diff --git a/async/deno.json b/async/deno.json
index 2d60714e09d3..5378518c32e6 100644
--- a/async/deno.json
+++ b/async/deno.json
@@ -11,6 +11,7 @@
     "./unstable-mux-async-iterator": "./unstable_mux_async_iterator.ts",
     "./pool": "./pool.ts",
     "./retry": "./retry.ts",
+    "./unstable-retry": "./unstable_retry.ts",
     "./tee": "./tee.ts",
     "./unstable-throttle": "./unstable_throttle.ts"
   }
diff --git a/async/retry_test.ts b/async/retry_test.ts
index d3e217d45bd4..9f130b67c995 100644
--- a/async/retry_test.ts
+++ b/async/retry_test.ts
@@ -18,7 +18,7 @@ function generateErroringFunction(errorsBeforeSucceeds: number) {
 Deno.test("retry()", async () => {
   const threeErrors = generateErroringFunction(3);
   const result = await retry(threeErrors, {
-    minTimeout: 100,
+    minTimeout: 1,
   });
   assertEquals(result, 3);
 });
@@ -27,7 +27,7 @@ Deno.test("retry() fails after five errors by default", async () => {
   const fiveErrors = generateErroringFunction(5);
   await assertRejects(() =>
     retry(fiveErrors, {
-      minTimeout: 100,
+      minTimeout: 1,
     })
   );
 });
@@ -38,7 +38,7 @@ Deno.test("retry() fails after five errors when undefined is passed", async () =
     // @ts-expect-error: explicitly giving undefined
     retry(fiveErrors, {
       maxAttempts: undefined,
-      minTimeout: 100,
+      minTimeout: 1,
     })
   );
 });
diff --git a/async/unstable_retry.ts b/async/unstable_retry.ts
new file mode 100644
index 000000000000..0dc80c86ef69
--- /dev/null
+++ b/async/unstable_retry.ts
@@ -0,0 +1,165 @@
+// Copyright 2018-2024 the Deno authors. All rights reserved. MIT license.
+// This module is browser compatible.
+
+import { exponentialBackoffWithJitter } from "./_util.ts";
+import { RetryError } from "./retry.ts";
+
+/**
+ * Options for {@linkcode retry}.
+ *
+ * @experimental **UNSTABLE**: New API, yet to be vetted.
+ */
+export interface RetryOptions {
+  /**
+   * How much to backoff after each retry.
+   *
+   * @default {2}
+   */
+  multiplier?: number;
+  /**
+   * The maximum milliseconds between attempts.
+   *
+   * @default {60000}
+   */
+  maxTimeout?: number;
+  /**
+   * The maximum amount of attempts until failure.
+   *
+   * @default {5}
+   */
+  maxAttempts?: number;
+  /**
+   * The initial and minimum amount of milliseconds between attempts.
+   *
+   * @default {1000}
+   */
+  minTimeout?: number;
+  /**
+   * Amount of jitter to introduce to the time between attempts. This is `1`
+   * for full jitter by default.
+   *
+   * @default {1}
+   */
+  jitter?: number;
+
+  /**
+   * Callback to determine if an error or other thrown value is retriable.
+   *
+   * @default {() => true}
+   *
+   * @param err The thrown error or other value.
+   * @returns `true` if the error is retriable, `false` otherwise.
+   */
+  isRetriable?: (err: unknown) => boolean;
+}
+
+/**
+ * Calls the given (possibly asynchronous) function up to `maxAttempts` times.
+ * Retries as long as the given function throws. If the attempts are exhausted,
+ * throws a {@linkcode RetryError} with `cause` set to the inner exception.
+ *
+ * @experimental **UNSTABLE**: New API, yet to be vetted.
+ *
+ * The backoff is calculated by multiplying `minTimeout` with `multiplier` to the power of the current attempt counter (starting at 0 up to `maxAttempts - 1`). It is capped at `maxTimeout` however.
+ * How long the actual delay is, depends on `jitter`.
+ *
+ * When `jitter` is the default value of `1`, waits between two attempts for a
+ * randomized amount between 0 and the backoff time. With the default options
+ * the maximal delay will be `15s = 1s + 2s + 4s + 8s`. If all five attempts
+ * are exhausted the mean delay will be `9.5s = ½(4s + 15s)`.
+ *
+ * When `jitter` is `0`, waits the full backoff time.
+ *
+ * @example Example configuration 1
+ * ```ts no-assert
+ * import { retry } from "@std/async/retry";
+ * const req = async () => {
+ *  // some function that throws sometimes
+ * };
+ *
+ * // Below resolves to the first non-error result of `req`
+ * const retryPromise = await retry(req, {
+ *  multiplier: 2,
+ *  maxTimeout: 60000,
+ *  maxAttempts: 5,
+ *  minTimeout: 100,
+ *  jitter: 1,
+ * });
+ * ```
+ *
+ * @example Example configuration 2
+ * ```ts no-assert
+ * import { retry } from "@std/async/retry";
+ * const req = async () => {
+ *  // some function that throws sometimes
+ * };
+ *
+ * // Make sure we wait at least 1 minute, but at most 2 minutes
+ * const retryPromise = await retry(req, {
+ *  multiplier: 2.34,
+ *  maxTimeout: 80000,
+ *  maxAttempts: 7,
+ *  minTimeout: 1000,
+ *  jitter: 0.5,
+ * });
+ * ```
+ *
+ * @typeParam T The return type of the function to retry and returned promise.
+ * @param fn The function to retry.
+ * @param options Additional options.
+ * @returns The promise that resolves with the value returned by the function to retry.
+ */
+export async function retry<T>(
+  fn: (() => Promise<T>) | (() => T),
+  options?: RetryOptions,
+): Promise<T> {
+  const {
+    multiplier = 2,
+    maxTimeout = 60000,
+    maxAttempts = 5,
+    minTimeout = 1000,
+    jitter = 1,
+    isRetriable = () => true,
+  } = options ?? {};
+
+  if (maxTimeout <= 0) {
+    throw new TypeError(
+      `Cannot retry as 'maxTimeout' must be positive: current value is ${maxTimeout}`,
+    );
+  }
+  if (minTimeout > maxTimeout) {
+    throw new TypeError(
+      `Cannot retry as 'minTimeout' must be <= 'maxTimeout': current values 'minTimeout=${minTimeout}', 'maxTimeout=${maxTimeout}'`,
+    );
+  }
+  if (jitter > 1) {
+    throw new TypeError(
+      `Cannot retry as 'jitter' must be <= 1: current value is ${jitter}`,
+    );
+  }
+
+  let attempt = 0;
+  while (true) {
+    try {
+      return await fn();
+    } catch (error) {
+      if (!isRetriable(error)) {
+        throw error;
+      }
+
+      if (attempt + 1 >= maxAttempts) {
+        throw new RetryError(error, maxAttempts);
+      }
+
+      const timeout = exponentialBackoffWithJitter(
+        maxTimeout,
+        minTimeout,
+        attempt,
+        multiplier,
+        jitter,
+      );
+      await new Promise((r) => setTimeout(r, timeout));
+    }
+    attempt++;
+  }
+}
diff --git a/async/unstable_retry_test.ts b/async/unstable_retry_test.ts
new file mode 100644
index 000000000000..fdfbaa7e24f2
--- /dev/null
+++ b/async/unstable_retry_test.ts
@@ -0,0 +1,47 @@
+// Copyright 2018-2024 the Deno authors. All rights reserved. MIT license.
+import { assertEquals, assertRejects } from "@std/assert";
+import { retry } from "./unstable_retry.ts";
+import { RetryError } from "./retry.ts";
+
+Deno.test("retry() only retries errors that are retriable with `isRetriable` option", async () => {
+  class HttpError extends Error {
+    status: number;
+    constructor(status: number) {
+      super();
+      this.status = status;
+    }
+  }
+
+  const isRetriable = (err: unknown) =>
+    err instanceof HttpError && (err.status === 429 || err.status >= 500);
+
+  const options = {
+    minTimeout: 1,
+    isRetriable,
+  };
+
+  let numCalls: number;
+
+  numCalls = 0;
+  await assertRejects(() =>
+    retry(() => {
+      numCalls++;
+      throw new HttpError(400);
+    }, options), HttpError);
+  assertEquals(numCalls, 1);
+
+  numCalls = 0;
+  await assertRejects(() =>
+    retry(() => {
+      numCalls++;
+      throw new HttpError(500);
+    }, options), RetryError);
+  assertEquals(numCalls, 5);
+
+  numCalls = 0;
+  await assertRejects(() =>
+    retry(() => {
+      throw new HttpError(++numCalls === 3 ? 400 : 500);
+    }, options), HttpError);
+  assertEquals(numCalls, 3);
+});