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diff --git a/spec/benchmarks/banzai_benchmark.rb b/spec/benchmarks/banzai_benchmark.rb
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+++ b/spec/benchmarks/banzai_benchmark.rb
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+# frozen_string_literal: true
+
+return unless ENV.key?('BENCHMARK')
+
+require 'spec_helper'
+require 'erb'
+require 'benchmark/ips'
+
+# This benchmarks some of the Banzai pipelines and filters.
+# They are not definitive, but can be used by a developer to
+# get a rough idea how the changing or addition of a new filter
+# will effect performance.
+#
+# Run by:
+#   BENCHMARK=1 rspec spec/benchmarks/banzai_benchmark.rb
+# or
+#   rake benchmark:banzai
+#
+# rubocop: disable RSpec/TopLevelDescribePath
+RSpec.describe 'GitLab Markdown Benchmark', :aggregate_failures do
+  include MarkupHelper
+
+  let_it_be(:feature)       { MarkdownFeature.new }
+  let_it_be(:project)       { feature.project }
+  let_it_be(:group)         { feature.group }
+  let_it_be(:wiki)          { feature.wiki }
+  let_it_be(:wiki_page)     { feature.wiki_page }
+  let_it_be(:markdown_text) { feature.raw_markdown }
+  let_it_be(:grafana_integration) { create(:grafana_integration, project: project) }
+  let_it_be(:default_context) do
+    {
+      project: project,
+      current_user: current_user,
+      suggestions_filter_enabled: true
+    }
+  end
+
+  let(:context) do
+    Banzai::Filter::AssetProxyFilter.transform_context(default_context)
+  end
+
+  let!(:render_context) { Banzai::RenderContext.new(project, current_user) }
+
+  before do
+    stub_application_setting(asset_proxy_enabled: true)
+    stub_application_setting(asset_proxy_secret_key: 'shared-secret')
+    stub_application_setting(asset_proxy_url: 'https://assets.example.com')
+    stub_application_setting(asset_proxy_whitelist: %w(gitlab.com *.mydomain.com))
+    stub_application_setting(plantuml_enabled: true, plantuml_url: 'http://localhost:8080')
+    stub_application_setting(kroki_enabled: true, kroki_url: 'http://localhost:8000')
+
+    Banzai::Filter::AssetProxyFilter.initialize_settings
+  end
+
+  context 'pipelines' do
+    it 'benchmarks several pipelines' do
+      path = 'images/example.jpg'
+      gitaly_wiki_file = Gitlab::GitalyClient::WikiFile.new(path: path)
+      allow(wiki).to receive(:find_file).with(path).and_return(Gitlab::Git::WikiFile.new(gitaly_wiki_file))
+      allow(wiki).to receive(:wiki_base_path) { '/namespace1/gitlabhq/wikis' }
+
+      puts "\n--> Benchmarking Full, Wiki, and Plain pipelines\n"
+
+      Benchmark.ips do |x|
+        x.config(time: 10, warmup: 2)
+
+        x.report('Full pipeline') { Banzai::Pipeline::FullPipeline.call(markdown_text, context) }
+        x.report('Wiki pipeline') { Banzai::Pipeline::WikiPipeline.call(markdown_text, context.merge(wiki: wiki, page_slug: wiki_page.slug)) }
+        x.report('Plain pipeline') { Banzai::Pipeline::PlainMarkdownPipeline.call(markdown_text, context) }
+
+        x.compare!
+      end
+    end
+  end
+
+  context 'filters' do
+    it 'benchmarks all filters in the FullPipeline' do
+      benchmark_pipeline_filters(:full)
+    end
+
+    it 'benchmarks all filters in the PlainMarkdownPipeline' do
+      benchmark_pipeline_filters(:plain_markdown)
+    end
+  end
+
+  # build up the source text for each filter
+  def build_filter_text(pipeline, initial_text)
+    filter_source = {}
+    input_text    = initial_text
+
+    pipeline.filters.each do |filter_klass|
+      filter_source[filter_klass] = input_text
+
+      output = filter_klass.call(input_text, context)
+      input_text = output
+    end
+
+    filter_source
+  end
+
+  def benchmark_pipeline_filters(pipeline_type)
+    pipeline      = Banzai::Pipeline[pipeline_type]
+    filter_source = build_filter_text(pipeline, markdown_text)
+
+    puts "\n--> Benchmarking #{pipeline.name.demodulize} filters\n"
+
+    Benchmark.ips do |x|
+      x.config(time: 10, warmup: 2)
+
+      pipeline.filters.each do |filter_klass|
+        label = filter_klass.name.demodulize.delete_suffix('Filter').truncate(20)
+
+        x.report(label) { filter_klass.call(filter_source[filter_klass], context) }
+      end
+
+      x.compare!
+    end
+  end
+
+  # Fake a `current_user` helper
+  def current_user
+    feature.user
+  end
+end