Managing compute resource usage based on prior usage

Techniques for managing compute resource usage by virtualized compute instances within a provider network are described. A computer system connected to a provider network hosts one or more compute instances. An agent associated with the computer system obtains per-compute instance resource usage information of computer system resources such as processors, memory, and network interfaces. The agent sends the usage information to a usage management service of the provider network. The usage management service generates usage limits based on the usage information from the agent and on usage targets and sends the usage limits to the computer system. The computer system limits the resource usage of the compute instance based on the usage limits.