diff --git a/test/benchmarks/CMakeLists.txt b/test/benchmarks/CMakeLists.txt
index 1a5058cdd82..0a43419cd68 100644
--- a/test/benchmarks/CMakeLists.txt
+++ b/test/benchmarks/CMakeLists.txt
@@ -8,6 +8,8 @@ if (NOT BUILD_ONLY_STANDALONE_BENCHMARKS)
   set(all_sources ${all_sources}
     input_format_benchmarks.cc
     benchmark_funcs.cc
+    benchmark_epsilon_decay.cc
+    ../../vowpalwabbit/core/tests/simulator.cc
 
     # These are just for benchmarking specific standard library operations
     #benchmark_std_function.cc
diff --git a/test/benchmarks/benchmark_epsilon_decay.cc b/test/benchmarks/benchmark_epsilon_decay.cc
new file mode 100644
index 00000000000..34608056352
--- /dev/null
+++ b/test/benchmarks/benchmark_epsilon_decay.cc
@@ -0,0 +1,56 @@
+#include "../../vowpalwabbit/core/tests/simulator.h"
+#include "benchmarks_common.h"
+#include "vw/cache_parser/parse_example_cache.h"
+#include "vw/config/options_cli.h"
+#include "vw/core/learner.h"
+#include "vw/core/metric_sink.h"
+#include "vw/core/parser.h"
+#include "vw/core/reductions/epsilon_decay.h"
+#include "vw/core/setup_base.h"
+#include "vw/core/vw.h"
+#include "vw/io/io_adapter.h"
+#include "vw/text_parser/parse_example_text.h"
+
+#include <benchmark/benchmark.h>
+
+template <class... ExtraArgs>
+static void bench_epsilon_decay(benchmark::State& state, bool use_decay, ExtraArgs&&... extra_args)
+{
+  std::array<std::string, sizeof...(extra_args)> res = {extra_args...};
+  std::string model_count = res[0];
+  std::string bit_size = res[1];
+  std::string tolerance = res[2];
+
+  using callback_map =
+      typename std::map<size_t, std::function<bool(simulator::cb_sim&, VW::workspace&, VW::multi_ex&)>>;
+  callback_map test_hooks;
+
+  for (auto _ : state)
+  {
+    const size_t num_iterations = 1000;
+    const size_t seed = 99;
+    const std::vector<uint64_t> swap_after = {500};
+    if (use_decay)
+    {
+      simulator::_test_helper_hook(
+          std::vector<std::string>{"-l", "1e-3", "--power_t", "0", "-q::", "--cb_explore_adf", "--epsilon_decay",
+              "--model_count", model_count, "-b", bit_size, "--tol_x", tolerance, "--quiet"},
+          test_hooks, num_iterations, seed, swap_after);
+    }
+    else
+    {
+      simulator::_test_helper_hook(
+          std::vector<std::string>{"-l", "1e-3", "--power_t", "0", "-q::", "--cb_explore_adf", "--quiet"}, test_hooks,
+          num_iterations, seed, swap_after);
+    }
+    benchmark::ClobberMemory();
+  }
+}
+
+BENCHMARK_CAPTURE(bench_epsilon_decay, epsilon_decay_1_model_big_tol, true, "1", "18", "1e-2");
+BENCHMARK_CAPTURE(bench_epsilon_decay, epsilon_decay_2_model_big_tol, true, "2", "19", "1e-2");
+BENCHMARK_CAPTURE(bench_epsilon_decay, epsilon_decay_4_model_big_tol, true, "4", "20", "1e-2");
+BENCHMARK_CAPTURE(bench_epsilon_decay, epsilon_decay_1_model_small_tol, true, "1", "18", "1e-6");
+BENCHMARK_CAPTURE(bench_epsilon_decay, epsilon_decay_2_model_small_tol, true, "2", "19", "1e-6");
+BENCHMARK_CAPTURE(bench_epsilon_decay, epsilon_decay_4_model_small_tol, true, "4", "20", "1e-6");
+BENCHMARK_CAPTURE(bench_epsilon_decay, without_epsilon_decay, false, "", "", "");
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