diff --git a/.changelog/unreleased/improvements/ibc-telemetry/3366-configurable-histogram-buckets.md b/.changelog/unreleased/improvements/ibc-telemetry/3366-configurable-histogram-buckets.md
new file mode 100644
index 0000000000..b27829b142
--- /dev/null
+++ b/.changelog/unreleased/improvements/ibc-telemetry/3366-configurable-histogram-buckets.md
@@ -0,0 +1,6 @@
+- Add two new configurations for the telemetry `buckets`:
+  - `latency_submitted` used to specify the range and number of
+    buckets for the `tx_latency_submitted` metric.
+  - `latency_confirmed` used to specify the range and number of
+    buckets for the `tx_latency_confirmed` metric.
+  ([#3366](https://github.com/informalsystems/hermes/issues/3366))
\ No newline at end of file
diff --git a/Cargo.lock b/Cargo.lock
index 1ebc4a4812..464f6da00e 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -1671,6 +1671,7 @@ dependencies = [
  "serde_json",
  "tendermint",
  "tokio",
+ "tracing",
 ]
 
 [[package]]
diff --git a/config.toml b/config.toml
index 0331d6e677..949d67d2c7 100644
--- a/config.toml
+++ b/config.toml
@@ -110,6 +110,19 @@ host = '127.0.0.1'
 # by the telemetry service. Default: 3001
 port = 3001
 
+[telemetry.buckets]
+# Specify the range of the 10 histogram buckets in ms for the `tx_latency_submitted` metric.
+# Default: { start = 500, end = 10000, buckets = 10 }
+# The default will give the following buckets:
+# [500, 2450, 4400, 6350, 8300, 10250, 12200, 14150, 16100, 18050, 20000]
+# latency_submitted = { start = 500, end = 20000, buckets = 10 }
+
+# Specify the range of the 10 histogram buckets in ms for the `tx_latency_confirmed` metric.
+# Default: { start = 1000, end = 20000, buckets = 10 }
+# The default will give the following buckets:
+# [1000, 3900, 6800, 9700, 12600, 15500, 18400, 21300, 24200, 27100, 30000]
+# latency_confirmed = { start = 1000, end = 30000, buckets = 10 }
+
 
 # A chains section includes parameters related to a chain and the full node to which
 # the relayer can send transactions and queries.
diff --git a/crates/relayer-cli/src/commands/start.rs b/crates/relayer-cli/src/commands/start.rs
index e75685cd8c..7f7d57596a 100644
--- a/crates/relayer-cli/src/commands/start.rs
+++ b/crates/relayer-cli/src/commands/start.rs
@@ -193,7 +193,12 @@ fn spawn_telemetry_server(config: &Config) {
 
     let _span = tracing::error_span!("telemetry").entered();
 
-    let state = ibc_telemetry::global();
+    let state = ibc_telemetry::init(
+        config.telemetry.buckets.latency_submitted.range.clone(),
+        config.telemetry.buckets.latency_submitted.buckets,
+        config.telemetry.buckets.latency_confirmed.range.clone(),
+        config.telemetry.buckets.latency_confirmed.buckets,
+    );
     let telemetry = config.telemetry.clone();
 
     if !telemetry.enabled {
diff --git a/crates/relayer/src/config.rs b/crates/relayer/src/config.rs
index f6754c34e5..92fe601cbf 100644
--- a/crates/relayer/src/config.rs
+++ b/crates/relayer/src/config.rs
@@ -19,6 +19,7 @@ use std::{
     fs,
     fs::File,
     io::Write,
+    ops::Range,
     path::{Path, PathBuf},
 };
 use tendermint::block::Height as BlockHeight;
@@ -204,6 +205,26 @@ pub mod default {
     pub fn max_grpc_decoding_size() -> Byte {
         Byte::from_bytes(33554432)
     }
+
+    pub fn latency_submitted() -> HistogramConfig {
+        HistogramConfig {
+            range: Range {
+                start: 500,
+                end: 20000,
+            },
+            buckets: 10,
+        }
+    }
+
+    pub fn latency_confirmed() -> HistogramConfig {
+        HistogramConfig {
+            range: Range {
+                start: 1000,
+                end: 30000,
+            },
+            buckets: 10,
+        }
+    }
 }
 
 #[derive(Clone, Debug, Default, Deserialize, Serialize)]
@@ -385,6 +406,60 @@ pub struct TelemetryConfig {
     pub enabled: bool,
     pub host: String,
     pub port: u16,
+    #[serde(default = "HistogramBuckets::default")]
+    pub buckets: HistogramBuckets,
+}
+
+#[derive(Clone, Debug, Deserialize, Serialize)]
+pub struct HistogramBuckets {
+    #[serde(default = "default::latency_submitted")]
+    pub latency_submitted: HistogramConfig,
+    #[serde(default = "default::latency_confirmed")]
+    pub latency_confirmed: HistogramConfig,
+}
+
+impl Default for HistogramBuckets {
+    fn default() -> Self {
+        Self {
+            latency_submitted: default::latency_submitted(),
+            latency_confirmed: default::latency_confirmed(),
+        }
+    }
+}
+
+#[derive(Clone, Debug, Deserialize, Serialize)]
+#[serde(try_from = "HistogramRangeUnchecked")]
+pub struct HistogramConfig {
+    #[serde(flatten)]
+    pub range: Range<u64>,
+    pub buckets: u64,
+}
+
+impl TryFrom<HistogramRangeUnchecked> for HistogramConfig {
+    type Error = String;
+
+    fn try_from(value: HistogramRangeUnchecked) -> Result<Self, Self::Error> {
+        if value.start > value.end {
+            return Err(format!(
+                "histogram range min `{}` must be smaller or equal than max `{}`",
+                value.start, value.end
+            ));
+        }
+        Ok(Self {
+            range: Range {
+                start: value.start,
+                end: value.end,
+            },
+            buckets: value.buckets,
+        })
+    }
+}
+
+#[derive(Clone, Debug, Deserialize, Serialize)]
+pub struct HistogramRangeUnchecked {
+    start: u64,
+    end: u64,
+    buckets: u64,
 }
 
 /// Default values for the telemetry configuration.
@@ -396,6 +471,7 @@ impl Default for TelemetryConfig {
             enabled: false,
             host: "127.0.0.1".to_string(),
             port: 3001,
+            buckets: HistogramBuckets::default(),
         }
     }
 }
@@ -661,6 +737,28 @@ mod tests {
         dbg!(config);
     }
 
+    #[test]
+    fn parse_valid_telemetry() {
+        let path = concat!(
+            env!("CARGO_MANIFEST_DIR"),
+            "/tests/config/fixtures/relayer_conf_example_valid_telemetry.toml"
+        );
+
+        let config = load(path).expect("could not parse config");
+
+        dbg!(config);
+    }
+
+    #[test]
+    fn parse_invalid_telemetry() {
+        let path = concat!(
+            env!("CARGO_MANIFEST_DIR"),
+            "/tests/config/fixtures/relayer_conf_example_invalid_telemetry.toml"
+        );
+
+        assert!(load(path).is_err());
+    }
+
     #[test]
     fn serialize_valid_config() {
         let path = concat!(
diff --git a/crates/relayer/tests/config/fixtures/relayer_conf_example_invalid_telemetry.toml b/crates/relayer/tests/config/fixtures/relayer_conf_example_invalid_telemetry.toml
new file mode 100644
index 0000000000..3e44c53a7d
--- /dev/null
+++ b/crates/relayer/tests/config/fixtures/relayer_conf_example_invalid_telemetry.toml
@@ -0,0 +1,70 @@
+[global]
+log_level = 'error'
+
+[mode]
+
+[mode.clients]
+enabled = true
+refresh = true
+misbehaviour = true
+
+[mode.connections]
+enabled = false
+
+[mode.channels]
+enabled = false
+
+[mode.packets]
+enabled = true
+clear_interval = 100
+clear_on_start = true
+tx_confirmation = true
+
+[telemetry]
+enabled = true
+host = '127.0.0.1'
+port = 3001
+
+[telemetry.buckets]
+latency_submitted = { start = 5000, end = 1000, buckets = 10 } # start can't be smaller than end
+latency_confirmed = { start = 5000, end = 10000, buckets = 10 }
+
+[[chains]]
+id = 'chain_A'
+rpc_addr = 'http://127.0.0.1:26657'
+grpc_addr = 'http://127.0.0.1:9090'
+event_source = { mode = 'push', url = 'ws://localhost:26657/websocket' }
+rpc_timeout = '10s'
+account_prefix = 'cosmos'
+key_name = 'testkey'
+store_prefix = 'ibc'
+max_gas = 200000
+gas_price = { price = 0.001, denom = 'stake' }
+max_msg_num = 4
+max_tx_size = 1048576
+clock_drift = '5s'
+trusting_period = '14days'
+trust_threshold = { numerator = '1', denominator = '3' }
+address_type = { derivation = 'cosmos' }
+
+[chains.packet_filter]
+policy = 'allow'
+list = [
+  ['ica*', '*'],
+  ['transfer', 'channel-0'],
+]
+
+[[chains]]
+id = 'chain_B'
+rpc_addr = 'http://127.0.0.1:26557'
+grpc_addr = 'http://127.0.0.1:9090'
+event_source = { mode = 'push', url = 'ws://localhost:26557/websocket' }
+rpc_timeout = '10s'
+account_prefix = 'cosmos'
+key_name = 'testkey'
+store_prefix = 'ibc'
+gas_price = { price = 0.001, denom = 'stake' }
+clock_drift = '5s'
+trusting_period = '14days'
+trust_threshold = { numerator = '1', denominator = '3' }
+address_type = { derivation = 'ethermint', proto_type = { pk_type = '/injective.crypto.v1beta1.ethsecp256k1.PubKey' } }
diff --git a/crates/relayer/tests/config/fixtures/relayer_conf_example_valid_telemetry.toml b/crates/relayer/tests/config/fixtures/relayer_conf_example_valid_telemetry.toml
new file mode 100644
index 0000000000..ca0ae487ec
--- /dev/null
+++ b/crates/relayer/tests/config/fixtures/relayer_conf_example_valid_telemetry.toml
@@ -0,0 +1,70 @@
+[global]
+log_level = 'error'
+
+[mode]
+
+[mode.clients]
+enabled = true
+refresh = true
+misbehaviour = true
+
+[mode.connections]
+enabled = false
+
+[mode.channels]
+enabled = false
+
+[mode.packets]
+enabled = true
+clear_interval = 100
+clear_on_start = true
+tx_confirmation = true
+
+[telemetry]
+enabled = true
+host = '127.0.0.1'
+port = 3001
+
+[telemetry.buckets]
+latency_submitted = { start = 5000, end = 10000, buckets = 10 }
+latency_confirmed = { start = 5000, end = 10000, buckets = 10 }
+
+[[chains]]
+id = 'chain_A'
+rpc_addr = 'http://127.0.0.1:26657'
+grpc_addr = 'http://127.0.0.1:9090'
+event_source = { mode = 'push', url = 'ws://localhost:26657/websocket' }
+rpc_timeout = '10s'
+account_prefix = 'cosmos'
+key_name = 'testkey'
+store_prefix = 'ibc'
+max_gas = 200000
+gas_price = { price = 0.001, denom = 'stake' }
+max_msg_num = 4
+max_tx_size = 1048576
+clock_drift = '5s'
+trusting_period = '14days'
+trust_threshold = { numerator = '1', denominator = '3' }
+address_type = { derivation = 'cosmos' }
+
+[chains.packet_filter]
+policy = 'allow'
+list = [
+  ['ica*', '*'],
+  ['transfer', 'channel-0'],
+]
+
+[[chains]]
+id = 'chain_B'
+rpc_addr = 'http://127.0.0.1:26557'
+grpc_addr = 'http://127.0.0.1:9090'
+event_source = { mode = 'push', url = 'ws://localhost:26557/websocket' }
+rpc_timeout = '10s'
+account_prefix = 'cosmos'
+key_name = 'testkey'
+store_prefix = 'ibc'
+gas_price = { price = 0.001, denom = 'stake' }
+clock_drift = '5s'
+trusting_period = '14days'
+trust_threshold = { numerator = '1', denominator = '3' }
+address_type = { derivation = 'ethermint', proto_type = { pk_type = '/injective.crypto.v1beta1.ethsecp256k1.PubKey' } }
diff --git a/crates/telemetry/Cargo.toml b/crates/telemetry/Cargo.toml
index ca00b5b01f..7c02ccbd8e 100644
--- a/crates/telemetry/Cargo.toml
+++ b/crates/telemetry/Cargo.toml
@@ -25,6 +25,7 @@ serde_json               = "1.0.94"
 serde                    = "1.0.164"
 axum                     = "0.6.18"
 tokio                    = "1.26.0"
+tracing                  = "0.1.36"
 
 [dependencies.tendermint]
 version = "0.32.0"
diff --git a/crates/telemetry/src/lib.rs b/crates/telemetry/src/lib.rs
index 40fa56bfce..aa2c8498ce 100644
--- a/crates/telemetry/src/lib.rs
+++ b/crates/telemetry/src/lib.rs
@@ -5,21 +5,71 @@ pub mod state;
 
 use std::error::Error;
 use std::net::{SocketAddr, ToSocketAddrs};
+use std::ops::Range;
 use std::sync::Arc;
 
-use once_cell::sync::Lazy;
+use once_cell::sync::OnceCell;
 use tokio::task::JoinHandle;
+use tracing::{debug, warn};
 
 pub use crate::state::TelemetryState;
 
-pub fn new_state() -> Arc<TelemetryState> {
-    Arc::new(TelemetryState::default())
+pub fn new_state(
+    tx_latency_submitted_range: Range<u64>,
+    tx_latency_submitted_buckets: u64,
+    tx_latency_confirmed_range: Range<u64>,
+    tx_latency_confirmed_buckets: u64,
+) -> Arc<TelemetryState> {
+    Arc::new(TelemetryState::new(
+        tx_latency_submitted_range,
+        tx_latency_submitted_buckets,
+        tx_latency_confirmed_range,
+        tx_latency_confirmed_buckets,
+    ))
 }
 
-static GLOBAL_STATE: Lazy<Arc<TelemetryState>> = Lazy::new(new_state);
+static GLOBAL_STATE: OnceCell<Arc<TelemetryState>> = OnceCell::new();
+
+pub fn init(
+    tx_latency_submitted_range: Range<u64>,
+    tx_latency_submitted_buckets: u64,
+    tx_latency_confirmed_range: Range<u64>,
+    tx_latency_confirmed_buckets: u64,
+) -> &'static Arc<TelemetryState> {
+    let new_state = new_state(
+        tx_latency_submitted_range,
+        tx_latency_submitted_buckets,
+        tx_latency_confirmed_range,
+        tx_latency_confirmed_buckets,
+    );
+    match GLOBAL_STATE.set(new_state) {
+        Ok(_) => debug!("initialised telemetry global state"),
+        Err(_) => debug!("telemetry global state was already set"),
+    }
+    GLOBAL_STATE.get().unwrap()
+}
 
 pub fn global() -> &'static Arc<TelemetryState> {
-    &GLOBAL_STATE
+    match GLOBAL_STATE.get() {
+        Some(state) => state,
+        None => {
+            warn!(
+                "global telemetry state not set, will initialize it using default histogram ranges"
+            );
+            init(
+                Range {
+                    start: 500,
+                    end: 10000,
+                },
+                10,
+                Range {
+                    start: 1000,
+                    end: 20000,
+                },
+                10,
+            )
+        }
+    }
 }
 
 pub type BoxError = Box<dyn Error + Send + Sync>;
diff --git a/crates/telemetry/src/state.rs b/crates/telemetry/src/state.rs
index dc959a6bde..15a51f44dc 100644
--- a/crates/telemetry/src/state.rs
+++ b/crates/telemetry/src/state.rs
@@ -1,5 +1,6 @@
 use core::fmt::{Display, Error as FmtError, Formatter};
 use std::{
+    ops::Range,
     sync::Mutex,
     time::{Duration, Instant},
 };
@@ -195,6 +196,175 @@ pub struct TelemetryState {
 }
 
 impl TelemetryState {
+    pub fn new(
+        tx_latency_submitted_range: Range<u64>,
+        tx_latency_submitted_buckets: u64,
+        tx_latency_confirmed_range: Range<u64>,
+        tx_latency_confirmed_buckets: u64,
+    ) -> Self {
+        use opentelemetry::sdk::export::metrics::aggregation;
+        use opentelemetry::sdk::metrics::{controllers, processors};
+
+        let controller = controllers::basic(processors::factory(
+            CustomAggregatorSelector::new(
+                tx_latency_submitted_range,
+                tx_latency_submitted_buckets,
+                tx_latency_confirmed_range,
+                tx_latency_confirmed_buckets,
+            ),
+            aggregation::cumulative_temporality_selector(),
+        ))
+        .build();
+
+        let exporter = opentelemetry_prometheus::ExporterBuilder::new(controller).init();
+
+        let meter = global::meter("hermes");
+
+        Self {
+            exporter,
+
+            workers: meter
+                .i64_up_down_counter("workers")
+                .with_description("Number of workers")
+                .init(),
+
+            client_updates_submitted: meter
+                .u64_counter("client_updates_submitted")
+                .with_description("Number of client update messages submitted")
+                .init(),
+
+            client_misbehaviours_submitted: meter
+                .u64_counter("client_misbehaviours_submitted")
+                .with_description("Number of misbehaviours detected and submitted")
+                .init(),
+
+            receive_packets_confirmed: meter
+                .u64_counter("receive_packets_confirmed")
+                .with_description("Number of confirmed receive packets. Available if relayer runs with Tx confirmation enabled")
+                .init(),
+
+            acknowledgment_packets_confirmed: meter
+                .u64_counter("acknowledgment_packets_confirmed")
+                .with_description("Number of confirmed acknowledgment packets. Available if relayer runs with Tx confirmation enabled")
+                .init(),
+
+            timeout_packets_confirmed: meter
+                .u64_counter("timeout_packets_confirmed")
+                .with_description("Number of confirmed timeout packets. Available if relayer runs with Tx confirmation enabled")
+                .init(),
+
+            queries: meter
+                .u64_counter("queries")
+                .with_description(
+                    "Number of queries submitted by Hermes",
+                )
+                .init(),
+
+            queries_cache_hits: meter
+                .u64_counter("queries_cache_hits")
+                .with_description("Number of cache hits for queries submitted by Hermes")
+                .init(),
+
+            ws_reconnect: meter
+                .u64_counter("ws_reconnect")
+                .with_description("Number of times Hermes reconnected to the websocket endpoint")
+                .init(),
+
+            ws_events: meter
+                .u64_counter("ws_events")
+                .with_description("How many IBC events did Hermes receive via the websocket subscription")
+                .init(),
+
+            messages_submitted: meter
+                .u64_counter("messages_submitted")
+                .with_description("Number of messages submitted to a specific chain")
+                .init(),
+
+            wallet_balance: meter
+                .f64_observable_gauge("wallet_balance")
+                .with_description("The balance of each wallet Hermes uses per chain. Please note that when converting the balance to f64 a loss in precision might be introduced in the displayed value")
+                .init(),
+
+            send_packet_events: meter
+                .u64_counter("send_packet_events")
+                .with_description("Number of SendPacket events received")
+                .init(),
+
+            acknowledgement_events: meter
+                .u64_counter("acknowledgement_events")
+                .with_description("Number of WriteAcknowledgement events received")
+                .init(),
+
+            timeout_events: meter
+                .u64_counter("timeout_events")
+                .with_description("Number of TimeoutPacket events received")
+                .init(),
+
+            cleared_send_packet_events: meter
+                .u64_counter("cleared_send_packet_events")
+                .with_description("Number of SendPacket events received during the initial and periodic clearing")
+                .init(),
+
+            cleared_acknowledgment_events: meter
+                .u64_counter("cleared_acknowledgment_events")
+                .with_description("Number of WriteAcknowledgement events received during the initial and periodic clearing")
+                .init(),
+
+            tx_latency_submitted: meter
+                .u64_observable_gauge("tx_latency_submitted")
+                .with_unit(Unit::new("milliseconds"))
+                .with_description("The latency for all transactions submitted to a specific chain, \
+                    i.e. the difference between the moment when Hermes received a batch of events \
+                    and when it submitted the corresponding transaction(s). Milliseconds.")
+                .init(),
+
+            tx_latency_confirmed: meter
+                .u64_observable_gauge("tx_latency_confirmed")
+                .with_unit(Unit::new("milliseconds"))
+                .with_description("The latency for all transactions submitted & confirmed to a specific chain, \
+                    i.e. the difference between the moment when Hermes received a batch of events \
+                    until the corresponding transaction(s) were confirmed. Milliseconds.")
+                .init(),
+
+            in_flight_events: moka::sync::Cache::builder()
+                .time_to_live(Duration::from_secs(60 * 60)) // Remove entries after 1 hour
+                .time_to_idle(Duration::from_secs(30 * 60)) // Remove entries if they have been idle for 30 minutes
+                .build(),
+
+            backlogs: DashMap::new(),
+
+            backlog_oldest_sequence: meter
+                .u64_observable_gauge("backlog_oldest_sequence")
+                .with_description("Sequence number of the oldest SendPacket event in the backlog")
+                .init(),
+
+            backlog_oldest_timestamp: meter
+                .u64_observable_gauge("backlog_oldest_timestamp")
+                .with_unit(Unit::new("seconds"))
+                .with_description("Local timestamp for the oldest SendPacket event in the backlog")
+                .init(),
+
+            backlog_size: meter
+                .u64_observable_gauge("backlog_size")
+                .with_description("Total number of SendPacket events in the backlog")
+                .init(),
+
+            fee_amounts: meter
+                .u64_counter("ics29_fee_amounts")
+                .with_description("Total amount received from ICS29 fees")
+                .init(),
+
+            visible_fee_addresses: DashSet::new(),
+
+            cached_fees: Mutex::new(Vec::new()),
+
+            period_fees: meter
+                .u64_observable_gauge("ics29_period_fees")
+                .with_description("Amount of ICS29 fees rewarded over the past 7 days")
+                .init(),
+        }
+    }
+
     /// Gather the metrics for export
     pub fn gather(&self) -> Vec<MetricFamily> {
         self.exporter.registry().gather()
@@ -881,7 +1051,51 @@ use opentelemetry::sdk::metrics::aggregators::{histogram, last_value, sum};
 use opentelemetry::sdk::metrics::sdk_api::Descriptor;
 
 #[derive(Debug)]
-struct CustomAggregatorSelector;
+struct CustomAggregatorSelector {
+    tx_latency_submitted_range: Range<u64>,
+    tx_latency_submitted_buckets: u64,
+    tx_latency_confirmed_range: Range<u64>,
+    tx_latency_confirmed_buckets: u64,
+}
+
+impl CustomAggregatorSelector {
+    pub fn new(
+        tx_latency_submitted_range: Range<u64>,
+        tx_latency_submitted_buckets: u64,
+        tx_latency_confirmed_range: Range<u64>,
+        tx_latency_confirmed_buckets: u64,
+    ) -> Self {
+        Self {
+            tx_latency_submitted_range,
+            tx_latency_submitted_buckets,
+            tx_latency_confirmed_range,
+            tx_latency_confirmed_buckets,
+        }
+    }
+
+    pub fn get_submitted_range(&self) -> Vec<f64> {
+        build_histogram_buckets(
+            self.tx_latency_submitted_range.start,
+            self.tx_latency_submitted_range.end,
+            self.tx_latency_submitted_buckets,
+        )
+    }
+
+    pub fn get_confirmed_range(&self) -> Vec<f64> {
+        build_histogram_buckets(
+            self.tx_latency_confirmed_range.start,
+            self.tx_latency_confirmed_range.end,
+            self.tx_latency_confirmed_buckets,
+        )
+    }
+}
+
+fn build_histogram_buckets(start: u64, end: u64, buckets: u64) -> Vec<f64> {
+    let step = (end - start) / buckets;
+    (0..=buckets)
+        .map(|i| (start + i * step) as f64)
+        .collect::<Vec<_>>()
+}
 
 impl AggregatorSelector for CustomAggregatorSelector {
     fn aggregator_for(&self, descriptor: &Descriptor) -> Option<Arc<dyn Aggregator + Send + Sync>> {
@@ -893,175 +1107,10 @@ impl AggregatorSelector for CustomAggregatorSelector {
             // Prometheus' supports only collector for histogram, sum, and last value aggregators.
             // https://docs.rs/opentelemetry-prometheus/0.10.0/src/opentelemetry_prometheus/lib.rs.html#411-418
             // TODO: Once quantile sketches are supported, replace histograms with that.
-            "tx_latency_submitted" => Some(Arc::new(histogram(&[
-                200.0, 500.0, 1000.0, 2000.0, 5000.0, 10000.0,
-            ]))),
-            "tx_latency_confirmed" => Some(Arc::new(histogram(&[
-                1000.0, 5000.0, 9000.0, 13000.0, 17000.0, 20000.0,
-            ]))),
+            "tx_latency_submitted" => Some(Arc::new(histogram(&self.get_submitted_range()))),
+            "tx_latency_confirmed" => Some(Arc::new(histogram(&self.get_confirmed_range()))),
             "ics29_period_fees" => Some(Arc::new(last_value())),
             _ => Some(Arc::new(sum())),
         }
     }
 }
-
-impl Default for TelemetryState {
-    fn default() -> Self {
-        use opentelemetry::sdk::export::metrics::aggregation;
-        use opentelemetry::sdk::metrics::{controllers, processors};
-
-        let controller = controllers::basic(processors::factory(
-            CustomAggregatorSelector,
-            aggregation::cumulative_temporality_selector(),
-        ))
-        .build();
-
-        let exporter = opentelemetry_prometheus::ExporterBuilder::new(controller).init();
-
-        let meter = global::meter("hermes");
-
-        Self {
-            exporter,
-
-            workers: meter
-                .i64_up_down_counter("workers")
-                .with_description("Number of workers")
-                .init(),
-
-            client_updates_submitted: meter
-                .u64_counter("client_updates_submitted")
-                .with_description("Number of client update messages submitted")
-                .init(),
-
-            client_misbehaviours_submitted: meter
-                .u64_counter("client_misbehaviours_submitted")
-                .with_description("Number of misbehaviours detected and submitted")
-                .init(),
-
-            receive_packets_confirmed: meter
-                .u64_counter("receive_packets_confirmed")
-                .with_description("Number of confirmed receive packets. Available if relayer runs with Tx confirmation enabled")
-                .init(),
-
-            acknowledgment_packets_confirmed: meter
-                .u64_counter("acknowledgment_packets_confirmed")
-                .with_description("Number of confirmed acknowledgment packets. Available if relayer runs with Tx confirmation enabled")
-                .init(),
-
-            timeout_packets_confirmed: meter
-                .u64_counter("timeout_packets_confirmed")
-                .with_description("Number of confirmed timeout packets. Available if relayer runs with Tx confirmation enabled")
-                .init(),
-
-            queries: meter
-                .u64_counter("queries")
-                .with_description(
-                    "Number of queries submitted by Hermes",
-                )
-                .init(),
-
-            queries_cache_hits: meter
-                .u64_counter("queries_cache_hits")
-                .with_description("Number of cache hits for queries submitted by Hermes")
-                .init(),
-
-            ws_reconnect: meter
-                .u64_counter("ws_reconnect")
-                .with_description("Number of times Hermes reconnected to the websocket endpoint")
-                .init(),
-
-            ws_events: meter
-                .u64_counter("ws_events")
-                .with_description("How many IBC events did Hermes receive via the websocket subscription")
-                .init(),
-
-            messages_submitted: meter
-                .u64_counter("messages_submitted")
-                .with_description("Number of messages submitted to a specific chain")
-                .init(),
-
-            wallet_balance: meter
-                .f64_observable_gauge("wallet_balance")
-                .with_description("The balance of each wallet Hermes uses per chain. Please note that when converting the balance to f64 a loss in precision might be introduced in the displayed value")
-                .init(),
-
-            send_packet_events: meter
-                .u64_counter("send_packet_events")
-                .with_description("Number of SendPacket events received")
-                .init(),
-
-            acknowledgement_events: meter
-                .u64_counter("acknowledgement_events")
-                .with_description("Number of WriteAcknowledgement events received")
-                .init(),
-
-            timeout_events: meter
-                .u64_counter("timeout_events")
-                .with_description("Number of TimeoutPacket events received")
-                .init(),
-
-            cleared_send_packet_events: meter
-                .u64_counter("cleared_send_packet_events")
-                .with_description("Number of SendPacket events received during the initial and periodic clearing")
-                .init(),
-
-            cleared_acknowledgment_events: meter
-                .u64_counter("cleared_acknowledgment_events")
-                .with_description("Number of WriteAcknowledgement events received during the initial and periodic clearing")
-                .init(),
-
-            tx_latency_submitted: meter
-                .u64_observable_gauge("tx_latency_submitted")
-                .with_unit(Unit::new("milliseconds"))
-                .with_description("The latency for all transactions submitted to a specific chain, \
-                    i.e. the difference between the moment when Hermes received a batch of events \
-                    and when it submitted the corresponding transaction(s). Milliseconds.")
-                .init(),
-
-            tx_latency_confirmed: meter
-                .u64_observable_gauge("tx_latency_confirmed")
-                .with_unit(Unit::new("milliseconds"))
-                .with_description("The latency for all transactions submitted & confirmed to a specific chain, \
-                    i.e. the difference between the moment when Hermes received a batch of events \
-                    until the corresponding transaction(s) were confirmed. Milliseconds.")
-                .init(),
-
-            in_flight_events: moka::sync::Cache::builder()
-                .time_to_live(Duration::from_secs(60 * 60)) // Remove entries after 1 hour
-                .time_to_idle(Duration::from_secs(30 * 60)) // Remove entries if they have been idle for 30 minutes
-                .build(),
-
-            backlogs: DashMap::new(),
-
-            backlog_oldest_sequence: meter
-                .u64_observable_gauge("backlog_oldest_sequence")
-                .with_description("Sequence number of the oldest SendPacket event in the backlog")
-                .init(),
-
-            backlog_oldest_timestamp: meter
-                .u64_observable_gauge("backlog_oldest_timestamp")
-                .with_unit(Unit::new("seconds"))
-                .with_description("Local timestamp for the oldest SendPacket event in the backlog")
-                .init(),
-
-            backlog_size: meter
-                .u64_observable_gauge("backlog_size")
-                .with_description("Total number of SendPacket events in the backlog")
-                .init(),
-
-            fee_amounts: meter
-                .u64_counter("ics29_fee_amounts")
-                .with_description("Total amount received from ICS29 fees")
-                .init(),
-
-            visible_fee_addresses: DashSet::new(),
-
-            cached_fees: Mutex::new(Vec::new()),
-
-            period_fees: meter
-                .u64_observable_gauge("ics29_period_fees")
-                .with_description("Amount of ICS29 fees rewarded over the past 7 days")
-                .init(),
-        }
-    }
-}
diff --git a/guide/src/assets/grafana_template.json b/guide/src/assets/grafana_template.json
index 67564590db..2d7e91454a 100644
--- a/guide/src/assets/grafana_template.json
+++ b/guide/src/assets/grafana_template.json
@@ -363,7 +363,7 @@
             "uid": "${DS_PROMETHEUS}"
           },
           "editorMode": "builder",
-          "expr": "delta(client_updates_submitted{job=\"hermes\"}[1m])",
+          "expr": "delta(client_updates_submitted_total{job=\"hermes\"}[1m])",
           "legendFormat": "{{src_chain}} -> {{dst_chain}}:{{client}} ({{instance}})",
           "range": true,
           "refId": "A"
@@ -453,13 +453,13 @@
             "uid": "${DS_PROMETHEUS}"
           },
           "editorMode": "builder",
-          "expr": "delta(total_messages_submitted{job=\"hermes\"}[1m])",
+          "expr": "delta(messages_submitted_total{job=\"hermes\"}[1m])",
           "legendFormat": "{{instance}}:{{chain}}",
           "range": true,
           "refId": "A"
         }
       ],
-      "title": "total_messages_submitted over 1 minute",
+      "title": "messages_submitted over 1 minute",
       "type": "timeseries"
     },
     {
@@ -1227,7 +1227,7 @@
             "uid": "${DS_PROMETHEUS}"
           },
           "editorMode": "builder",
-          "expr": "delta(receive_packets_confirmed{job=\"hermes\"}[1m])",
+          "expr": "delta(receive_packets_confirmed_total{job=\"hermes\"}[1m])",
           "legendFormat": "{{src_chain}}:{{src_channel}}/{{src_port}} ({{instance}})",
           "range": true,
           "refId": "A"
@@ -1317,7 +1317,7 @@
             "uid": "${DS_PROMETHEUS}"
           },
           "editorMode": "builder",
-          "expr": "delta(timeout_packets_confirmed{job=\"hermes\"}[1m])",
+          "expr": "delta(timeout_packets_confirmed_total{job=\"hermes\"}[1m])",
           "legendFormat": "{{src_chain}}:{{src_channel}}/{{src_port}} ({{instance}})",
           "range": true,
           "refId": "A"
@@ -1407,7 +1407,7 @@
             "uid": "${DS_PROMETHEUS}"
           },
           "editorMode": "builder",
-          "expr": "delta(acknowledgment_packets_confirmed{job=\"hermes\"}[1m])",
+          "expr": "delta(acknowledgment_packets_confirmed_total{job=\"hermes\"}[1m])",
           "legendFormat": "{{src_chain}}:{{src_channel}}/{{src_port}} ({{instance}})",
           "range": true,
           "refId": "A"
@@ -1520,7 +1520,7 @@
             "uid": "${DS_PROMETHEUS}"
           },
           "editorMode": "builder",
-          "expr": "delta(send_packet_events{job=\"hermes\"}[1m])",
+          "expr": "delta(send_packet_events_total{job=\"hermes\"}[1m])",
           "interval": "",
           "legendFormat": "{{chain}}:{{channel}}/{{port}}-{{counterparty}} ({{instance}})",
           "range": true,
@@ -1611,7 +1611,7 @@
             "uid": "${DS_PROMETHEUS}"
           },
           "editorMode": "builder",
-          "expr": "delta(acknowledgement_events{job=\"hermes\"}[1m])",
+          "expr": "delta(acknowledgement_events_total{job=\"hermes\"}[1m])",
           "legendFormat": "{{chain}}:{{channel}}/{{port}}-{{counterparty}} ({{instance}})",
           "range": true,
           "refId": "A"
@@ -1701,7 +1701,7 @@
             "uid": "${DS_PROMETHEUS}"
           },
           "editorMode": "builder",
-          "expr": "delta(timeout_events{job=\"hermes\"}[1m])",
+          "expr": "delta(timeout_events_total{job=\"hermes\"}[1m])",
           "legendFormat": "{{chain}}:{{channel}}/{{port}}-{{counterparty}} ({{instance}})",
           "range": true,
           "refId": "A"
@@ -1791,7 +1791,7 @@
             "uid": "${DS_PROMETHEUS}"
           },
           "editorMode": "builder",
-          "expr": "delta(ws_events{job=\"hermes\"}[1m])",
+          "expr": "delta(ws_events_total{job=\"hermes\"}[1m])",
           "interval": "",
           "legendFormat": "{{instance}}:{{chain}}",
           "range": true,
@@ -1882,7 +1882,7 @@
             "uid": "${DS_PROMETHEUS}"
           },
           "editorMode": "builder",
-          "expr": "delta(ws_reconnect{job=\"hermes\"}[1m])",
+          "expr": "delta(ws_reconnect_total{job=\"hermes\"}[1m])",
           "legendFormat": "{{instance}}:{{chain}}",
           "range": true,
           "refId": "A"
@@ -1972,7 +1972,7 @@
             "uid": "${DS_PROMETHEUS}"
           },
           "editorMode": "code",
-          "expr": "sum(delta(queries{job=\"hermes\"}[1m])) by(instance,chain)",
+          "expr": "sum(delta(queries_total{job=\"hermes\"}[1m])) by(instance,chain)",
           "legendFormat": "{{instance}}:{{chain}}",
           "range": true,
           "refId": "A"
@@ -2078,7 +2078,7 @@
             "uid": "${DS_PROMETHEUS}"
           },
           "editorMode": "builder",
-          "expr": "delta(cleared_acknowledgment_events{job=\"hermes\"}[1m])",
+          "expr": "delta(cleared_acknowledgment_events_total{job=\"hermes\"}[1m])",
           "legendFormat": "{{chain}}:{{channel}}/{{port}}-{{counterparty}} ({{instance}})",
           "range": true,
           "refId": "A"
@@ -2168,7 +2168,7 @@
             "uid": "${DS_PROMETHEUS}"
           },
           "editorMode": "builder",
-          "expr": "delta(cleared_send_packet_events{job=\"hermes\"}[1m])",
+          "expr": "delta(cleared_send_packet_events_total{job=\"hermes\"}[1m])",
           "legendFormat": "{{chain}}:{{channel}}/{{port}}-{{counterparty}} ({{instance}})",
           "range": true,
           "refId": "A"
@@ -2349,7 +2349,7 @@
             "uid": "${DS_PROMETHEUS}"
           },
           "editorMode": "builder",
-          "expr": "sum by(chain, instance) (delta(queries_cache_hits{job=\"hermes\"}[1m]))",
+          "expr": "sum by(chain, instance) (delta(queries_cache_hits_total{job=\"hermes\"}[1m]))",
           "legendFormat": "{{instance}}:{{chain}}",
           "range": true,
           "refId": "A"
@@ -2358,12 +2358,144 @@
       "title": "queries_cache_hits over 1 minute",
       "type": "timeseries"
     },
+    {
+      "description": "Indicates the latency rate for all transactions submitted from ibc-0",
+      "fieldConfig": {
+        "defaults": {
+          "color": {
+            "mode": "thresholds"
+          },
+          "mappings": [],
+          "thresholds": {
+            "mode": "absolute",
+            "steps": [
+              {
+                "color": "green",
+                "value": null
+              },
+              {
+                "color": "red",
+                "value": 80
+              }
+            ]
+          },
+          "unit": "none"
+        },
+        "overrides": []
+      },
+      "gridPos": {
+        "h": 8,
+        "w": 12,
+        "x": 0,
+        "y": 98
+      },
+      "id": 63,
+      "options": {
+        "displayMode": "gradient",
+        "orientation": "auto",
+        "reduceOptions": {
+          "calcs": [
+            "lastNotNull"
+          ],
+          "fields": "",
+          "values": false
+        },
+        "showUnfilled": true
+      },
+      "pluginVersion": "9.0.7",
+      "targets": [
+        {
+          "datasource": {
+            "type": "prometheus",
+            "uid": "${DS_PROMETHEUS}"
+          },
+          "editorMode": "builder",
+          "exemplar": true,
+          "expr": "increase(tx_latency_submitted_bucket{chain=\"ibc-0\"}[$__range])",
+          "format": "heatmap",
+          "instant": false,
+          "interval": "",
+          "legendFormat": "{{le}}",
+          "range": true,
+          "refId": "A"
+        }
+      ],
+      "title": "tx_latency_submitted histogram ibc-0",
+      "transformations": [],
+      "type": "bargauge"
+    },
+    {
+      "description": "Indicates the latency rate for all transactions confirmed from ibc-0",
+      "fieldConfig": {
+        "defaults": {
+          "color": {
+            "mode": "thresholds"
+          },
+          "mappings": [],
+          "thresholds": {
+            "mode": "absolute",
+            "steps": [
+              {
+                "color": "green",
+                "value": null
+              },
+              {
+                "color": "red",
+                "value": 80
+              }
+            ]
+          },
+          "unit": "none"
+        },
+        "overrides": []
+      },
+      "gridPos": {
+        "h": 8,
+        "w": 12,
+        "x": 12,
+        "y": 98
+      },
+      "id": 64,
+      "options": {
+        "displayMode": "gradient",
+        "orientation": "auto",
+        "reduceOptions": {
+          "calcs": [
+            "lastNotNull"
+          ],
+          "fields": "",
+          "values": false
+        },
+        "showUnfilled": true
+      },
+      "pluginVersion": "9.0.7",
+      "targets": [
+        {
+          "datasource": {
+            "type": "prometheus",
+            "uid": "${DS_PROMETHEUS}"
+          },
+          "editorMode": "builder",
+          "exemplar": true,
+          "expr": "increase(tx_latency_confirmed_bucket{chain=\"ibc-0\"}[$__range])",
+          "format": "heatmap",
+          "instant": false,
+          "interval": "",
+          "legendFormat": "{{le}}",
+          "range": true,
+          "refId": "A"
+        }
+      ],
+      "title": "tx_latency_confirmed_bucket histogram ibc-0",
+      "transformations": [],
+      "type": "bargauge"
+    },
     {
       "gridPos": {
         "h": 2,
         "w": 24,
         "x": 0,
-        "y": 98
+        "y": 106
       },
       "id": 58,
       "options": {
@@ -2454,7 +2586,7 @@
             "uid": "${DS_PROMETHEUS}"
           },
           "editorMode": "builder",
-          "expr": "delta(client_misbehaviours_submitted[5m])",
+          "expr": "delta(client_misbehaviours_submitted_total[5m])",
           "legendFormat": "{{src_chain}}-{{dst_chain}}:{{client}} ({{instance}})",
           "range": true,
           "refId": "A"
diff --git a/guide/src/documentation/telemetry/index.md b/guide/src/documentation/telemetry/index.md
index bb67d4f72e..b0d8f926d1 100644
--- a/guide/src/documentation/telemetry/index.md
+++ b/guide/src/documentation/telemetry/index.md
@@ -13,9 +13,12 @@ The telemetry service is not active by default, and must be enabled in Hermes' c
 
 ```toml
 [telemetry]
-enabled = true          # default = false
-host    = '127.0.0.1'   # default value
-port    = 3001          # default value
+enabled = true                                                  # default = false
+host    = '127.0.0.1'                                           # default value
+port    = 3001                                                  # default value
+[telemetry.buckets]                                             # default value
+latency_submitted = { start = 5000, end = 10000, buckets = 10 } # default value
+latency_confirmed = { start = 5000, end = 10000, buckets = 10 } # default value
 ```
 
 Please see the [relevant section for *Configuration*](../configuration/index.md) for more general details about Hermes configuration options.
diff --git a/guide/src/documentation/telemetry/operators.md b/guide/src/documentation/telemetry/operators.md
index 04ed8c37f5..e98d903f05 100644
--- a/guide/src/documentation/telemetry/operators.md
+++ b/guide/src/documentation/telemetry/operators.md
@@ -59,6 +59,19 @@ into a full node's mempool.
 **A note on wallet balances.**
 For the `wallet_balance`, we convert from a String into a f64, which can lead to a loss in precision in the displayed value.
 
+**latency histogram**
+The `tx_latency_submitted` and `tx_latency_confirmed` are displayed with histogram buckets which each contain the number of values less or equal to their bucket label. This means that if there are 5 buckets with label `500`, `2000`, `3000`, `4000` and `5000` and 2 `tx_latency_submitted` were recorded of respectively `1800ms` and `3100ms` then the `tx_latency_submitted` will look like this:
+
+```text
+tx_latency_submitted_bucket{chain="ibc-0",channel="channel-0",counterparty="ibc-1",port="transfer",service_name="unknown_service",otel_scope_name="hermes",otel_scope_version="",le="500"} 0
+tx_latency_submitted_bucket{chain="ibc-0",channel="channel-0",counterparty="ibc-1",port="transfer",service_name="unknown_service",otel_scope_name="hermes",otel_scope_version="",le="2000"} 1
+tx_latency_submitted_bucket{chain="ibc-0",channel="channel-0",counterparty="ibc-1",port="transfer",service_name="unknown_service",otel_scope_name="hermes",otel_scope_version="",le="3000"} 1
+tx_latency_submitted_bucket{chain="ibc-0",channel="channel-0",counterparty="ibc-1",port="transfer",service_name="unknown_service",otel_scope_name="hermes",otel_scope_version="",le="4000"} 2
+tx_latency_submitted_bucket{chain="ibc-0",channel="channel-0",counterparty="ibc-1",port="transfer",service_name="unknown_service",otel_scope_name="hermes",otel_scope_version="",le="5000"} 2
+tx_latency_submitted_bucket{chain="ibc-1",channel="channel-0",counterparty="ibc-0",port="transfer",service_name="unknown_service",otel_scope_name="hermes",otel_scope_version="",le="+Inf"} 2
+```
+The range of the buckets can be configured using the `latency_submitted` and `latency_confirmed` seen [here](./index.md)
+
 
 ## Are Hermes transactions successful?