diff --git a/nodepool/driver/openstack/adapter.py b/nodepool/driver/openstack/adapter.py
index cef96428..b9860dd9 100644
--- a/nodepool/driver/openstack/adapter.py
+++ b/nodepool/driver/openstack/adapter.py
@@ -23,11 +23,10 @@
 import time
 import operator
 
-import cachetools.func
 import openstack
 from keystoneauth1.exceptions.catalog import EndpointNotFound
 
-from nodepool.driver.utils import QuotaInformation
+from nodepool.driver.utils import QuotaInformation, LazyExecutorTTLCache
 from nodepool.driver import statemachine
 from nodepool import exceptions
 from nodepool import stats
@@ -409,6 +408,20 @@ def __init__(self, provider_config):
             thread_name_prefix=f'openstack-api-{provider_config.name}',
             max_workers=workers)
 
+        # Use a lazy TTL cache for these.  This uses the TPE to
+        # asynchronously update the cached values, meanwhile returning
+        # the previous cached data if available.  This means every
+        # call after the first one is instantaneous.
+        self._listServers = LazyExecutorTTLCache(
+            CACHE_TTL, self.api_executor)(
+                self._listServers)
+        self._listVolumes = LazyExecutorTTLCache(
+            CACHE_TTL, self.api_executor)(
+                self._listVolumes)
+        self._listFloatingIps = LazyExecutorTTLCache(
+            CACHE_TTL, self.api_executor)(
+                self._listFloatingIps)
+
         self._last_image_check_failure = time.time()
         self._last_port_cleanup = None
         self._statsd = stats.get_client()
@@ -688,12 +701,10 @@ def _findNetwork(self, name):
                 name, self.provider.name))
         return network
 
-    @cachetools.func.ttl_cache(maxsize=1, ttl=CACHE_TTL)
     def _listServers(self):
         with Timer(self.log, 'API call list_servers'):
             return self._client.list_servers(bare=True)
 
-    @cachetools.func.ttl_cache(maxsize=1, ttl=CACHE_TTL)
     def _listVolumes(self):
         try:
             with Timer(self.log, 'API call list_volumes'):
@@ -701,7 +712,6 @@ def _listVolumes(self):
         except EndpointNotFound:
             return []
 
-    @cachetools.func.ttl_cache(maxsize=1, ttl=CACHE_TTL)
     def _listFloatingIps(self):
         with Timer(self.log, 'API call list_floating_ips'):
             return self._client.list_floating_ips()
diff --git a/nodepool/driver/utils.py b/nodepool/driver/utils.py
index 2efa4526..b7825a12 100644
--- a/nodepool/driver/utils.py
+++ b/nodepool/driver/utils.py
@@ -457,3 +457,77 @@ def __exit__(self, etype, value, tb):
 
     def _exit(self, etype, value, tb):
         pass
+
+
+class LazyExecutorTTLCache:
+    """This is a lazy executor TTL cache.
+
+    It's lazy because if it has cached data, it will always return it
+    instantly.
+
+    It's executor based, which means that if a cache miss occurs, it
+    will submit a task to an executor to fetch new data.
+
+    Finally, it's a TTL cache, which means it automatically expires data.
+
+    Since it is only expected to be used when caching provider
+    resource listing methods, it assumes there will only be one entry
+    and ignores arguments -- it will return the same cached data no
+    matter what arguments are supplied; but it will pass on those
+    arguments to the underlying method in a cache miss.
+
+    :param numeric ttl: The cache timeout in seconds.
+    :param concurrent.futures.Executor executor: An executor to use to
+        update data asynchronously in case of a cache miss.
+    """
+
+    def __init__(self, ttl, executor):
+        self.ttl = ttl
+        self.executor = executor
+        # If we have an outstanding update being run by the executor,
+        # this is the future.
+        self.future = None
+        # The last time the underlying method completed.
+        self.last_time = None
+        # The last value from the underlying method.
+        self.last_value = None
+        # A lock to make all of this thread safe (especially to ensure
+        # we don't fire off multiple updates).
+        self.lock = threading.Lock()
+
+    def __call__(self, func):
+        def decorator(*args, **kw):
+            with self.lock:
+                now = time.monotonic()
+                if self.future and self.future.done():
+                    # If a previous call spawned an update, resolve
+                    # that now so we can use the data.
+                    try:
+                        self.last_time, self.last_value = self.future.result()
+                    finally:
+                        # Clear the future regardless so we don't loop.
+                        self.future = None
+                if (self.last_time is not None and
+                    now - self.last_time < self.ttl):
+                    # A cache hit.
+                    return self.last_value
+                # The rest of the method is a cache miss.
+                if self.last_time is not None:
+                    if not self.future:
+                        # Fire off an asynchronous update request.
+                        # This second wrapper ensures that we record
+                        # the time that the update is complete along
+                        # with the value.
+                        def func_with_time():
+                            ret = func(*args, **kw)
+                            now = time.monotonic()
+                            return (now, ret)
+                        self.future = self.executor.submit(func_with_time)
+                else:
+                    # This is the first time this method has been
+                    # called; since we don't have any cached data, we
+                    # will synchronously update the data.
+                    self.last_value = func(*args, **kw)
+                    self.last_time = time.monotonic()
+                return self.last_value
+        return decorator
diff --git a/nodepool/tests/unit/test_utils.py b/nodepool/tests/unit/test_utils.py
index 8d1f4ce6..d9b21cc6 100644
--- a/nodepool/tests/unit/test_utils.py
+++ b/nodepool/tests/unit/test_utils.py
@@ -12,11 +12,14 @@
 # License for the specific language governing permissions and limitations
 # under the License.
 
+from concurrent.futures import ThreadPoolExecutor
 import copy
 import math
+import time
 
 from nodepool import tests
-from nodepool.driver.utils import QuotaInformation
+from nodepool.driver.utils import QuotaInformation, LazyExecutorTTLCache
+from nodepool.nodeutils import iterate_timeout
 
 
 class TestQutoInformation(tests.BaseTestCase):
@@ -66,3 +69,41 @@ def test_extra(self):
         remain.subtract(needed)
 
         self.assertEqual(expected.quota, remain.quota)
+
+
+class FakeAdapter:
+    CACHE_TTL = 0.5
+
+    def __init__(self):
+        self.api_executor = ThreadPoolExecutor(max_workers=4)
+        self.get_time = LazyExecutorTTLCache(
+            self.CACHE_TTL, self.api_executor)(
+                self.get_time)
+
+    def get_time(self):
+        return time.monotonic()
+
+
+class TestLazyExecutorTTLCache(tests.BaseTestCase):
+    def test_lazy_cache(self):
+        adapter = FakeAdapter()
+        t0 = time.monotonic()
+        ret1 = adapter.get_time()
+        t1 = time.monotonic()
+        self.assertTrue(t0 < ret1 < t1)
+        # Assuming the computer isn't completely overloaded, this
+        # should happen instantly and be a cache hit.
+        ret2 = adapter.get_time()
+        self.assertEqual(ret1, ret2)
+        # Sleep longer than the ttl
+        time.sleep(adapter.CACHE_TTL + 0.1)
+        # This should be a cache miss that triggers an update and
+        # returns the old value.
+        ret3 = adapter.get_time()
+        self.assertEqual(ret1, ret3)
+        # Eventually the async update should return and we should get
+        # a newer value.
+        for _ in iterate_timeout(30, Exception, 'cache update'):
+            ret4 = adapter.get_time()
+            if ret4 > ret3:
+                break