diff --git a/Source/Core/Core/Core.cpp b/Source/Core/Core/Core.cpp
index 8bd48aff74..e28c1e0f46 100644
--- a/Source/Core/Core/Core.cpp
+++ b/Source/Core/Core/Core.cpp
@@ -103,11 +103,12 @@ static bool s_hardware_initialized = false;
 static bool s_is_started = false;
 static Common::Flag s_is_booting;
 static std::thread s_emu_thread;
-static StateChangedCallbackFunc s_on_state_changed_callback;
+static std::vector<StateChangedCallbackFunc> s_on_state_changed_callbacks;
 
 static std::thread s_cpu_thread;
 static bool s_request_refresh_info = false;
 static bool s_is_throttler_temp_disabled = false;
+static std::atomic<double> s_last_actual_emulation_speed{1.0};
 static bool s_frame_step = false;
 static std::atomic<bool> s_stop_frame_step;
 
@@ -138,6 +139,11 @@ void SetIsThrottlerTempDisabled(bool disable)
   s_is_throttler_temp_disabled = disable;
 }
 
+double GetActualEmulationSpeed()
+{
+  return s_last_actual_emulation_speed;
+}
+
 void FrameUpdateOnCPUThread()
 {
   if (NetPlay::IsNetPlayRunning())
@@ -269,9 +275,9 @@ void Stop()  // - Hammertime!
 
   s_is_stopping = true;
 
-  // Notify state changed callback
-  if (s_on_state_changed_callback)
-    s_on_state_changed_callback(State::Stopping);
+  s_timer.Stop();
+
+  CallOnStateChangedCallbacks(State::Stopping);
 
   // Dump left over jobs
   HostDispatchJobs();
@@ -293,6 +299,8 @@ void Stop()  // - Hammertime!
 
     g_video_backend->Video_ExitLoop();
   }
+
+  s_last_actual_emulation_speed = 1.0;
 }
 
 void DeclareAsCPUThread()
@@ -424,16 +432,14 @@ static void FifoPlayerThread(const std::optional<std::string>& savestate_path,
 static void EmuThread(std::unique_ptr<BootParameters> boot, WindowSystemInfo wsi)
 {
   const SConfig& core_parameter = SConfig::GetInstance();
-  if (s_on_state_changed_callback)
-    s_on_state_changed_callback(State::Starting);
+  CallOnStateChangedCallbacks(State::Starting);
   Common::ScopeGuard flag_guard{[] {
     s_is_booting.Clear();
     s_is_started = false;
     s_is_stopping = false;
     s_wants_determinism = false;
 
-    if (s_on_state_changed_callback)
-      s_on_state_changed_callback(State::Uninitialized);
+    CallOnStateChangedCallbacks(State::Uninitialized);
 
     INFO_LOG_FMT(CONSOLE, "Stop\t\t---- Shutdown complete ----");
   }};
@@ -661,18 +667,27 @@ void SetState(State state)
     CPU::EnableStepping(true);  // Break
     Wiimote::Pause();
     ResetRumble();
+    s_timer.Update();
     break;
   case State::Running:
     CPU::EnableStepping(false);
     Wiimote::Resume();
+    if (!s_timer.IsRunning())
+    {
+      s_timer.Start();
+    }
+    else
+    {
+      // Add time difference from the last pause
+      s_timer.AddTimeDifference();
+    }
     break;
   default:
     PanicAlertFmt("Invalid state");
     break;
   }
 
-  if (s_on_state_changed_callback)
-    s_on_state_changed_callback(GetState());
+  CallOnStateChangedCallbacks(GetState());
 }
 
 State GetState()
@@ -855,13 +870,13 @@ void RunOnCPUThread(std::function<void()> function, bool wait_for_completion)
 void VideoThrottle()
 {
   // Update info per second
-  u32 ElapseTime = (u32)s_timer.GetTimeDifference();
+  u32 ElapseTime = (u32)s_timer.GetTimeElapsed();
   if ((ElapseTime >= 1000 && s_drawn_video.load() > 0) || s_request_refresh_info)
   {
-    UpdateTitle();
+    s_timer.Start();
+
+    UpdateTitle(ElapseTime);
 
-    // Reset counter
-    s_timer.Update();
     s_drawn_frame.store(0);
     s_drawn_video.store(0);
   }
@@ -873,8 +888,10 @@ void VideoThrottle()
 
 // Called from Renderer::Swap (GPU thread) when a new (non-duplicate)
 // frame is presented to the host screen
-void Callback_FramePresented()
+void Callback_FramePresented(double actual_emulation_speed)
 {
+  s_last_actual_emulation_speed = actual_emulation_speed;
+
   s_drawn_frame++;
   s_stop_frame_step.store(true);
 }
@@ -895,15 +912,13 @@ void Callback_NewField()
     {
       s_frame_step = false;
       CPU::Break();
-      if (s_on_state_changed_callback)
-        s_on_state_changed_callback(Core::GetState());
+      CallOnStateChangedCallbacks(Core::GetState());
     }
   }
 }
 
-void UpdateTitle()
+void UpdateTitle(u32 ElapseTime)
 {
-  u32 ElapseTime = (u32)s_timer.GetTimeDifference();
   s_request_refresh_info = false;
   SConfig& _CoreParameter = SConfig::GetInstance();
 
@@ -993,9 +1008,38 @@ void Shutdown()
   HostDispatchJobs();
 }
 
-void SetOnStateChangedCallback(StateChangedCallbackFunc callback)
+int AddOnStateChangedCallback(StateChangedCallbackFunc callback)
 {
-  s_on_state_changed_callback = std::move(callback);
+  for (size_t i = 0; i < s_on_state_changed_callbacks.size(); ++i)
+  {
+    if (!s_on_state_changed_callbacks[i])
+    {
+      s_on_state_changed_callbacks[i] = std::move(callback);
+      return int(i);
+    }
+  }
+  s_on_state_changed_callbacks.emplace_back(std::move(callback));
+  return int(s_on_state_changed_callbacks.size()) - 1;
+}
+
+bool RemoveOnStateChangedCallback(int* handle)
+{
+  if (handle && *handle >= 0 && s_on_state_changed_callbacks.size() > *handle)
+  {
+    s_on_state_changed_callbacks[*handle] = StateChangedCallbackFunc();
+    *handle = -1;
+    return true;
+  }
+  return false;
+}
+
+void CallOnStateChangedCallbacks(Core::State state)
+{
+  for (const StateChangedCallbackFunc& on_state_changed_callback : s_on_state_changed_callbacks)
+  {
+    if (on_state_changed_callback)
+      on_state_changed_callback(state);
+  }
 }
 
 void UpdateWantDeterminism(bool initial)
diff --git a/Source/Core/Core/Core.h b/Source/Core/Core/Core.h
index 5ea1948a9c..d21719f218 100644
--- a/Source/Core/Core/Core.h
+++ b/Source/Core/Core/Core.h
@@ -25,7 +25,10 @@ namespace Core
 bool GetIsThrottlerTempDisabled();
 void SetIsThrottlerTempDisabled(bool disable);
 
-void Callback_FramePresented();
+// Returns the latest emulation speed (1 is full speed) (swings a lot)
+double GetActualEmulationSpeed();
+
+void Callback_FramePresented(double actual_emulation_speed = 1.0);
 void Callback_NewField();
 
 enum class State
@@ -123,7 +126,7 @@ void OnFrameEnd();
 void VideoThrottle();
 void RequestRefreshInfo();
 
-void UpdateTitle();
+void UpdateTitle(u32 ElapseTime);
 
 // Run a function as the CPU thread.
 //
@@ -140,7 +143,11 @@ void RunOnCPUThread(std::function<void()> function, bool wait_for_completion);
 
 // for calling back into UI code without introducing a dependency on it in core
 using StateChangedCallbackFunc = std::function<void(Core::State)>;
-void SetOnStateChangedCallback(StateChangedCallbackFunc callback);
+// Returns a handle
+int AddOnStateChangedCallback(StateChangedCallbackFunc callback);
+// Also invalidates the handle
+bool RemoveOnStateChangedCallback(int* handle);
+void CallOnStateChangedCallbacks(Core::State state);
 
 // Run on the Host thread when the factors change. [NOT THREADSAFE]
 void UpdateWantDeterminism(bool initial = false);
diff --git a/Source/Core/DolphinNoGUI/MainNoGUI.cpp b/Source/Core/DolphinNoGUI/MainNoGUI.cpp
index 0bf4df23b8..eaef16c444 100644
--- a/Source/Core/DolphinNoGUI/MainNoGUI.cpp
+++ b/Source/Core/DolphinNoGUI/MainNoGUI.cpp
@@ -216,7 +216,7 @@ int main(int argc, char* argv[])
     return 1;
   }
 
-  Core::SetOnStateChangedCallback([](Core::State state) {
+  Core::AddOnStateChangedCallback([](Core::State state) {
     if (state == Core::State::Uninitialized)
       s_platform->Stop();
   });
diff --git a/Source/Core/DolphinQt/Settings.cpp b/Source/Core/DolphinQt/Settings.cpp
index ce2b5a7e47..cc92a67c38 100644
--- a/Source/Core/DolphinQt/Settings.cpp
+++ b/Source/Core/DolphinQt/Settings.cpp
@@ -36,7 +36,7 @@
 Settings::Settings()
 {
   qRegisterMetaType<Core::State>();
-  Core::SetOnStateChangedCallback([this](Core::State new_state) {
+  Core::AddOnStateChangedCallback([this](Core::State new_state) {
     QueueOnObject(this, [this, new_state] { emit EmulationStateChanged(new_state); });
   });
 
diff --git a/Source/Core/VideoCommon/FPSCounter.cpp b/Source/Core/VideoCommon/FPSCounter.cpp
index 24d49548df..b7c452ec4e 100644
--- a/Source/Core/VideoCommon/FPSCounter.cpp
+++ b/Source/Core/VideoCommon/FPSCounter.cpp
@@ -8,6 +8,7 @@
 #include "Common/CommonTypes.h"
 #include "Common/FileUtil.h"
 #include "Common/Timer.h"
+#include "Core/Core.h"
 #include "VideoCommon/FPSCounter.h"
 #include "VideoCommon/VideoConfig.h"
 
@@ -16,6 +17,18 @@ static constexpr u64 FPS_REFRESH_INTERVAL = 250000;
 FPSCounter::FPSCounter()
 {
   m_last_time = Common::Timer::GetTimeUs();
+
+  m_on_state_changed_handle = Core::AddOnStateChangedCallback([this](Core::State state) {
+    if (state == Core::State::Paused)
+      SetPaused(true);
+    else if (state == Core::State::Running)
+      SetPaused(false);
+  });
+}
+
+FPSCounter::~FPSCounter()
+{
+  Core::RemoveOnStateChangedCallback(&m_on_state_changed_handle);
 }
 
 void FPSCounter::LogRenderTimeToFile(u64 val)
@@ -31,8 +44,9 @@ void FPSCounter::LogRenderTimeToFile(u64 val)
 
 void FPSCounter::Update()
 {
-  u64 time = Common::Timer::GetTimeUs();
-  u64 diff = time - m_last_time;
+  const u64 time = Common::Timer::GetTimeUs();
+  const u64 diff = time - m_last_time;
+  m_time_diff_secs = static_cast<double>(diff / 1000000.0);
   if (g_ActiveConfig.bLogRenderTimeToFile)
     LogRenderTimeToFile(diff);
 
@@ -47,3 +61,17 @@ void FPSCounter::Update()
     m_time_since_update = 0;
   }
 }
+
+void FPSCounter::SetPaused(bool paused)
+{
+  if (paused)
+  {
+    m_last_time_pause = Common::Timer::GetTimeUs();
+  }
+  else
+  {
+    const u64 time = Common::Timer::GetTimeUs();
+    const u64 diff = time - m_last_time_pause;
+    m_last_time += diff;
+  }
+}
diff --git a/Source/Core/VideoCommon/FPSCounter.h b/Source/Core/VideoCommon/FPSCounter.h
index a539c690ab..059f6cce6d 100644
--- a/Source/Core/VideoCommon/FPSCounter.h
+++ b/Source/Core/VideoCommon/FPSCounter.h
@@ -11,20 +11,30 @@
 class FPSCounter
 {
 public:
-  // Initializes the FPS counter.
   FPSCounter();
+  ~FPSCounter();
+  FPSCounter(const FPSCounter&) = delete;
+  FPSCounter& operator=(const FPSCounter&) = delete;
+  FPSCounter(FPSCounter&&) = delete;
+  FPSCounter& operator=(FPSCounter&&) = delete;
 
   // Called when a frame is rendered (updated every second).
   void Update();
 
   float GetFPS() const { return m_fps; }
+  double GetDeltaTime() const { return m_time_diff_secs; }
 
 private:
+  void SetPaused(bool paused);
+
   u64 m_last_time = 0;
   u64 m_time_since_update = 0;
+  u64 m_last_time_pause = 0;
   u32 m_frame_counter = 0;
-  float m_fps = 0;
+  int m_on_state_changed_handle = -1;
+  float m_fps = 0.f;
   std::ofstream m_bench_file;
+  double m_time_diff_secs = 0.0;
 
   void LogRenderTimeToFile(u64 val);
 };
diff --git a/Source/Core/VideoCommon/RenderBase.cpp b/Source/Core/VideoCommon/RenderBase.cpp
index c16dcd95c3..fdcc0f4a99 100644
--- a/Source/Core/VideoCommon/RenderBase.cpp
+++ b/Source/Core/VideoCommon/RenderBase.cpp
@@ -1329,7 +1329,12 @@ void Renderer::Swap(u32 xfb_addr, u32 fb_width, u32 fb_stride, u32 fb_height, u6
       {
         // Remove stale EFB/XFB copies.
         g_texture_cache->Cleanup(m_frame_count);
-        Core::Callback_FramePresented();
+        const double last_speed_denominator =
+            m_fps_counter.GetDeltaTime() * VideoInterface::GetTargetRefreshRate();
+        // The denominator should always be > 0 but if it's not, just return 1
+        const double last_speed =
+            last_speed_denominator > 0.0 ? (1.0 / last_speed_denominator) : 1.0;
+        Core::Callback_FramePresented(last_speed);
       }
 
       // Handle any config changes, this gets propogated to the backend.