diff --git a/ethers-providers/src/pending_transaction.rs b/ethers-providers/src/pending_transaction.rs
index f8fca735..2247de40 100644
--- a/ethers-providers/src/pending_transaction.rs
+++ b/ethers-providers/src/pending_transaction.rs
@@ -5,6 +5,7 @@ use crate::{
 };
 use ethers_core::types::{Transaction, TransactionReceipt, TxHash, U64};
 use futures_core::stream::Stream;
+use futures_timer::Delay;
 use futures_util::stream::StreamExt;
 use pin_project::pin_project;
 use std::{
@@ -33,12 +34,12 @@ pub struct PendingTransaction<'a, P> {
 impl<'a, P: JsonRpcClient> PendingTransaction<'a, P> {
     /// Creates a new pending transaction poller from a hash and a provider
     pub fn new(tx_hash: TxHash, provider: &'a Provider<P>) -> Self {
-        let fut = Box::pin(provider.get_transaction(tx_hash));
+        let delay = Box::pin(Delay::new(DEFAULT_POLL_INTERVAL));
         Self {
             tx_hash,
             confirmations: 1,
             provider,
-            state: PendingTxState::GettingTx(fut),
+            state: PendingTxState::InitialDelay(delay),
             interval: Box::new(interval(DEFAULT_POLL_INTERVAL)),
         }
     }
@@ -52,7 +53,14 @@ impl<'a, P: JsonRpcClient> PendingTransaction<'a, P> {
 
     /// Sets the polling interval
     pub fn interval<T: Into<Duration>>(mut self, duration: T) -> Self {
-        self.interval = Box::new(interval(duration.into()));
+        let duration = duration.into();
+
+        self.interval = Box::new(interval(duration));
+
+        if matches!(self.state, PendingTxState::InitialDelay(_)) {
+            self.state = PendingTxState::InitialDelay(Box::pin(Delay::new(duration)))
+        }
+
         self
     }
 }
@@ -80,6 +88,12 @@ impl<'a, P: JsonRpcClient> Future for PendingTransaction<'a, P> {
         let this = self.project();
 
         match this.state {
+            PendingTxState::InitialDelay(fut) => {
+                let _ready = futures_util::ready!(fut.as_mut().poll(ctx));
+                tracing::debug!("Starting to poll pending tx {:?}", *this.tx_hash);
+                let fut = Box::pin(this.provider.get_transaction(*this.tx_hash));
+                rewake_with_new_state!(ctx, this, PendingTxState::GettingTx(fut));
+            }
             PendingTxState::PausedGettingTx => {
                 // Wait the polling period so that we do not spam the chain when no
                 // new block has been mined
@@ -102,6 +116,7 @@ impl<'a, P: JsonRpcClient> Future for PendingTransaction<'a, P> {
                 let tx_opt = tx_res.unwrap();
                 // If the tx is no longer in the mempool, return Ok(None)
                 if tx_opt.is_none() {
+                    tracing::debug!("Dropped from mempool, pending tx {:?}", *this.tx_hash);
                     *this.state = PendingTxState::Completed;
                     return Poll::Ready(Ok(None));
                 }
@@ -116,8 +131,9 @@ impl<'a, P: JsonRpcClient> Future for PendingTransaction<'a, P> {
                 );
 
                 // Start polling for the receipt now
+                tracing::debug!("Getting receipt for pending tx {:?}", *this.tx_hash);
                 let fut = Box::pin(this.provider.get_transaction_receipt(*this.tx_hash));
-                *this.state = PendingTxState::GettingReceipt(fut);
+                rewake_with_new_state!(ctx, this, PendingTxState::GettingReceipt(fut));
             }
             PendingTxState::PausedGettingReceipt => {
                 // Wait the polling period so that we do not spam the chain when no
@@ -129,6 +145,7 @@ impl<'a, P: JsonRpcClient> Future for PendingTransaction<'a, P> {
             }
             PendingTxState::GettingReceipt(fut) => {
                 if let Ok(receipt) = futures_util::ready!(fut.as_mut().poll(ctx)) {
+                    tracing::debug!("Checking receipt for pending tx {:?}", *this.tx_hash);
                     *this.state = PendingTxState::CheckingReceipt(receipt)
                 } else {
                     *this.state = PendingTxState::PausedGettingReceipt
@@ -146,6 +163,11 @@ impl<'a, P: JsonRpcClient> Future for PendingTransaction<'a, P> {
                 // If we requested more than 1 confirmation, we need to compare the receipt's
                 // block number and the current block
                 if *this.confirmations > 1 {
+                    tracing::debug!(
+                        "Waiting on confirmations for pending tx {:?}",
+                        *this.tx_hash
+                    );
+
                     let fut = Box::pin(this.provider.get_block_number());
                     *this.state = PendingTxState::GettingBlockNumber(fut, receipt.take());
 
@@ -235,6 +257,9 @@ impl<'a, P> Deref for PendingTransaction<'a, P> {
 
 // We box the TransactionReceipts to keep the enum small.
 enum PendingTxState<'a> {
+    /// Initial delay to ensure the GettingTx loop doesn't immediately fail
+    InitialDelay(Pin<Box<futures_timer::Delay>>),
+
     /// Waiting for interval to elapse before calling API again
     PausedGettingTx,
 
@@ -265,6 +290,7 @@ enum PendingTxState<'a> {
 impl<'a> fmt::Debug for PendingTxState<'a> {
     fn fmt(&self, f: &mut fmt::Formatter<'_>) -> fmt::Result {
         let state = match self {
+            PendingTxState::InitialDelay(_) => "InitialDelay",
             PendingTxState::PausedGettingTx => "PausedGettingTx",
             PendingTxState::GettingTx(_) => "GettingTx",
             PendingTxState::PausedGettingReceipt => "PausedGettingReceipt",