diff --git a/packages/perps-controller/CHANGELOG.md b/packages/perps-controller/CHANGELOG.md
index 75c648d587..20a6b08251 100644
--- a/packages/perps-controller/CHANGELOG.md
+++ b/packages/perps-controller/CHANGELOG.md
@@ -9,8 +9,14 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ### Added
 
+- Add the optional `PerpsPerformance.onControllerConstructed` post-hydration timestamp hook ([#9906](https://github.com/MetaMask/core/pull/9906))
+- Add an explicit trace ID overload to `PerpsTracer.setMeasurement`, allowing clients to target preload measurements to their named trace ([#9906](https://github.com/MetaMask/core/pull/9906))
 - Add `PERPS_EVENT_PROPERTY.PREVIOUS_LEVERAGE` (`previous_leverage`) for Perp UI Interaction `leverage_changed` events so clients can import the Segment property key from `@metamask/perps-controller` instead of a local interim constant ([#9881](https://github.com/MetaMask/core/pull/9881))
 
+### Changed
+
+- Target market and user preload measurements to their named traces, and omit wallet addresses from user-preload trace data ([#9906](https://github.com/MetaMask/core/pull/9906))
+
 ## [12.0.0]
 
 ### Added
diff --git a/packages/perps-controller/src/PerpsController.ts b/packages/perps-controller/src/PerpsController.ts
index e6391f735c..9e3c03712d 100644
--- a/packages/perps-controller/src/PerpsController.ts
+++ b/packages/perps-controller/src/PerpsController.ts
@@ -1236,6 +1236,9 @@ export class PerpsController extends BaseController<
     // Eagerly hydrate in-memory caches from disk so hooks see data on first render.
     // Must happen at construction time — before any React component mounts.
     this.#hydrateCacheFromDiskSync();
+    this.#options.infrastructure.performance.onControllerConstructed?.(
+      this.#options.infrastructure.performance.now(),
+    );
   }
 
   // ============================================================================
@@ -4057,6 +4060,7 @@ export class PerpsController extends BaseController<
         PerpsMeasurementName.PerpsMarketDataPreload,
         performance.now() - preloadStart,
         'millisecond',
+        traceId,
       );
     } catch (error) {
       traceData = {
@@ -4198,12 +4202,9 @@ export class PerpsController extends BaseController<
           provider: activeProvider,
           isTestnet,
         },
-        data: { userAddress },
       });
 
-      this.#debugLog('PerpsController: Fetching user data in background', {
-        userAddress,
-      });
+      this.#debugLog('PerpsController: Fetching user data in background');
 
       if (activeProvider === 'hyperliquid') {
         const snapshot = await this.getUserDataSnapshot();
@@ -4221,6 +4222,7 @@ export class PerpsController extends BaseController<
           PerpsMeasurementName.PerpsUserDataPreload,
           performance.now() - preloadStart,
           'millisecond',
+          traceId,
         );
         return;
       }
@@ -4335,6 +4337,7 @@ export class PerpsController extends BaseController<
         PerpsMeasurementName.PerpsUserDataPreload,
         performance.now() - preloadStart,
         'millisecond',
+        traceId,
       );
     } catch (error) {
       traceData = {
diff --git a/packages/perps-controller/src/types/index.ts b/packages/perps-controller/src/types/index.ts
index a49ee71eb4..a5e425843b 100644
--- a/packages/perps-controller/src/types/index.ts
+++ b/packages/perps-controller/src/types/index.ts
@@ -1937,8 +1937,20 @@ export type PerpsStreamManager = {
  */
 export type PerpsPerformance = {
   now(): number;
+  /**
+   * Optional platform hook invoked once after constructor disk hydration.
+   * Receives `performance.now()` — not a Sentry write.
+   */
+  onControllerConstructed?: (monotonicMs: number) => void;
 };
 
+type PerpsSetMeasurement = ((
+  name: string,
+  value: number,
+  unit: string,
+) => void) &
+  ((name: string, value: number, unit: string, id: string) => void);
+
 /**
  * Injectable tracer interface for Sentry/observability tracing.
  * Services use this to create spans and measure operation durations.
@@ -1961,7 +1973,7 @@ export type PerpsTracer = {
     data?: Record<string, PerpsTraceValue>;
   }): void;
 
-  setMeasurement(name: string, value: number, unit: string): void;
+  setMeasurement: PerpsSetMeasurement;
 
   addBreadcrumb(breadcrumb: {
     category: string;
diff --git a/packages/perps-controller/tests/src/PerpsController.providers-cache.test.ts b/packages/perps-controller/tests/src/PerpsController.providers-cache.test.ts
index 4e1d258757..ec40189984 100644
--- a/packages/perps-controller/tests/src/PerpsController.providers-cache.test.ts
+++ b/packages/perps-controller/tests/src/PerpsController.providers-cache.test.ts
@@ -1384,6 +1384,26 @@ describe('PerpsController', () => {
       ).toHaveLength(1);
     });
 
+    it('publishes one construction timestamp after disk hydration and does not write Sentry at construct', () => {
+      const infra = createMockInfrastructure();
+      (infra.performance.now as jest.Mock).mockReturnValue(321);
+      const onControllerConstructed = jest.fn();
+      infra.performance.onControllerConstructed = onControllerConstructed;
+
+      new TestablePerpsController({
+        messenger: createMockMessenger(),
+        state: getDefaultPerpsControllerState(),
+        infrastructure: infra,
+      });
+
+      expect(onControllerConstructed).toHaveBeenCalledTimes(1);
+      expect(onControllerConstructed).toHaveBeenCalledWith(321);
+      expect(
+        (infra.diskCache.getItemSync as jest.Mock).mock.invocationCallOrder[0],
+      ).toBeLessThan(onControllerConstructed.mock.invocationCallOrder[0]);
+      expect(infra.tracer.setMeasurement).not.toHaveBeenCalled();
+    });
+
     it('does not hydrate expired Terminal trend provenance from disk', () => {
       const infra = createMockInfrastructure();
       (infra.diskCache.getItemSync as jest.Mock).mockImplementation(
@@ -2115,6 +2135,13 @@ describe('PerpsController', () => {
       expect(mockInfrastructure.tracer.trace).toHaveBeenCalled();
       expect(mockInfrastructure.tracer.endTrace).toHaveBeenCalled();
       expect(mockInfrastructure.tracer.setMeasurement).toHaveBeenCalled();
+      const traceId = mockInfrastructure.tracer.trace.mock.calls[0][0].id;
+      expect(mockInfrastructure.tracer.setMeasurement).toHaveBeenCalledWith(
+        expect.any(String),
+        expect.any(Number),
+        'millisecond',
+        traceId,
+      );
     });
   });
 
@@ -2636,6 +2663,35 @@ describe('PerpsController', () => {
       );
     });
 
+    it('does not put userAddress on user-preload trace data and targets the named trace id', async () => {
+      preloadMockProvider.getMarketDataWithPrices.mockResolvedValue([]);
+      preloadMockProvider.getWebSocketConnectionState.mockReturnValue(
+        WSState.Disconnected,
+      );
+      preloadController.testMarkInitialized();
+      preloadController.testSetProviders(
+        new Map([['hyperliquid', preloadMockProvider]]),
+      );
+
+      preloadController.startMarketDataPreload();
+      await jest.advanceTimersByTimeAsync(100);
+
+      const userPreloadTrace = preloadInfrastructure.tracer.trace.mock.calls
+        .map((call) => call[0])
+        .find((params) => params.name === 'Perps User Data Preload');
+      expect(userPreloadTrace).toBeDefined();
+      expect(userPreloadTrace?.data).toBeUndefined();
+      expect(JSON.stringify(userPreloadTrace)).not.toContain(
+        mockEvmAccount.address,
+      );
+      expect(preloadInfrastructure.tracer.setMeasurement).toHaveBeenCalledWith(
+        expect.any(String),
+        expect.any(Number),
+        'millisecond',
+        userPreloadTrace?.id,
+      );
+    });
+
     it.each([
       [
         'provider',