diff --git a/Cargo.lock b/Cargo.lock
index 86624cd..5be4d2e 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -2,6 +2,15 @@
 # It is not intended for manual editing.
 version = 4
 
+[[package]]
+name = "aho-corasick"
+version = "1.1.4"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "ddd31a130427c27518df266943a5308ed92d4b226cc639f5a8f1002816174301"
+dependencies = [
+ "memchr",
+]
+
 [[package]]
 name = "atomic-waker"
 version = "1.1.2"
@@ -14,6 +23,12 @@ version = "1.11.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "1e748733b7cbc798e1434b6ac524f0c1ff2ab456fe201501e6497c8417a4fc33"
 
+[[package]]
+name = "cfg-if"
+version = "1.0.4"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "9330f8b2ff13f34540b44e946ef35111825727b38d33286ef986142615121801"
+
 [[package]]
 name = "futures-channel"
 version = "0.3.32"
@@ -95,12 +110,39 @@ version = "1.0.17"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "92ecc6618181def0457392ccd0ee51198e065e016d1d527a7ac1b6dc7c1f09d2"
 
+[[package]]
+name = "lazy_static"
+version = "1.5.0"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "bbd2bcb4c963f2ddae06a2efc7e9f3591312473c50c6685e1f298068316e66fe"
+
 [[package]]
 name = "libc"
 version = "0.2.183"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "b5b646652bf6661599e1da8901b3b9522896f01e736bad5f723fe7a3a27f899d"
 
+[[package]]
+name = "matchers"
+version = "0.2.0"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "d1525a2a28c7f4fa0fc98bb91ae755d1e2d1505079e05539e35bc876b5d65ae9"
+dependencies = [
+ "regex-automata",
+]
+
+[[package]]
+name = "memchr"
+version = "2.8.0"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "f8ca58f447f06ed17d5fc4043ce1b10dd205e060fb3ce5b979b8ed8e59ff3f79"
+
+[[package]]
+name = "once_cell"
+version = "1.21.4"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "9f7c3e4beb33f85d45ae3e3a1792185706c8e16d043238c593331cc7cd313b50"
+
 [[package]]
 name = "pin-project-lite"
 version = "0.2.17"
@@ -131,6 +173,23 @@ dependencies = [
  "proc-macro2",
 ]
 
+[[package]]
+name = "regex-automata"
+version = "0.4.14"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "6e1dd4122fc1595e8162618945476892eefca7b88c52820e74af6262213cae8f"
+dependencies = [
+ "aho-corasick",
+ "memchr",
+ "regex-syntax",
+]
+
+[[package]]
+name = "regex-syntax"
+version = "0.8.10"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "dc897dd8d9e8bd1ed8cdad82b5966c3e0ecae09fb1907d58efaa013543185d0a"
+
 [[package]]
 name = "ruin-runtime"
 version = "0.1.0"
@@ -140,6 +199,7 @@ dependencies = [
  "hyper",
  "libc",
  "ruin-runtime-proc-macros",
+ "tracing",
 ]
 
 [[package]]
@@ -156,6 +216,17 @@ name = "ruin_reactivity"
 version = "0.1.0"
 dependencies = [
  "ruin-runtime",
+ "tracing",
+ "tracing-subscriber",
+]
+
+[[package]]
+name = "sharded-slab"
+version = "0.1.7"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "f40ca3c46823713e0d4209592e8d6e826aa57e928f09752619fc696c499637f6"
+dependencies = [
+ "lazy_static",
 ]
 
 [[package]]
@@ -175,6 +246,15 @@ dependencies = [
  "unicode-ident",
 ]
 
+[[package]]
+name = "thread_local"
+version = "1.1.9"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "f60246a4944f24f6e018aa17cdeffb7818b76356965d03b07d6a9886e8962185"
+dependencies = [
+ "cfg-if",
+]
+
 [[package]]
 name = "tokio"
 version = "1.50.0"
@@ -184,6 +264,40 @@ dependencies = [
  "pin-project-lite",
 ]
 
+[[package]]
+name = "tracing"
+version = "0.1.44"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "63e71662fa4b2a2c3a26f570f037eb95bb1f85397f3cd8076caed2f026a6d100"
+dependencies = [
+ "pin-project-lite",
+ "tracing-core",
+]
+
+[[package]]
+name = "tracing-core"
+version = "0.1.36"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "db97caf9d906fbde555dd62fa95ddba9eecfd14cb388e4f491a66d74cd5fb79a"
+dependencies = [
+ "once_cell",
+]
+
+[[package]]
+name = "tracing-subscriber"
+version = "0.3.23"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "cb7f578e5945fb242538965c2d0b04418d38ec25c79d160cd279bf0731c8d319"
+dependencies = [
+ "matchers",
+ "once_cell",
+ "regex-automata",
+ "sharded-slab",
+ "thread_local",
+ "tracing",
+ "tracing-core",
+]
+
 [[package]]
 name = "try-lock"
 version = "0.2.5"
diff --git a/lib/reactivity/Cargo.toml b/lib/reactivity/Cargo.toml
index 525518c..0006d50 100644
--- a/lib/reactivity/Cargo.toml
+++ b/lib/reactivity/Cargo.toml
@@ -5,3 +5,7 @@ edition = "2024"
 
 [dependencies]
 ruin_runtime = { package = "ruin-runtime", path = "../runtime" }
+tracing = { version = "0.1", default-features = false, features = ["std"] }
+
+[dev-dependencies]
+tracing-subscriber = { version = "0.3", default-features = false, features = ["env-filter", "fmt", "std"] }
diff --git a/lib/reactivity/examples/tracing_subscriber_showcase.rs b/lib/reactivity/examples/tracing_subscriber_showcase.rs
new file mode 100644
index 0000000..f0ed5c4
--- /dev/null
+++ b/lib/reactivity/examples/tracing_subscriber_showcase.rs
@@ -0,0 +1,101 @@
+//! Example tracing setup for RUIN runtime + reactivity.
+//!
+//! Try:
+//!
+//! - `cargo run -p ruin_reactivity --example tracing_subscriber_showcase`
+//! - `RUST_LOG=info,ruin_runtime::runtime=debug,ruin_reactivity::graph=debug cargo run -p ruin_reactivity --example tracing_subscriber_showcase`
+//! - `RUST_LOG=info,ruin_runtime::scheduler=trace,ruin_reactivity::event=trace,ruin_reactivity::effect=debug cargo run -p ruin_reactivity --example tracing_subscriber_showcase`
+
+use ruin_reactivity::{cell, effect, event, on, thunk};
+use ruin_runtime::time::sleep;
+use std::time::Duration;
+use tracing_subscriber::layer::SubscriberExt;
+use tracing_subscriber::util::SubscriberInitExt;
+use tracing_subscriber::{EnvFilter, fmt};
+
+fn install_tracing() {
+    let filter = EnvFilter::try_from_default_env().unwrap_or_else(|_| {
+        EnvFilter::new(
+            "info,\
+             ruin_runtime::runtime=debug,\
+             ruin_runtime::scheduler=debug,\
+             ruin_reactivity::graph=debug,\
+             ruin_reactivity::effect=debug,\
+             ruin_reactivity::event=debug",
+        )
+    });
+
+    let fmt_layer = fmt::layer()
+        .with_target(true)
+        .with_thread_ids(true)
+        .with_thread_names(true)
+        .compact();
+
+    let _ = tracing_subscriber::registry()
+        .with(filter)
+        .with(fmt_layer)
+        .try_init();
+}
+
+#[ruin_runtime::async_main]
+async fn main() {
+    install_tracing();
+
+    tracing::info!(
+        event = "showcase_start",
+        note = "override RUST_LOG to see more or less detail",
+        "starting tracing subscriber showcase"
+    );
+
+    let count = cell(0usize);
+    let doubled = thunk({
+        let count = count.clone();
+        move || count.get() * 2
+    });
+    let clicks = event::<usize>();
+
+    let _drain = on(&clicks, {
+        let count = count.clone();
+        move |delta| {
+            tracing::info!(
+                event = "apply_click_delta",
+                delta = *delta,
+                "draining queued event into cell update"
+            );
+            count.update(|value| *value += *delta);
+        }
+    });
+
+    let _view = effect({
+        let count = count.clone();
+        let doubled = doubled.clone();
+        move || {
+            tracing::info!(
+                target: "demo::view",
+                count = count.get(),
+                doubled = doubled.get(),
+                "derived view state updated"
+            );
+        }
+    });
+
+    tracing::info!(
+        event = "emit_clicks",
+        count = 3,
+        "emitting queued click deltas"
+    );
+    clicks.emit(1);
+    clicks.emit(2);
+    clicks.emit(0);
+
+    tracing::info!(event = "manual_set", value = 10, "setting count directly");
+    let _ = count.set(10);
+
+    tracing::info!(
+        event = "showcase_done",
+        hint = "see ruin_runtime::* and ruin_reactivity::* targets in the filter",
+        "example body completed; awaiting once so scheduled microtasks can flush"
+    );
+
+    sleep(Duration::from_millis(1)).await;
+}
diff --git a/lib/reactivity/src/cell.rs b/lib/reactivity/src/cell.rs
index b643aa1..412acb8 100644
--- a/lib/reactivity/src/cell.rs
+++ b/lib/reactivity/src/cell.rs
@@ -1,7 +1,7 @@
 use std::cell::RefCell;
 use std::rc::Rc;
 
-use crate::{NodeId, Reactor, current};
+use crate::{NodeId, Reactor, current, trace_targets};
 
 /// Creates a [`Cell`] in the current thread's default reactor.
 pub fn cell<T: 'static>(initial: T) -> Cell<T> {
@@ -29,6 +29,12 @@ impl Reactor {
 impl<T: 'static> Cell<T> {
     fn new(reactor: Reactor, initial: T) -> Self {
         let id = reactor.allocate_node();
+        tracing::debug!(
+            target: trace_targets::CELL,
+            event = "create_cell",
+            node_id = id.0,
+            "created reactive cell"
+        );
         Self {
             inner: Rc::new(CellInner {
                 reactor,
@@ -40,6 +46,13 @@ impl<T: 'static> Cell<T> {
 
     /// Runs `f` with a shared reference to the current value.
     pub fn with<R>(&self, f: impl FnOnce(&T) -> R) -> R {
+        #[cfg(debug_assertions)]
+        tracing::trace!(
+            target: trace_targets::CELL,
+            event = "read_cell",
+            node_id = self.inner.id.0,
+            "reading reactive cell"
+        );
         self.inner.reactor.observe(self.inner.id);
         let value = self.inner.value.borrow();
         f(&value)
@@ -48,6 +61,12 @@ impl<T: 'static> Cell<T> {
     /// Replaces the current value and notifies dependents.
     pub fn replace(&self, value: T) -> T {
         let previous = self.inner.value.replace(value);
+        tracing::debug!(
+            target: trace_targets::CELL,
+            event = "replace_cell",
+            node_id = self.inner.id.0,
+            "replaced cell value"
+        );
         self.inner.reactor.trigger(self.inner.id);
         previous
     }
@@ -58,6 +77,12 @@ impl<T: 'static> Cell<T> {
             let mut value = self.inner.value.borrow_mut();
             f(&mut value)
         };
+        tracing::debug!(
+            target: trace_targets::CELL,
+            event = "update_cell",
+            node_id = self.inner.id.0,
+            "updated cell value in place"
+        );
         self.inner.reactor.trigger(self.inner.id);
         output
     }
@@ -78,11 +103,26 @@ impl<T: PartialEq + 'static> Cell<T> {
     pub fn set(&self, value: T) -> Option<T> {
         let mut current = self.inner.value.borrow_mut();
         if *current == value {
+            #[cfg(debug_assertions)]
+            tracing::trace!(
+                target: trace_targets::CELL,
+                event = "set_cell",
+                node_id = self.inner.id.0,
+                changed = false,
+                "suppressed unchanged cell write"
+            );
             return None;
         }
 
         let previous = std::mem::replace(&mut *current, value);
         drop(current);
+        tracing::debug!(
+            target: trace_targets::CELL,
+            event = "set_cell",
+            node_id = self.inner.id.0,
+            changed = true,
+            "set cell value"
+        );
         self.inner.reactor.trigger(self.inner.id);
         Some(previous)
     }
diff --git a/lib/reactivity/src/effect.rs b/lib/reactivity/src/effect.rs
index 9157cc2..b2343c3 100644
--- a/lib/reactivity/src/effect.rs
+++ b/lib/reactivity/src/effect.rs
@@ -2,7 +2,7 @@ use std::cell::{Cell, RefCell};
 use std::rc::{Rc, Weak};
 
 use crate::reactor::ObserverHook;
-use crate::{NodeId, Reactor, current};
+use crate::{NodeId, Reactor, current, trace_targets};
 
 /// Creates an effect in the current thread's default reactor.
 pub fn effect(f: impl Fn() + 'static) -> EffectHandle {
@@ -42,6 +42,12 @@ impl EffectHandle {
             self_ref: RefCell::new(Weak::new()),
         });
         *inner.self_ref.borrow_mut() = Rc::downgrade(&inner);
+        tracing::debug!(
+            target: trace_targets::EFFECT,
+            event = "create_effect",
+            node_id = id.0,
+            "created reactive effect"
+        );
 
         let observer: Rc<dyn ObserverHook> = inner.clone();
         reactor.register_observer(id, observer);
@@ -72,9 +78,27 @@ struct EffectInner {
 impl EffectInner {
     fn schedule(&self) {
         if self.disposed.get() || self.scheduled.replace(true) {
+            #[cfg(debug_assertions)]
+            tracing::trace!(
+                target: trace_targets::EFFECT,
+                event = "schedule_effect",
+                node_id = self.id.0,
+                queued = false,
+                disposed = self.disposed.get(),
+                already_scheduled = self.scheduled.get(),
+                "effect scheduling skipped"
+            );
             return;
         }
 
+        #[cfg(debug_assertions)]
+        tracing::trace!(
+            target: trace_targets::EFFECT,
+            event = "schedule_effect",
+            node_id = self.id.0,
+            queued = true,
+            "queued effect for microtask flush"
+        );
         let weak = self.self_ref.borrow().clone();
         let reactor = self.reactor.clone();
         reactor.schedule(move || {
@@ -87,6 +111,12 @@ impl EffectInner {
             }
 
             inner.scheduled.set(false);
+            let _span = tracing::debug_span!(
+                target: trace_targets::EFFECT,
+                "effect.run",
+                node_id = inner.id.0
+            )
+            .entered();
             inner.reactor.run_in_context(inner.id, || (inner.effect)());
         });
     }
@@ -96,6 +126,12 @@ impl EffectInner {
             return;
         }
 
+        tracing::debug!(
+            target: trace_targets::EFFECT,
+            event = "dispose_effect",
+            node_id = self.id.0,
+            "disposed reactive effect"
+        );
         self.reactor.unregister_observer(self.id);
         self.reactor.dispose(self.id);
     }
diff --git a/lib/reactivity/src/event.rs b/lib/reactivity/src/event.rs
index bc807dd..7c6333b 100644
--- a/lib/reactivity/src/event.rs
+++ b/lib/reactivity/src/event.rs
@@ -2,7 +2,7 @@ use std::cell::{Cell, RefCell};
 use std::collections::BTreeMap;
 use std::rc::Rc;
 
-use crate::{NodeId, Reactor, current};
+use crate::{NodeId, Reactor, current, trace_targets};
 
 type SubscriberFn<T> = dyn Fn(&T) + 'static;
 
@@ -68,6 +68,14 @@ impl Reactor {
                     let mut queued = queue.borrow_mut();
                     queued.drain(..).collect::<Vec<_>>()
                 };
+                #[cfg(debug_assertions)]
+                tracing::trace!(
+                    target: trace_targets::EVENT,
+                    event = "drain_event_queue",
+                    event_id = event.inner.id.0,
+                    drained = drained.len(),
+                    "draining queued event values reactively"
+                );
                 for value in &drained {
                     handler(value);
                 }
@@ -84,6 +92,12 @@ impl Reactor {
 impl<T: 'static> Event<T> {
     fn new(reactor: Reactor) -> Self {
         let id = reactor.allocate_node();
+        tracing::debug!(
+            target: trace_targets::EVENT,
+            event = "create_event",
+            node_id = id.0,
+            "created reactive event"
+        );
         Self {
             inner: Rc::new(EventInner {
                 reactor,
@@ -95,6 +109,13 @@ impl<T: 'static> Event<T> {
     }
 
     fn observe(&self) {
+        #[cfg(debug_assertions)]
+        tracing::trace!(
+            target: trace_targets::EVENT,
+            event = "observe_event",
+            event_id = self.inner.id.0,
+            "observing event reactively"
+        );
         self.inner.reactor.observe(self.inner.id);
     }
 
@@ -107,6 +128,13 @@ impl<T: 'static> Event<T> {
             .values()
             .cloned()
             .collect::<Vec<_>>();
+        tracing::debug!(
+            target: trace_targets::EVENT,
+            event = "emit_event",
+            event_id = self.inner.id.0,
+            subscriber_count = subscribers.len(),
+            "emitting event value"
+        );
         for subscriber in subscribers {
             subscriber(&value);
         }
@@ -121,9 +149,25 @@ impl<T: 'static> Event<T> {
             .subscribers
             .borrow_mut()
             .insert(id, Rc::new(handler) as Rc<SubscriberFn<T>>);
+        tracing::debug!(
+            target: trace_targets::EVENT,
+            event = "subscribe_event",
+            event_id = self.inner.id.0,
+            subscription_id = id,
+            subscriber_count = self.inner.subscribers.borrow().len(),
+            "added event subscriber"
+        );
 
         let inner = Rc::clone(&self.inner);
         Subscription::new(move || {
+            #[cfg(debug_assertions)]
+            tracing::trace!(
+                target: trace_targets::EVENT,
+                event = "unsubscribe_event",
+                event_id = inner.id.0,
+                subscription_id = id,
+                "removing event subscriber"
+            );
             inner.subscribers.borrow_mut().remove(&id);
         })
     }
@@ -173,6 +217,12 @@ impl SubscriptionInner {
         if !self.active.replace(false) {
             return;
         }
+        #[cfg(debug_assertions)]
+        tracing::trace!(
+            target: trace_targets::EVENT,
+            event = "unsubscribe",
+            "cancelling subscription"
+        );
         (self.cancel)();
     }
 }
diff --git a/lib/reactivity/src/lib.rs b/lib/reactivity/src/lib.rs
index 2fb708d..4343c60 100644
--- a/lib/reactivity/src/lib.rs
+++ b/lib/reactivity/src/lib.rs
@@ -4,6 +4,15 @@
 //! single-threaded and designed to live on a runtime-managed thread, while async work feeds it
 //! from the edges by updating state or emitting events.
 
+pub(crate) mod trace_targets {
+    pub const GRAPH: &str = "ruin_reactivity::graph";
+    pub const CELL: &str = "ruin_reactivity::cell";
+    pub const THUNK: &str = "ruin_reactivity::thunk";
+    pub const MEMO: &str = "ruin_reactivity::memo";
+    pub const EFFECT: &str = "ruin_reactivity::effect";
+    pub const EVENT: &str = "ruin_reactivity::event";
+}
+
 mod cell;
 mod effect;
 mod event;
diff --git a/lib/reactivity/src/reactor.rs b/lib/reactivity/src/reactor.rs
index 0a66cdb..3b29941 100644
--- a/lib/reactivity/src/reactor.rs
+++ b/lib/reactivity/src/reactor.rs
@@ -7,7 +7,7 @@ use std::rc::{Rc, Weak};
 
 use ruin_runtime::queue_microtask;
 
-use crate::NodeId;
+use crate::{NodeId, trace_targets};
 
 type Job = Box<dyn FnOnce() + 'static>;
 
@@ -72,20 +72,37 @@ pub struct Reactor {
 impl Reactor {
     /// Creates a new empty reactor.
     pub fn new() -> Self {
-        Self {
+        let reactor = Self {
             inner: Rc::new(ReactorInner::new()),
-        }
+        };
+        tracing::debug!(
+            target: trace_targets::GRAPH,
+            event = "reactor_new",
+            "created reactive reactor"
+        );
+        reactor
     }
 
     /// Returns the current thread's default reactor.
     pub fn current() -> Self {
         CURRENT_REACTOR.with(|slot| {
             if let Some(inner) = slot.borrow().upgrade() {
+                #[cfg(debug_assertions)]
+                tracing::trace!(
+                    target: trace_targets::GRAPH,
+                    event = "current_reactor_reuse",
+                    "reusing current thread default reactor"
+                );
                 return Self { inner };
             }
 
             let reactor = Self::new();
             *slot.borrow_mut() = Rc::downgrade(&reactor.inner);
+            tracing::debug!(
+                target: trace_targets::GRAPH,
+                event = "current_reactor_install",
+                "installed current thread default reactor"
+            );
             reactor
         })
     }
@@ -96,6 +113,12 @@ impl Reactor {
     /// [`observe`](Self::observe) made while `f` executes will become the observer's new
     /// dependencies.
     pub fn run_in_context<T>(&self, observer: NodeId, f: impl FnOnce() -> T) -> T {
+        let _span = tracing::debug_span!(
+            target: trace_targets::GRAPH,
+            "reactor.run_in_context",
+            observer_id = observer.0
+        )
+        .entered();
         self.clear_observer_dependencies(observer);
         self.inner.stack.borrow_mut().push(observer);
         let inserted = self.inner.active_computations.borrow_mut().insert(observer);
@@ -140,6 +163,13 @@ impl Reactor {
                 .expect("active computation should appear in observer stack");
             let mut cycle = stack[start..].to_vec();
             cycle.push(observable);
+            tracing::debug!(
+                target: trace_targets::GRAPH,
+                event = "cycle_detected",
+                observable_id = observable.0,
+                cycle_len = cycle.len(),
+                "reactive cycle detected"
+            );
             panic_any(ReactCycleError::new(cycle));
         }
 
@@ -148,6 +178,15 @@ impl Reactor {
             return;
         };
 
+        #[cfg(debug_assertions)]
+        tracing::trace!(
+            target: trace_targets::GRAPH,
+            event = "observe",
+            observer_id = observer.0,
+            observable_id = observable.0,
+            "recording reactive dependency"
+        );
+
         self.inner
             .dependencies
             .borrow_mut()
@@ -172,6 +211,15 @@ impl Reactor {
             .map(|nodes| nodes.iter().copied().collect::<Vec<_>>())
             .unwrap_or_default();
 
+        #[cfg(debug_assertions)]
+        tracing::trace!(
+            target: trace_targets::GRAPH,
+            event = "trigger",
+            observable_id = observable.0,
+            dependent_count = dependents.len(),
+            "triggering reactive dependents"
+        );
+
         for dependent in dependents {
             let hook = self
                 .inner
@@ -190,6 +238,12 @@ impl Reactor {
 
     /// Disposes all graph bookkeeping for `node`.
     pub fn dispose(&self, node: NodeId) {
+        tracing::debug!(
+            target: trace_targets::GRAPH,
+            event = "dispose_node",
+            node_id = node.0,
+            "disposing reactive node bookkeeping"
+        );
         self.clear_observer_dependencies(node);
 
         let incoming = self
@@ -218,13 +272,28 @@ impl Reactor {
             .pending_jobs
             .borrow_mut()
             .push_back(Box::new(job));
+        #[cfg(debug_assertions)]
+        tracing::trace!(
+            target: trace_targets::GRAPH,
+            event = "schedule_job",
+            pending_jobs = self.inner.pending_jobs.borrow().len(),
+            "queued reactive job for microtask flush"
+        );
         self.inner.ensure_flush_scheduled();
     }
 
     pub(crate) fn allocate_node(&self) -> NodeId {
         let raw = self.inner.next_node.get();
         self.inner.next_node.set(raw.wrapping_add(1));
-        NodeId::new(raw)
+        let id = NodeId::new(raw);
+        #[cfg(debug_assertions)]
+        tracing::trace!(
+            target: trace_targets::GRAPH,
+            event = "allocate_node",
+            node_id = id.0,
+            "allocated reactive node id"
+        );
+        id
     }
 
     pub(crate) fn register_observer(&self, id: NodeId, observer: Rc<dyn ObserverHook>) {
@@ -303,6 +372,13 @@ impl ReactorInner {
             return;
         }
 
+        #[cfg(debug_assertions)]
+        tracing::trace!(
+            target: trace_targets::GRAPH,
+            event = "schedule_flush",
+            pending_jobs = self.pending_jobs.borrow().len(),
+            "scheduling reactive microtask flush"
+        );
         let reactor = Rc::clone(self);
         queue_microtask(move || {
             reactor.flush_jobs();
@@ -310,11 +386,23 @@ impl ReactorInner {
     }
 
     fn flush_jobs(self: Rc<Self>) {
+        let _span = tracing::debug_span!(
+            target: trace_targets::GRAPH,
+            "reactor.flush_jobs"
+        )
+        .entered();
         loop {
             let job = self.pending_jobs.borrow_mut().pop_front();
             let Some(job) = job else {
                 break;
             };
+            #[cfg(debug_assertions)]
+            tracing::trace!(
+                target: trace_targets::GRAPH,
+                event = "run_job",
+                remaining_jobs = self.pending_jobs.borrow().len(),
+                "running reactive scheduled job"
+            );
             job();
         }
 
diff --git a/lib/reactivity/src/thunk.rs b/lib/reactivity/src/thunk.rs
index ed75951..43f9be5 100644
--- a/lib/reactivity/src/thunk.rs
+++ b/lib/reactivity/src/thunk.rs
@@ -2,7 +2,7 @@ use std::cell::{Cell, RefCell};
 use std::rc::Rc;
 
 use crate::reactor::ObserverHook;
-use crate::{NodeId, Reactor, current};
+use crate::{NodeId, Reactor, current, trace_targets};
 
 type ComputeFn<T> = dyn Fn() -> T + 'static;
 type EqualsFn<T> = dyn Fn(&T, &T) -> bool + 'static;
@@ -93,11 +93,24 @@ impl<T: 'static> Thunk<T> {
 
         let observer: Rc<dyn ObserverHook> = inner.clone();
         reactor.register_observer(id, observer);
+        tracing::debug!(
+            target: trace_targets::THUNK,
+            event = "create_thunk",
+            node_id = id.0,
+            "created reactive thunk"
+        );
         Self { inner }
     }
 
     /// Runs `f` with a shared reference to the current computed value.
     pub fn with<R>(&self, f: impl FnOnce(&T) -> R) -> R {
+        #[cfg(debug_assertions)]
+        tracing::trace!(
+            target: trace_targets::THUNK,
+            event = "read_thunk",
+            node_id = self.inner.id.0,
+            "reading thunk value"
+        );
         self.inner.reactor.observe(self.inner.id);
         self.inner.ensure_value();
         let value = self.inner.value.borrow();
@@ -132,11 +145,24 @@ impl<T: 'static> Memo<T> {
 
         let observer: Rc<dyn ObserverHook> = inner.clone();
         reactor.register_observer(id, observer);
+        tracing::debug!(
+            target: trace_targets::MEMO,
+            event = "create_memo",
+            node_id = id.0,
+            "created reactive memo"
+        );
         Self { inner }
     }
 
     /// Runs `f` with a shared reference to the current computed value.
     pub fn with<R>(&self, f: impl FnOnce(&T) -> R) -> R {
+        #[cfg(debug_assertions)]
+        tracing::trace!(
+            target: trace_targets::MEMO,
+            event = "read_memo",
+            node_id = self.inner.id.0,
+            "reading memo value"
+        );
         self.inner.reactor.observe(self.inner.id);
         self.inner.ensure_value();
         let value = self.inner.value.borrow();
@@ -167,6 +193,12 @@ impl<T> ThunkInner<T> {
             return;
         }
 
+        let _span = tracing::debug_span!(
+            target: trace_targets::THUNK,
+            "thunk.recompute",
+            node_id = self.id.0
+        )
+        .entered();
         let next = self.reactor.run_in_context(self.id, || (self.compute)());
         *self.value.borrow_mut() = Some(next);
         self.dirty.set(false);
@@ -191,6 +223,12 @@ impl<T> MemoInner<T> {
     }
 
     fn recompute(&self) -> bool {
+        let _span = tracing::debug_span!(
+            target: trace_targets::MEMO,
+            "memo.recompute",
+            node_id = self.id.0
+        )
+        .entered();
         let next = self.reactor.run_in_context(self.id, || (self.compute)());
         let mut value = self.value.borrow_mut();
         let changed = match value.as_ref() {
@@ -199,13 +237,29 @@ impl<T> MemoInner<T> {
         };
         *value = Some(next);
         self.dirty.set(false);
+        tracing::debug!(
+            target: trace_targets::MEMO,
+            event = "memo_recompute",
+            node_id = self.id.0,
+            changed,
+            "recomputed memo"
+        );
         changed
     }
 }
 
 impl<T: 'static> ObserverHook for ThunkInner<T> {
     fn notify(&self) {
-        if self.dirty.replace(true) {
+        let already_dirty = self.dirty.replace(true);
+        #[cfg(debug_assertions)]
+        tracing::trace!(
+            target: trace_targets::THUNK,
+            event = "invalidate_thunk",
+            node_id = self.id.0,
+            already_dirty,
+            "invalidating thunk"
+        );
+        if already_dirty {
             return;
         }
 
@@ -225,11 +279,29 @@ impl<T: 'static> ObserverHook for MemoInner<T> {
     fn notify(&self) {
         if self.value.borrow().is_none() {
             self.dirty.set(true);
+            #[cfg(debug_assertions)]
+            tracing::trace!(
+                target: trace_targets::MEMO,
+                event = "invalidate_memo",
+                node_id = self.id.0,
+                eagerly_recomputed = false,
+                "marked uninitialized memo dirty"
+            );
             return;
         }
 
         self.dirty.set(true);
-        if self.recompute() {
+        let changed = self.recompute();
+        #[cfg(debug_assertions)]
+        tracing::trace!(
+            target: trace_targets::MEMO,
+            event = "invalidate_memo",
+            node_id = self.id.0,
+            eagerly_recomputed = true,
+            changed,
+            "invalidated memo"
+        );
+        if changed {
             self.reactor.trigger(self.id);
         }
     }
diff --git a/lib/runtime/Cargo.toml b/lib/runtime/Cargo.toml
index d5624d5..a128d42 100644
--- a/lib/runtime/Cargo.toml
+++ b/lib/runtime/Cargo.toml
@@ -7,6 +7,7 @@ edition = "2024"
 hyper = { version = "1.8", default-features = false, features = ["client", "http1"] }
 libc = "0.2"
 ruin_runtime_proc_macros = { package = "ruin-runtime-proc-macros", path = "../runtime_proc_macros" }
+tracing = { version = "0.1", default-features = false, features = ["std"] }
 
 [dev-dependencies]
 bytes = "1"
diff --git a/lib/runtime/src/lib.rs b/lib/runtime/src/lib.rs
index 9559c9d..306a922 100644
--- a/lib/runtime/src/lib.rs
+++ b/lib/runtime/src/lib.rs
@@ -25,6 +25,14 @@ compile_error!("ruin-runtime currently supports only Linux x86_64.");
 
 extern crate alloc;
 
+pub(crate) mod trace_targets {
+    pub const DRIVER: &str = "ruin_runtime::driver";
+    pub const RUNTIME: &str = "ruin_runtime::runtime";
+    pub const SCHEDULER: &str = "ruin_runtime::scheduler";
+    pub const TIMER: &str = "ruin_runtime::timer";
+    pub const ASYNC: &str = "ruin_runtime::async";
+}
+
 pub mod channel;
 pub mod fs;
 pub mod net;
diff --git a/lib/runtime/src/platform/linux_x86_64/driver.rs b/lib/runtime/src/platform/linux_x86_64/driver.rs
index f4578bd..92cca05 100644
--- a/lib/runtime/src/platform/linux_x86_64/driver.rs
+++ b/lib/runtime/src/platform/linux_x86_64/driver.rs
@@ -10,6 +10,7 @@ use std::sync::atomic::{AtomicBool, Ordering};
 use std::time::Duration;
 
 use super::uring::{IORING_OP_ASYNC_CANCEL, IoUring, IoUringCqe, IoUringSqe};
+use crate::trace_targets;
 
 const WAKE_TARGET_TOKEN: u64 = 1;
 const TOKEN_KIND_SHIFT: u64 = 56;
@@ -34,6 +35,13 @@ struct NotifierInner {
 
 impl NotifierInner {
     fn notify(&self) -> io::Result<()> {
+        #[cfg(debug_assertions)]
+        tracing::trace!(
+            target: trace_targets::DRIVER,
+            event = "notify",
+            ring_fd = self.ring_fd,
+            "sending cross-thread driver wake"
+        );
         if self.closed.load(Ordering::Acquire) {
             return Err(io::Error::new(
                 io::ErrorKind::BrokenPipe,
@@ -96,6 +104,12 @@ pub fn create() -> io::Result<(Driver, ThreadNotifier)> {
 /// emphasize driver construction.
 pub fn create_driver() -> io::Result<(Driver, ThreadNotifier)> {
     let ring = IoUring::new(64)?;
+    tracing::debug!(
+        target: trace_targets::DRIVER,
+        event = "create_driver",
+        ring_fd = ring.ring_fd(),
+        "created runtime driver"
+    );
     let notifier = Arc::new(NotifierInner {
         ring_fd: ring.ring_fd(),
         closed: AtomicBool::new(false),
@@ -130,11 +144,27 @@ impl Driver {
         let saw_any = self
             .ring
             .drain_completions(|cqe| self.process_cqe(cqe, &mut ready));
+        #[cfg(debug_assertions)]
+        if saw_any {
+            tracing::trace!(
+                target: trace_targets::DRIVER,
+                event = "poll_ready",
+                timer_ready = ready.timer,
+                wake_ready = ready.wake,
+                "driver poll produced ready events"
+            );
+        }
         if saw_any { Ok(Some(ready)) } else { Ok(None) }
     }
 
     /// Blocks until at least one completion is available.
     pub fn wait(&self) -> io::Result<()> {
+        #[cfg(debug_assertions)]
+        tracing::trace!(
+            target: trace_targets::DRIVER,
+            event = "wait",
+            "waiting for driver completion"
+        );
         self.ring.wait_for_cqe()
     }
 
@@ -142,6 +172,13 @@ impl Driver {
     ///
     /// Passing `None` removes any active timer.
     pub fn rearm_timer(&self, deadline: Option<Duration>) -> io::Result<()> {
+        #[cfg(debug_assertions)]
+        tracing::trace!(
+            target: trace_targets::TIMER,
+            event = "rearm_timer",
+            deadline_ns = deadline.map(|value| value.as_nanos() as u64),
+            "rearming driver timer"
+        );
         match (self.active_timer_token.get(), deadline) {
             (Some(active), Some(deadline)) => {
                 self.ring.submit_timeout_update(active, deadline)?;
@@ -168,6 +205,13 @@ impl Driver {
         on_complete: impl FnOnce(IoUringCqe) + Send + 'static,
     ) -> io::Result<u64> {
         let token = self.next_token(CompletionKind::Operation);
+        #[cfg(debug_assertions)]
+        tracing::trace!(
+            target: trace_targets::ASYNC,
+            event = "submit_operation",
+            token,
+            "submitting async driver operation"
+        );
         self.completions
             .borrow_mut()
             .insert(token, Box::new(on_complete));
@@ -181,6 +225,13 @@ impl Driver {
     }
 
     pub(crate) fn cancel_operation(&self, token: u64) -> io::Result<()> {
+        #[cfg(debug_assertions)]
+        tracing::trace!(
+            target: trace_targets::ASYNC,
+            event = "cancel_operation",
+            token,
+            "submitting async driver cancellation"
+        );
         self.ring
             .submit_with_token(self.next_token(CompletionKind::OperationCancel), |sqe| {
                 sqe.opcode = IORING_OP_ASYNC_CANCEL;
@@ -216,6 +267,14 @@ impl Driver {
     }
 
     fn process_cqe(&self, cqe: IoUringCqe, ready: &mut ReadyEvents) {
+        #[cfg(debug_assertions)]
+        tracing::trace!(
+            target: trace_targets::DRIVER,
+            event = "process_cqe",
+            user_data = cqe.user_data,
+            result = cqe.res,
+            "processing io_uring completion"
+        );
         if cqe.user_data == WAKE_TARGET_TOKEN {
             ready.wake = true;
             let wakes = cqe.res.max(1) as u64;
@@ -256,6 +315,11 @@ impl Driver {
 
 impl Drop for Driver {
     fn drop(&mut self) {
+        tracing::debug!(
+            target: trace_targets::DRIVER,
+            event = "drop_driver",
+            "dropping runtime driver"
+        );
         self.notifier.closed.store(true, Ordering::Release);
     }
 }
diff --git a/lib/runtime/src/platform/linux_x86_64/runtime.rs b/lib/runtime/src/platform/linux_x86_64/runtime.rs
index ef2ba5a..83e5f43 100644
--- a/lib/runtime/src/platform/linux_x86_64/runtime.rs
+++ b/lib/runtime/src/platform/linux_x86_64/runtime.rs
@@ -12,6 +12,7 @@ use std::task::{Context, Poll, RawWaker, RawWakerVTable, Waker};
 use std::time::Duration;
 
 use super::driver::{Driver, ThreadNotifier, create_driver, monotonic_now};
+use crate::trace_targets;
 
 type LocalTask = Box<dyn FnOnce() + 'static>;
 type SendTask = Box<dyn FnOnce() + Send + 'static>;
@@ -95,6 +96,13 @@ pub fn queue_task<F>(task: F)
 where
     F: FnOnce() + 'static,
 {
+    #[cfg(debug_assertions)]
+    tracing::trace!(
+        target: trace_targets::SCHEDULER,
+        event = "queue_task",
+        queue = "local_macro",
+        "queueing local macrotask"
+    );
     push_local_macrotask(Box::new(task));
 }
 
@@ -110,6 +118,13 @@ pub fn queue_microtask<F>(task: F)
 where
     F: FnOnce() + 'static,
 {
+    #[cfg(debug_assertions)]
+    tracing::trace!(
+        target: trace_targets::SCHEDULER,
+        event = "queue_microtask",
+        queue = "local_micro",
+        "queueing local microtask"
+    );
     current_thread()
         .local_microtasks
         .borrow_mut()
@@ -128,6 +143,15 @@ where
     let owner = current_thread_ptr();
     let id = allocate_timer_id();
     let deadline = deadline_from_now(delay);
+    #[cfg(debug_assertions)]
+    tracing::trace!(
+        target: trace_targets::TIMER,
+        event = "set_timeout",
+        timer_id = id,
+        delay_ns = delay.as_nanos() as u64,
+        deadline_ns = deadline.as_nanos() as u64,
+        "scheduling timeout"
+    );
     let timer = TimerNode::timeout(id, deadline, Box::new(callback));
 
     current_thread().timers.borrow_mut().insert(timer);
@@ -146,6 +170,13 @@ where
 ///
 /// Panics if called from a different runtime thread than the one that created `handle`.
 pub fn clear_timeout(handle: &TimeoutHandle) {
+    #[cfg(debug_assertions)]
+    tracing::trace!(
+        target: trace_targets::TIMER,
+        event = "clear_timeout",
+        timer_id = handle.id,
+        "clearing timeout"
+    );
     clear_timer(handle.owner, handle.id);
 }
 
@@ -163,6 +194,15 @@ where
     let owner = current_thread_ptr();
     let id = allocate_timer_id();
     let deadline = deadline_from_now(delay);
+    #[cfg(debug_assertions)]
+    tracing::trace!(
+        target: trace_targets::TIMER,
+        event = "set_interval",
+        timer_id = id,
+        delay_ns = delay.as_nanos() as u64,
+        deadline_ns = deadline.as_nanos() as u64,
+        "scheduling interval"
+    );
     let timer = TimerNode::interval(
         id,
         deadline,
@@ -186,6 +226,13 @@ where
 ///
 /// Panics if called from a different runtime thread than the one that created `handle`.
 pub fn clear_interval(handle: &IntervalHandle) {
+    #[cfg(debug_assertions)]
+    tracing::trace!(
+        target: trace_targets::TIMER,
+        event = "clear_interval",
+        timer_id = handle.id,
+        "clearing interval"
+    );
     clear_timer(handle.owner, handle.id);
 }
 
@@ -212,6 +259,12 @@ where
     F: Future + 'static,
     F::Output: 'static,
 {
+    #[cfg(debug_assertions)]
+    tracing::trace!(
+        target: trace_targets::ASYNC,
+        event = "queue_future",
+        "queueing local future"
+    );
     let state = Rc::new(JoinState::new());
     let completion = Rc::clone(&state);
     let task = Rc::new(FutureTask {
@@ -240,6 +293,11 @@ where
     Init: FnOnce() + Send + 'static,
     Exit: FnOnce() + 'static,
 {
+    tracing::debug!(
+        target: trace_targets::RUNTIME,
+        event = "spawn_worker",
+        "spawning runtime worker thread"
+    );
     let parent = current_thread();
     let (driver, notifier) = create_driver().expect("worker driver should initialize");
     let shared = Arc::new(ThreadShared::new(notifier));
@@ -281,6 +339,16 @@ where
 ///
 /// Panics if runtime initialization fails or if the underlying driver returns an unexpected error.
 pub fn run() {
+    let _span = tracing::debug_span!(
+        target: trace_targets::RUNTIME,
+        "runtime.run"
+    )
+    .entered();
+    tracing::debug!(
+        target: trace_targets::RUNTIME,
+        event = "run_enter",
+        "entering runtime event loop"
+    );
     let _ = current_thread();
 
     loop {
@@ -316,6 +384,15 @@ pub fn run() {
 
         if has_pending_timers() || state.has_live_children() || state.has_live_async_operations() {
             state.shared.closing.store(false, Ordering::Release);
+            #[cfg(debug_assertions)]
+            tracing::trace!(
+                target: trace_targets::RUNTIME,
+                event = "run_wait",
+                pending_timers = has_pending_timers(),
+                live_children = state.has_live_children(),
+                live_async = state.has_live_async_operations(),
+                "runtime waiting for more work"
+            );
             state.driver.wait().expect("driver wait should succeed");
             continue;
         }
@@ -327,6 +404,11 @@ pub fn run() {
 
         state.shared.closed.store(true, Ordering::Release);
         state.shared.notify();
+        tracing::debug!(
+            target: trace_targets::RUNTIME,
+            event = "run_exit",
+            "runtime event loop exiting"
+        );
         teardown_thread();
         return;
     }
@@ -351,7 +433,16 @@ impl ThreadHandle {
     where
         F: FnOnce() + Send + 'static,
     {
-        self.shared.enqueue_macro(Box::new(task))
+        let queued = self.shared.enqueue_macro(Box::new(task));
+        #[cfg(debug_assertions)]
+        tracing::trace!(
+            target: trace_targets::SCHEDULER,
+            event = "queue_remote_task",
+            queue = "remote_macro",
+            queued,
+            "queueing remote macrotask"
+        );
+        queued
     }
 
     /// Queues a microtask onto this runtime thread.
@@ -361,7 +452,16 @@ impl ThreadHandle {
     where
         F: FnOnce() + Send + 'static,
     {
-        self.shared.enqueue_micro(Box::new(task))
+        let queued = self.shared.enqueue_micro(Box::new(task));
+        #[cfg(debug_assertions)]
+        tracing::trace!(
+            target: trace_targets::SCHEDULER,
+            event = "queue_remote_microtask",
+            queue = "remote_micro",
+            queued,
+            "queueing remote microtask"
+        );
+        queued
     }
 
     /// Returns `true` if the target runtime thread has shut down.
@@ -859,12 +959,24 @@ fn drain_driver_events() {
 
         let state = current_thread();
         if ready.wake {
+            #[cfg(debug_assertions)]
+            tracing::trace!(
+                target: trace_targets::DRIVER,
+                event = "drain_wake",
+                "draining driver wake notifications"
+            );
             let _ = state
                 .driver
                 .drain_wake()
                 .expect("wake drain should succeed");
         }
         if ready.timer {
+            #[cfg(debug_assertions)]
+            tracing::trace!(
+                target: trace_targets::TIMER,
+                event = "drain_timer",
+                "draining expired runtime timers"
+            );
             let _ = state
                 .driver
                 .drain_timer()