diff --git a/fibers_async.js b/fibers_async.js
index 0fbf1cc..b58f09a 100644
--- a/fibers_async.js
+++ b/fibers_async.js
@@ -51,15 +51,72 @@ _Fiber[Symbol.hasInstance] = function(obj) {
 };
 
 // Prototype (Qualia): with a patched node, V8 offers us every promise reaction (e.g. the code after
-// an `await`) that was registered inside a fiber. Run it in a new, hidden fiber so it can still
-// block. The job's own promise hooks restore its async context inside the fiber.
+// an `await`) that was registered inside a fiber. Run it in a hidden fiber so it can still block.
+// The job's own promise hooks restore its async context inside the fiber.
 // FIBERS_AWAIT_DISPATCH=0 turns this off.
 if (typeof _Fiber.__setMicrotaskDispatcher === 'function' && process.env.FIBERS_AWAIT_DISPATCH !== '0') {
-  _Fiber.__setMicrotaskDispatcher(function dispatchMicrotask(runDispatched, token) {
-    const fiber = Fiber(() => runDispatched(token));
-    fiber[kHidden] = true;
-    fiber.run();
-  });
+  const runNextDispatchable = process.env.FIBERS_AWAIT_REUSE !== '0' ? _Fiber.__runNextDispatchable : undefined;
+  _Fiber.__setMicrotaskDispatcher(typeof runNextDispatchable === 'function'
+    ? reusingDispatcher(runNextDispatchable)
+    : dispatchOnNewFiber);
+}
+
+function dispatchOnNewFiber(runDispatched, token) {
+  const fiber = Fiber(() => runDispatched(token));
+  fiber[kHidden] = true;
+  fiber.run();
+}
+
+// Runs jobs on one long-lived hidden fiber instead of a new fiber per job. After each job it keeps
+// running the dispatchable jobs queued right behind it, so a run of `await`s in fibered code costs
+// one switch onto the fiber and one back, not two per `await`. A job that blocks keeps the fiber
+// (it's parked inside that job), and the next dispatch starts a new one. FIBERS_AWAIT_REUSE=0 turns
+// this off.
+let microtasksBatched = 0;
+function reusingDispatcher(runNextDispatchable) {
+  const kIdle = {};
+  let dispatchFiber = null;
+  let runDispatched;
+
+  function dispatchLoop(token) {
+    const self = _Fiber.current;
+    for (;;) {
+      runDispatched(token);
+      // Only while this is still the dispatch fiber, i.e. we're nested inside the microtask loop.
+      // A fiber that was parked by a job and later resumed must not pull in unrelated jobs.
+      while (self === dispatchFiber && runNextDispatchable()) {
+        microtasksBatched++;
+      }
+      if (self !== dispatchFiber) {
+        return;
+      }
+      token = _Fiber.yield(kIdle);
+    }
+  }
+
+  return function dispatchMicrotask(run, token) {
+    runDispatched = run;
+    if (dispatchFiber && dispatchFiber === _Fiber.current) {
+      // A nested microtask drain on the dispatch fiber itself; we can't switch into a running fiber.
+      dispatchOnNewFiber(run, token);
+      return;
+    }
+    if (!dispatchFiber) {
+      dispatchFiber = Fiber(dispatchLoop);
+      dispatchFiber[kHidden] = true;
+    }
+    const fiber = dispatchFiber;
+    if (fiber.run(token) !== kIdle && dispatchFiber === fiber) {
+      // A job blocked on this fiber; it belongs to that job now.
+      dispatchFiber = null;
+    }
+  };
 }
 
+Object.defineProperty(Fiber, 'microtasksBatched', {
+  get() {
+    return microtasksBatched;
+  }
+})
+
 module.exports = _Fiber.Fiber = Fiber;
diff --git a/src/fibers.cc b/src/fibers.cc
index ca86aaa..0fc8350 100644
--- a/src/fibers.cc
+++ b/src/fibers.cc
@@ -21,8 +21,10 @@
 // Looked up at load time so this binary still works (with the feature off) on unpatched node.
 typedef void (*SetMicrotaskDispatchCallbackFn)(v8::Isolate*, v8::MicrotaskDispatchCallback, void*);
 typedef void (*RunDispatchedMicrotaskFn)(v8::Isolate*, v8::DispatchedMicrotask*);
+typedef bool (*RunNextDispatchableMicrotaskFn)(v8::Isolate*);
 static SetMicrotaskDispatchCallbackFn set_microtask_dispatch_callback = NULL;
 static RunDispatchedMicrotaskFn run_dispatched_microtask = NULL;
+static RunNextDispatchableMicrotaskFn run_next_dispatchable_microtask = NULL;
 #endif
 
 #define THROW(x, m) return uni::Return(uni::ThrowException(Isolate::GetCurrent(), x(uni::NewLatin1String(Isolate::GetCurrent(), m))), args)
@@ -971,6 +973,17 @@ class Fiber {
 			return uni::Return(uni::Undefined(isolate), args);
 		}
 
+		/**
+		 * Fiber.__runNextDispatchable(): if the next queued microtask is also one that would be
+		 * dispatched, run it on the current stack and return true. Lets the dispatch fiber run a
+		 * run of such jobs without switching stacks for each one.
+		 */
+		static uni::FunctionType RunNextDispatchable(const uni::Arguments& args) {
+			Isolate* isolate = args.GetIsolate();
+			bool ran = run_next_dispatchable_microtask(isolate);
+			return uni::Return(uni::NewBoolean(isolate, ran), args);
+		}
+
 		static uni::FunctionType GetMicrotasksDispatched(Local<String> property, const uni::GetterCallbackInfo& info) {
 			return uni::Return(uni::NewNumber(Isolate::GetCurrent(), microtasks_dispatched), info);
 		}
@@ -1034,6 +1047,11 @@ class Fiber {
 				fn->Set(context, uni::NewLatin1Symbol(isolate, "__setMicrotaskDispatcher"),
 					uni::GetFunction(uni::NewFunctionTemplate(isolate, SetMicrotaskDispatcher))).FromJust();
 				uni::SetAccessor(isolate, fn, uni::NewLatin1Symbol(isolate, "microtasksDispatched"), GetMicrotasksDispatched);
+				run_next_dispatchable_microtask = (RunNextDispatchableMicrotaskFn)dlsym(RTLD_DEFAULT, "v8_qualia_RunNextDispatchableMicrotask");
+				if (run_next_dispatchable_microtask) {
+					fn->Set(context, uni::NewLatin1Symbol(isolate, "__runNextDispatchable"),
+						uni::GetFunction(uni::NewFunctionTemplate(isolate, RunNextDispatchable))).FromJust();
+				}
 			}
 #endif