @@ include = ["multiaddr*"]
 
 [tool.pytest.ini_options]
 testpaths = ["tests"]
+markers = [
+    "benchmark: performance benchmarks (excluded from default test runs)",
+]
 
 [tool.towncrier]
 # Read https://github.com/multiformats/py-multiaddr/blob/master/newsfragments/README.md for instructions
diff --git a/tests/test_benchmarks.py b/tests/test_benchmarks.py
new file mode 100644
index 0000000..d1ec215
--- /dev/null
+++ b/tests/test_benchmarks.py
@@ -0,0 +1,41 @@
+import pytest
+
+from multiaddr import Multiaddr
+
+BENCH_ADDR = "/ip4/127.0.0.1/tcp/4001/p2p/QmcgpsyWgH8Y8ajJz1Cu72KnS5uo2Aa2LpzU7kinSupNKC"
+
+
+@pytest.mark.benchmark
+def test_bench_from_string(benchmark):
+    benchmark(Multiaddr, BENCH_ADDR)
+
+
+@pytest.mark.benchmark
+def test_bench_to_string(benchmark):
+    ma = Multiaddr(BENCH_ADDR)
+    benchmark(str, ma)
+
+
+@pytest.mark.benchmark
+def test_bench_to_bytes(benchmark):
+    ma = Multiaddr(BENCH_ADDR)
+    benchmark(ma.to_bytes)
+
+
+@pytest.mark.benchmark
+def test_bench_protocols(benchmark):
+    ma = Multiaddr(BENCH_ADDR)
+    benchmark(lambda: list(ma.protocols()))
+
+
+@pytest.mark.benchmark
+def test_bench_encapsulate(benchmark):
+    ma1 = Multiaddr("/ip4/1.2.3.4")
+    ma2 = Multiaddr("/tcp/80")
+    benchmark(ma1.encapsulate, ma2)
+
+
+@pytest.mark.benchmark
+def test_bench_decapsulate(benchmark):
+    ma = Multiaddr("/ip4/1.2.3.4/tcp/80")
+    benchmark(ma.decapsulate, "/tcp/80")