diff --git a/src/main/runtime/relay/relay-concurrency-broker-wait.test.ts b/src/main/runtime/relay/relay-concurrency-broker-wait.test.ts
index 278e329a5f3..ba782a03862 100644
--- a/src/main/runtime/relay/relay-concurrency-broker-wait.test.ts
+++ b/src/main/runtime/relay/relay-concurrency-broker-wait.test.ts
@@ -229,4 +229,28 @@ describe('relay live-broker wait under interleaving', () => {
     expect(openBroker).toHaveBeenCalledTimes(1)
     coordinator.stop()
   })
+
+  it('keeps the budget over a chain of superseding reconciles, not just over armed retries', async () => {
+    // Every transient-demand acquire and release reconciles, so a busy host can
+    // supersede a waiter's reconcile faster than opens settle. The budget has to
+    // survive that or a caller rides the chain indefinitely holding its demand ref.
+    vi.useFakeTimers()
+    const coordinator = new RelayAuthCoordinator({
+      readContext: async () => context,
+      openBroker: () =>
+        new Promise<CoordinatedRelayBroker>((_resolve, reject) =>
+          setTimeout(() => reject(new Error('slow open')), 400)
+        ),
+      onStatus: vi.fn(),
+      random: () => 0.5
+    })
+    coordinator.reconcile()
+    const seen = observe(coordinator.waitForLiveBrokerResult(1_000))
+    const churn = setInterval(() => coordinator.reconcile(), 200)
+
+    await vi.advanceTimersByTimeAsync(2_000)
+    clearInterval(churn)
+    expect(seen()).not.toBe('unsettled')
+    coordinator.stop()
+  })
 })
diff --git a/src/main/runtime/relay/relay-live-broker-wait.ts b/src/main/runtime/relay/relay-live-broker-wait.ts
index 6baad9939c5..83c58920f2b 100644
--- a/src/main/runtime/relay/relay-live-broker-wait.ts
+++ b/src/main/runtime/relay/relay-live-broker-wait.ts
@@ -30,13 +30,21 @@ export async function runLiveBrokerWait(
   budgetMs: number
 ): Promise<LiveBrokerWaitResult> {
   const deadline = Date.now() + budgetMs
+  let joinedReconcile = false
   while (!source.stopped()) {
     const broker = source.liveBroker()
     if (broker) {
       return { broker }
     }
+    // Why the budget applies only once a reconcile has been joined: the one open
+    // the waiter arrived on is never cut short, but a chain of superseding opens
+    // must not outlive the budget the caller asked for.
+    if (joinedReconcile && Date.now() >= deadline) {
+      return settledResult(source)
+    }
     const pending = source.reconcile()
     const superseded = source.authorityChange()
+    joinedReconcile = true
     // Why unbounded on `pending`: a reconcile always settles (opens carry HTTP
     // deadlines), and cutting a slow-but-succeeding open short would fail a
     // pairing that was about to work.