diff --git a/protocol/lib/metrics/lib.go b/protocol/lib/metrics/lib.go
index e647fc3c2a..16ce2040d2 100644
--- a/protocol/lib/metrics/lib.go
+++ b/protocol/lib/metrics/lib.go
@@ -4,6 +4,7 @@ import (
 	"time"
 
 	"github.com/cosmos/cosmos-sdk/telemetry"
+	sdk "github.com/cosmos/cosmos-sdk/types"
 	gometrics "github.com/hashicorp/go-metrics"
 )
 
@@ -12,6 +13,7 @@ import (
 // that supports float64 (i.e hashicorp go-metrics)
 
 type Label = gometrics.Label
+type TelemetryEmitWithLabelsFunc func(key string, val float32, labels ...gometrics.Label)
 
 // IncrCounterWithLabels provides a wrapper functionality for emitting a counter
 // metric with global labels (if any) along with the provided labels.
@@ -90,3 +92,29 @@ func ModuleMeasureSinceWithLabels(
 		),
 	)
 }
+
+func isAllowedExecutionMode(
+	ctx sdk.Context,
+	allowedModes []sdk.ExecMode,
+) bool {
+	contextExecMode := ctx.ExecMode()
+	for _, mode := range allowedModes {
+		if contextExecMode == mode {
+			return true
+		}
+	}
+	return false
+}
+
+func EmitTelemetryWithLabelsForExecMode(
+	ctx sdk.Context,
+	allowedModes []sdk.ExecMode,
+	telemtryFuncWithLabels TelemetryEmitWithLabelsFunc,
+	key string,
+	val float32,
+	labels ...gometrics.Label,
+) {
+	if isAllowedExecutionMode(ctx, allowedModes) {
+		telemtryFuncWithLabels(key, val, labels...)
+	}
+}
diff --git a/protocol/lib/metrics/lib_test.go b/protocol/lib/metrics/lib_test.go
new file mode 100644
index 0000000000..1b50de80a3
--- /dev/null
+++ b/protocol/lib/metrics/lib_test.go
@@ -0,0 +1,70 @@
+package metrics_test
+
+import (
+	"testing"
+	"time"
+
+	sdk "github.com/cosmos/cosmos-sdk/types"
+	"github.com/dydxprotocol/v4-chain/protocol/lib/metrics"
+	gometrics "github.com/hashicorp/go-metrics"
+
+	"github.com/stretchr/testify/require"
+)
+
+func TestSetGaugeWithLabelsForExecMode(t *testing.T) {
+	t.Cleanup(gometrics.Shutdown)
+	context := sdk.Context{}
+	conf := gometrics.DefaultConfig("testService")
+	conf.EnableHostname = false
+	sink := gometrics.NewInmemSink(time.Hour, time.Hour)
+	_, err := gometrics.NewGlobal(conf, sink)
+	require.NoError(t, err)
+
+	context = context.WithExecMode(sdk.ExecModeFinalize)
+	metrics.EmitTelemetryWithLabelsForExecMode(
+		context,
+		[]sdk.ExecMode{sdk.ExecModeFinalize},
+		metrics.SetGaugeWithLabels,
+		"testKey1",
+		3.14,
+		gometrics.Label{
+			Name:  "testLabel",
+			Value: "testLabelValue",
+		},
+	)
+
+	metrics.EmitTelemetryWithLabelsForExecMode(
+		context,
+		[]sdk.ExecMode{sdk.ExecModeSimulate},
+		metrics.SetGaugeWithLabels,
+		"testKey2",
+		3.14,
+		gometrics.Label{
+			Name:  "testLabel",
+			Value: "testLabelValue",
+		},
+	)
+
+	FinalizeModeKeyFound := false
+	SimulateModeKeyFound := false
+	for _, metrics := range sink.Data() {
+		metrics.RLock()
+		defer metrics.RUnlock()
+
+		if metric, ok := metrics.Gauges["testService.testKey1;testLabel=testLabelValue"]; ok {
+			require.Equal(t,
+				[]gometrics.Label{{
+					Name:  "testLabel",
+					Value: "testLabelValue",
+				}},
+				metric.Labels)
+			require.Equal(t, float32(3.14), metric.Value)
+			FinalizeModeKeyFound = true
+		}
+		if _, ok := metrics.Gauges["testService.testKey2;testLabel=testLabelValue"]; ok {
+			SimulateModeKeyFound = true
+		}
+	}
+	require.True(t, FinalizeModeKeyFound)
+	require.False(t, SimulateModeKeyFound)
+}
diff --git a/protocol/lib/metrics/metric_keys.go b/protocol/lib/metrics/metric_keys.go
index f89f634e42..79dc3d2686 100644
--- a/protocol/lib/metrics/metric_keys.go
+++ b/protocol/lib/metrics/metric_keys.go
@@ -31,6 +31,7 @@ const (
 	ClobConditionalOrderTriggerPrice          = "clob_conditional_order_trigger_price"
 	ClobConditionalOrderTriggered             = "clob_conditional_order_triggered"
 	ClobSubaccountsRequiringDeleveragingCount = "clob_subaccounts_requiring_deleveraging_count"
+	SendingProcessDepositToSubaccount         = "sending_process_deposit_to_subaccount"
 
 	// Samples
 	ClobDeleverageSubaccountTotalQuoteQuantumsDistribution         = "clob_deleverage_subaccount_total_quote_quantums_distribution"
diff --git a/protocol/x/sending/keeper/transfer.go b/protocol/x/sending/keeper/transfer.go
index 498294332d..99205460b6 100644
--- a/protocol/x/sending/keeper/transfer.go
+++ b/protocol/x/sending/keeper/transfer.go
@@ -104,15 +104,14 @@ func (k Keeper) ProcessDepositToSubaccount(
 
 	// Emit gauge metric with labels if deposit to subaccount succeeds.
 	if err == nil {
-		telemetry.SetGaugeWithLabels(
-			[]string{
-				types.ModuleName,
-				metrics.ProcessDepositToSubaccount,
-			},
+		metrics.EmitTelemetryWithLabelsForExecMode(
+			ctx,
+			// sdk.ExecModeFinalize is used here to ensure metrics are only emitted in the Finalize ExecMode.
+			[]sdk.ExecMode{sdk.ExecModeFinalize},
+			metrics.SetGaugeWithLabels,
+			metrics.SendingProcessDepositToSubaccount,
 			float32(msgDepositToSubaccount.Quantums),
-			[]gometrics.Label{
-				metrics.GetLabelForIntValue(metrics.AssetId, int(msgDepositToSubaccount.AssetId)),
-			},
+			metrics.GetLabelForIntValue(metrics.AssetId, int(msgDepositToSubaccount.AssetId)),
 		)
 
 		// Add deposit event to Indexer block message.