diff --git a/src/main/scala/dev/kovstas/fs2throttler/Throttler.scala b/src/main/scala/dev/kovstas/fs2throttler/Throttler.scala
index 0380556..3154317 100644
--- a/src/main/scala/dev/kovstas/fs2throttler/Throttler.scala
+++ b/src/main/scala/dev/kovstas/fs2throttler/Throttler.scala
@@ -22,11 +22,10 @@
 package dev.kovstas.fs2throttler
 
 import cats.Applicative
+import cats.effect.Temporal
 import cats.effect.kernel.Clock
-import cats.effect.{Ref, Temporal}
 import cats.implicits._
 import fs2.{Pipe, Pull, Stream}
-
 import scala.concurrent.duration._
 
 object Throttler {
@@ -88,75 +87,64 @@ object Throttler {
       mode: ThrottleMode,
       burst: Long,
       fnCost: O => F[Long]
-  ): Pipe[F, O, O] = {
+  ): Pipe[F, O, O] = { in =>
+    val capacity = if (elements + burst <= 0) Long.MaxValue else elements + burst
+    val interval = duration.toNanos / capacity
 
     def go(
         s: Stream[F, O],
-        bucket: Ref[F, (Long, FiniteDuration)],
-        capacity: Long,
-        interval: Long
+        tokens: => Long,
+        time: => Long
     ): Pull[F, O, Unit] = {
       s.pull.uncons1.flatMap {
         case Some((head, tail)) =>
-          Pull
-            .eval(for {
-              cost <- fnCost(head)
-              now <- Clock[F].monotonic
-              delay <- bucket.modify { case (tokens, lastUpdate) =>
-                if (interval == 0) {
-                  ((0, now), Duration.Zero)
-                } else {
-                  val elapsed = (now - lastUpdate).toNanos
-                  val tokensArrived =
-                    if (elapsed >= interval) {
-                      elapsed / interval
-                    } else 0
-
-                  val nextTime = lastUpdate + (tokensArrived * interval).nanos
-                  val available = math.min(tokens + tokensArrived, capacity)
-
-                  if (cost <= available) {
-                    ((available - cost, nextTime), Duration.Zero)
-                  } else {
-                    val timePassed = now.toNanos - nextTime.toNanos
-                    val waitingTime = (cost - available) * interval
-                    val delay = (waitingTime - timePassed).nanos
-
-                    ((0, now + delay), delay)
-                  }
-                }
+          Pull.eval(fnCost(head) product Clock[F].monotonic.map(_.toNanos)).flatMap { case (cost, now) =>
+            val (remainingTokens, nextTime, delay) = {
+              val elapsed = now - time
+
+              val tokensArrived =
+                if (elapsed >= interval) {
+                  elapsed / interval
+                } else 0
+              val nextTime = time + tokensArrived * interval
+              val available = math.min(tokens + tokensArrived, capacity)
+
+              if (cost <= available) {
+                (available - cost, nextTime, 0L)
+              } else {
+                val timePassed = now - nextTime
+                val waitingTime = (cost - available) * interval
+                val delay = waitingTime - timePassed
+
+                (0L, now + delay, delay)
+              }
+            }
+
+            if (delay == 0) {
+              Pull.output1(head) >> go(tail, remainingTokens, nextTime)
+            } else
+              mode match {
+                case Enforcing =>
+                  go(tail, remainingTokens, nextTime)
+                case Shaping =>
+                  Pull.sleep(delay.nanos) >> Pull.output1(head) >> go(tail, remainingTokens, nextTime)
               }
-              continueF = Pull.output1(head) >> go(tail, bucket, capacity, interval)
-              result <-
-                if (delay == Duration.Zero) {
-                  Applicative[F].pure(continueF)
-                } else {
-                  mode match {
-                    case Enforcing =>
-                      Applicative[F].pure(go(tail, bucket, capacity, interval))
-                    case Shaping =>
-                      Clock[F].delayBy(Applicative[F].pure(continueF), delay)
-                  }
-                }
-            } yield result)
-            .flatMap(identity)
+          }
 
         case None =>
           Pull.done
       }
     }
 
-    in =>
-      val capacity = if (elements + burst <= 0) Long.MaxValue else elements + burst
-
-      for {
-        bucket <- Stream.eval(
-          Ref.ofEffect(
-            Clock[F].monotonic.map((capacity, _))
-          )
-        )
-        stream <- go(in, bucket, capacity, duration.toNanos / capacity).stream
-      } yield stream
+    if (interval == 0) {
+      in
+    } else {
+      Stream
+        .eval(Clock[F].monotonic)
+        .flatMap { time =>
+          go(in, elements, time.toNanos).stream
+        }
+    }
 
   }
 
diff --git a/src/test/scala/dev/kovstas/fs2throttler/ThrottlerSpec.scala b/src/test/scala/dev/kovstas/fs2throttler/ThrottlerSpec.scala
index 4874e24..b6b83bd 100644
--- a/src/test/scala/dev/kovstas/fs2throttler/ThrottlerSpec.scala
+++ b/src/test/scala/dev/kovstas/fs2throttler/ThrottlerSpec.scala
@@ -121,6 +121,7 @@ class ThrottlerSpec extends munit.FunSuite {
       .unsafeToFuture()(runtime)
 
     ctx.tick()
+    ctx.advanceAndTick(500.millis)
     assertEquals(elements.toList, List(0, 1))
     ctx.advanceAndTick(2.seconds)
     assertEquals(elements.toList, List(0, 1, 2, 3, 4))