diff --git a/.github/workflows/main.yml b/.github/workflows/main.yml
index 7bfe13064a..53ed6a9f02 100644
--- a/.github/workflows/main.yml
+++ b/.github/workflows/main.yml
@@ -136,9 +136,8 @@ jobs:
     - run: cargo check -p wasmtime --no-default-features --features async
     - run: cargo check -p wasmtime --no-default-features --features pooling-allocator
     - run: cargo check -p wasmtime --no-default-features --features cranelift
-    - run: cargo check -p wasmtime --no-default-features --features wasm-backtrace
     - run: cargo check -p wasmtime --no-default-features --features component-model
-    - run: cargo check -p wasmtime --no-default-features --features cranelift,wat,async,cache,wasm-backtrace
+    - run: cargo check -p wasmtime --no-default-features --features cranelift,wat,async,cache
     - run: cargo check --features component-model
 
     # Check that benchmarks of the cranelift project build
diff --git a/Cargo.lock b/Cargo.lock
index e23d2f39a2..7f81b5bd08 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -1871,9 +1871,9 @@ dependencies = [
 
 [[package]]
 name = "once_cell"
-version = "1.10.0"
+version = "1.12.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "87f3e037eac156d1775da914196f0f37741a274155e34a0b7e427c35d2a2ecb9"
+checksum = "7709cef83f0c1f58f666e746a08b21e0085f7440fa6a29cc194d68aac97a4225"
 
 [[package]]
 name = "oorandom"
diff --git a/Cargo.toml b/Cargo.toml
index 8518ac5da6..8f47c827d1 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -98,7 +98,6 @@ default = [
   "wasi-nn",
   "pooling-allocator",
   "memory-init-cow",
-  "wasm-backtrace",
 ]
 jitdump = ["wasmtime/jitdump"]
 vtune = ["wasmtime/vtune"]
@@ -108,7 +107,6 @@ memory-init-cow = ["wasmtime/memory-init-cow", "wasmtime-cli-flags/memory-init-c
 pooling-allocator = ["wasmtime/pooling-allocator", "wasmtime-cli-flags/pooling-allocator"]
 all-arch = ["wasmtime/all-arch"]
 posix-signals-on-macos = ["wasmtime/posix-signals-on-macos"]
-wasm-backtrace = ["wasmtime/wasm-backtrace", "wasmtime-cli-flags/wasm-backtrace"]
 component-model = ["wasmtime/component-model", "wasmtime-wast/component-model", "wasmtime-cli-flags/component-model"]
 
 # Stub feature that does nothing, for Cargo-features compatibility: the new
diff --git a/crates/c-api/Cargo.toml b/crates/c-api/Cargo.toml
index a765987796..de269f3486 100644
--- a/crates/c-api/Cargo.toml
+++ b/crates/c-api/Cargo.toml
@@ -20,7 +20,7 @@ doctest = false
 env_logger = "0.9"
 anyhow = "1.0"
 once_cell = "1.3"
-wasmtime = { path = "../wasmtime", default-features = false, features = ['cranelift', 'wasm-backtrace'] }
+wasmtime = { path = "../wasmtime", default-features = false, features = ['cranelift'] }
 wasmtime-c-api-macros = { path = "macros" }
 
 # Optional dependency for the `wat2wasm` API
diff --git a/crates/c-api/src/trap.rs b/crates/c-api/src/trap.rs
index 6a1da6b3f7..213bb9740f 100644
--- a/crates/c-api/src/trap.rs
+++ b/crates/c-api/src/trap.rs
@@ -64,7 +64,13 @@ pub extern "C" fn wasm_trap_message(trap: &wasm_trap_t, out: &mut wasm_message_t
 
 #[no_mangle]
 pub extern "C" fn wasm_trap_origin(raw: &wasm_trap_t) -> Option<Box<wasm_frame_t>> {
-    if raw.trap.trace().len() > 0 {
+    if raw
+        .trap
+        .trace()
+        .expect("backtraces are always enabled")
+        .len()
+        > 0
+    {
         Some(Box::new(wasm_frame_t {
             trap: raw.trap.clone(),
             idx: 0,
@@ -78,7 +84,11 @@ pub extern "C" fn wasm_trap_origin(raw: &wasm_trap_t) -> Option<Box<wasm_frame_t
 
 #[no_mangle]
 pub extern "C" fn wasm_trap_trace(raw: &wasm_trap_t, out: &mut wasm_frame_vec_t) {
-    let vec = (0..raw.trap.trace().len())
+    let vec = (0..raw
+        .trap
+        .trace()
+        .expect("backtraces are always enabled")
+        .len())
         .map(|idx| {
             Some(Box::new(wasm_frame_t {
                 trap: raw.trap.clone(),
@@ -128,7 +138,7 @@ pub extern "C" fn wasmtime_trap_exit_status(raw: &wasm_trap_t, status: &mut i32)
 
 #[no_mangle]
 pub extern "C" fn wasm_frame_func_index(frame: &wasm_frame_t) -> u32 {
-    frame.trap.trace()[frame.idx].func_index()
+    frame.trap.trace().expect("backtraces are always enabled")[frame.idx].func_index()
 }
 
 #[no_mangle]
@@ -136,7 +146,7 @@ pub extern "C" fn wasmtime_frame_func_name(frame: &wasm_frame_t) -> Option<&wasm
     frame
         .func_name
         .get_or_init(|| {
-            frame.trap.trace()[frame.idx]
+            frame.trap.trace().expect("backtraces are always enabled")[frame.idx]
                 .func_name()
                 .map(|s| wasm_name_t::from(s.to_string().into_bytes()))
         })
@@ -148,7 +158,7 @@ pub extern "C" fn wasmtime_frame_module_name(frame: &wasm_frame_t) -> Option<&wa
     frame
         .module_name
         .get_or_init(|| {
-            frame.trap.trace()[frame.idx]
+            frame.trap.trace().expect("backtraces are always enabled")[frame.idx]
                 .module_name()
                 .map(|s| wasm_name_t::from(s.to_string().into_bytes()))
         })
@@ -157,7 +167,7 @@ pub extern "C" fn wasmtime_frame_module_name(frame: &wasm_frame_t) -> Option<&wa
 
 #[no_mangle]
 pub extern "C" fn wasm_frame_func_offset(frame: &wasm_frame_t) -> usize {
-    frame.trap.trace()[frame.idx]
+    frame.trap.trace().expect("backtraces are always enabled")[frame.idx]
         .func_offset()
         .unwrap_or(usize::MAX)
 }
@@ -169,7 +179,7 @@ pub extern "C" fn wasm_frame_instance(_arg1: *const wasm_frame_t) -> *mut wasm_i
 
 #[no_mangle]
 pub extern "C" fn wasm_frame_module_offset(frame: &wasm_frame_t) -> usize {
-    frame.trap.trace()[frame.idx]
+    frame.trap.trace().expect("backtraces are always enabled")[frame.idx]
         .module_offset()
         .unwrap_or(usize::MAX)
 }
diff --git a/crates/cli-flags/Cargo.toml b/crates/cli-flags/Cargo.toml
index a8183e34ea..39e285db15 100644
--- a/crates/cli-flags/Cargo.toml
+++ b/crates/cli-flags/Cargo.toml
@@ -25,5 +25,4 @@ default = [
 ]
 pooling-allocator = []
 memory-init-cow = []
-wasm-backtrace = []
 component-model = []
diff --git a/crates/cli-flags/src/lib.rs b/crates/cli-flags/src/lib.rs
index 13904ccf22..532fd3213b 100644
--- a/crates/cli-flags/src/lib.rs
+++ b/crates/cli-flags/src/lib.rs
@@ -346,9 +346,7 @@ impl CommonOptions {
             config.wasm_bulk_memory(enable);
         }
         if let Some(enable) = reference_types {
-            #[cfg(feature = "wasm-backtrace")]
             config.wasm_reference_types(enable);
-            drop(enable); // suppress unused warnings
         }
         if let Some(enable) = multi_value {
             config.wasm_multi_value(enable);
diff --git a/crates/fuzzing/src/generators.rs b/crates/fuzzing/src/generators.rs
index 00f386d5d3..74bdd7f423 100644
--- a/crates/fuzzing/src/generators.rs
+++ b/crates/fuzzing/src/generators.rs
@@ -213,6 +213,7 @@ pub struct WasmtimeConfig {
     codegen: CodegenSettings,
     padding_between_functions: Option<u16>,
     generate_address_map: bool,
+    wasm_backtraces: bool,
 }
 
 /// Configuration for linear memories in Wasmtime.
@@ -387,6 +388,7 @@ impl Config {
             .wasm_multi_memory(self.module_config.config.max_memories > 1)
             .wasm_simd(self.module_config.config.simd_enabled)
             .wasm_memory64(self.module_config.config.memory64_enabled)
+            .wasm_backtrace(self.wasmtime.wasm_backtraces)
             .cranelift_nan_canonicalization(self.wasmtime.canonicalize_nans)
             .cranelift_opt_level(self.wasmtime.opt_level.to_wasmtime())
             .consume_fuel(self.wasmtime.consume_fuel)
diff --git a/crates/runtime/Cargo.toml b/crates/runtime/Cargo.toml
index 84d355eb69..bb1c337377 100644
--- a/crates/runtime/Cargo.toml
+++ b/crates/runtime/Cargo.toml
@@ -22,7 +22,7 @@ indexmap = "1.0.2"
 thiserror = "1.0.4"
 more-asserts = "0.2.1"
 cfg-if = "1.0"
-backtrace = { version = "0.3.61", optional = true }
+backtrace = { version = "0.3.61" }
 rand = "0.8.3"
 anyhow = "1.0.38"
 memfd = { version = "0.4.1", optional = true }
@@ -44,7 +44,6 @@ maintenance = { status = "actively-developed" }
 
 [features]
 memory-init-cow = ['memfd']
-wasm-backtrace = ["backtrace"]
 
 async = ["wasmtime-fiber"]
 
diff --git a/crates/runtime/src/externref.rs b/crates/runtime/src/externref.rs
index 7b5b3ef06d..354e4fde9b 100644
--- a/crates/runtime/src/externref.rs
+++ b/crates/runtime/src/externref.rs
@@ -704,7 +704,6 @@ impl VMExternRefActivationsTable {
         }
     }
 
-    #[cfg_attr(not(feature = "wasm-backtrace"), allow(dead_code))]
     fn insert_precise_stack_root(
         precise_stack_roots: &mut HashSet<VMExternRefWithTraits>,
         root: NonNull<VMExternData>,
@@ -867,7 +866,6 @@ impl<T> std::ops::DerefMut for DebugOnly<T> {
 ///
 /// Additionally, you must have registered the stack maps for every Wasm module
 /// that has frames on the stack with the given `stack_maps_registry`.
-#[cfg_attr(not(feature = "wasm-backtrace"), allow(unused_mut, unused_variables))]
 pub unsafe fn gc(
     module_info_lookup: &dyn ModuleInfoLookup,
     externref_activations_table: &mut VMExternRefActivationsTable,
@@ -895,7 +893,6 @@ pub unsafe fn gc(
         None => {
             if cfg!(debug_assertions) {
                 // Assert that there aren't any Wasm frames on the stack.
-                #[cfg(feature = "wasm-backtrace")]
                 backtrace::trace(|frame| {
                     assert!(module_info_lookup.lookup(frame.ip() as usize).is_none());
                     true
@@ -937,7 +934,6 @@ pub unsafe fn gc(
         });
     }
 
-    #[cfg(feature = "wasm-backtrace")]
     backtrace::trace(|frame| {
         let pc = frame.ip() as usize;
         let sp = frame.sp() as usize;
diff --git a/crates/runtime/src/libcalls.rs b/crates/runtime/src/libcalls.rs
index 8375d9c9e1..d1a75286c9 100644
--- a/crates/runtime/src/libcalls.rs
+++ b/crates/runtime/src/libcalls.rs
@@ -507,7 +507,7 @@ pub unsafe extern "C" fn memory_atomic_notify(
         // just to be sure.
         let addr_to_check = addr.checked_add(4).unwrap();
         validate_atomic_addr(instance, memory, addr_to_check).and_then(|()| {
-            Err(Trap::User(anyhow::anyhow!(
+            Err(Trap::user(anyhow::anyhow!(
                 "unimplemented: wasm atomics (fn memory_atomic_notify) unsupported",
             )))
         })
@@ -534,7 +534,7 @@ pub unsafe extern "C" fn memory_atomic_wait32(
         // but we still double-check
         let addr_to_check = addr.checked_add(4).unwrap();
         validate_atomic_addr(instance, memory, addr_to_check).and_then(|()| {
-            Err(Trap::User(anyhow::anyhow!(
+            Err(Trap::user(anyhow::anyhow!(
                 "unimplemented: wasm atomics (fn memory_atomic_wait32) unsupported",
             )))
         })
@@ -561,7 +561,7 @@ pub unsafe extern "C" fn memory_atomic_wait64(
         // but we still double-check
         let addr_to_check = addr.checked_add(8).unwrap();
         validate_atomic_addr(instance, memory, addr_to_check).and_then(|()| {
-            Err(Trap::User(anyhow::anyhow!(
+            Err(Trap::user(anyhow::anyhow!(
                 "unimplemented: wasm atomics (fn memory_atomic_wait64) unsupported",
             )))
         })
diff --git a/crates/runtime/src/traphandlers.rs b/crates/runtime/src/traphandlers.rs
index c3b323832b..caf1553f0a 100644
--- a/crates/runtime/src/traphandlers.rs
+++ b/crates/runtime/src/traphandlers.rs
@@ -11,6 +11,7 @@ use std::sync::Once;
 use wasmtime_environ::TrapCode;
 
 pub use self::tls::{tls_eager_initialize, TlsRestore};
+pub use backtrace::Backtrace;
 
 #[link(name = "wasmtime-helpers")]
 extern "C" {
@@ -112,14 +113,19 @@ pub unsafe fn resume_panic(payload: Box<dyn Any + Send>) -> ! {
 #[derive(Debug)]
 pub enum Trap {
     /// A user-raised trap through `raise_user_trap`.
-    User(Error),
+    User {
+        /// The user-provided error
+        error: Error,
+        /// Native stack backtrace at the time the trap occurred
+        backtrace: Option<Backtrace>,
+    },
 
     /// A trap raised from jit code
     Jit {
         /// The program counter in JIT code where this trap happened.
         pc: usize,
         /// Native stack backtrace at the time the trap occurred
-        backtrace: Backtrace,
+        backtrace: Option<Backtrace>,
     },
 
     /// A trap raised from a wasm libcall
@@ -127,63 +133,53 @@ pub enum Trap {
         /// Code of the trap.
         trap_code: TrapCode,
         /// Native stack backtrace at the time the trap occurred
-        backtrace: Backtrace,
+        backtrace: Option<Backtrace>,
     },
 
     /// A trap indicating that the runtime was unable to allocate sufficient memory.
     OOM {
         /// Native stack backtrace at the time the OOM occurred
-        backtrace: Backtrace,
+        backtrace: Option<Backtrace>,
     },
 }
 
 impl Trap {
-    /// Construct a new Wasm trap with the given source location and trap code.
+    /// Construct a new Wasm trap with the given trap code.
     ///
-    /// Internally saves a backtrace when constructed.
+    /// Internally saves a backtrace when passed across a setjmp boundary, if the
+    /// engine is configured to save backtraces.
     pub fn wasm(trap_code: TrapCode) -> Self {
         Trap::Wasm {
             trap_code,
-            backtrace: Backtrace::new(),
+            backtrace: None,
         }
     }
 
-    /// Construct a new OOM trap with the given source location and trap code.
+    /// Construct a new Wasm trap from a user Error.
     ///
-    /// Internally saves a backtrace when constructed.
-    pub fn oom() -> Self {
-        Trap::OOM {
-            backtrace: Backtrace::new(),
+    /// Internally saves a backtrace when passed across a setjmp boundary, if the
+    /// engine is configured to save backtraces.
+    pub fn user(error: Error) -> Self {
+        Trap::User {
+            error,
+            backtrace: None,
         }
     }
-}
-
-/// A crate-local backtrace type which conditionally, at compile time, actually
-/// contains a backtrace from the `backtrace` crate or nothing.
-#[derive(Debug)]
-pub struct Backtrace {
-    #[cfg(feature = "wasm-backtrace")]
-    trace: backtrace::Backtrace,
-}
-
-impl Backtrace {
-    /// Captures a new backtrace
+    /// Construct a new OOM trap.
     ///
-    /// Note that this function does nothing if the `wasm-backtrace` feature is
-    /// disabled.
-    pub fn new() -> Backtrace {
-        Backtrace {
-            #[cfg(feature = "wasm-backtrace")]
-            trace: backtrace::Backtrace::new_unresolved(),
-        }
+    /// Internally saves a backtrace when passed across a setjmp boundary, if the
+    /// engine is configured to save backtraces.
+    pub fn oom() -> Self {
+        Trap::OOM { backtrace: None }
     }
 
-    /// Returns the backtrace frames associated with this backtrace. Note that
-    /// this is conditionally defined and not present when `wasm-backtrace` is
-    /// not present.
-    #[cfg(feature = "wasm-backtrace")]
-    pub fn frames(&self) -> &[backtrace::BacktraceFrame] {
-        self.trace.frames()
+    fn insert_backtrace(&mut self, bt: Backtrace) {
+        match self {
+            Trap::User { backtrace, .. } => *backtrace = Some(bt),
+            Trap::Jit { backtrace, .. } => *backtrace = Some(bt),
+            Trap::Wasm { backtrace, .. } => *backtrace = Some(bt),
+            Trap::OOM { backtrace, .. } => *backtrace = Some(bt),
+        }
     }
 }
 
@@ -193,13 +189,14 @@ impl Backtrace {
 /// Highly unsafe since `closure` won't have any dtors run.
 pub unsafe fn catch_traps<'a, F>(
     signal_handler: Option<*const SignalHandler<'static>>,
+    capture_backtrace: bool,
     callee: *mut VMContext,
     mut closure: F,
 ) -> Result<(), Box<Trap>>
 where
     F: FnMut(*mut VMContext),
 {
-    return CallThreadState::new(signal_handler).with(|cx| {
+    return CallThreadState::new(signal_handler, capture_backtrace).with(|cx| {
         wasmtime_setjmp(
             cx.jmp_buf.as_ptr(),
             call_closure::<F>,
@@ -219,29 +216,34 @@ where
 /// Temporary state stored on the stack which is registered in the `tls` module
 /// below for calls into wasm.
 pub struct CallThreadState {
-    unwind: UnsafeCell<MaybeUninit<UnwindReason>>,
+    unwind: UnsafeCell<MaybeUninit<(UnwindReason, Option<Backtrace>)>>,
     jmp_buf: Cell<*const u8>,
     handling_trap: Cell<bool>,
     signal_handler: Option<*const SignalHandler<'static>>,
     prev: Cell<tls::Ptr>,
+    capture_backtrace: bool,
 }
 
 enum UnwindReason {
     Panic(Box<dyn Any + Send>),
     UserTrap(Error),
     LibTrap(Trap),
-    JitTrap { backtrace: Backtrace, pc: usize },
+    JitTrap { pc: usize }, // Removed a backtrace here
 }
 
 impl CallThreadState {
     #[inline]
-    fn new(signal_handler: Option<*const SignalHandler<'static>>) -> CallThreadState {
+    fn new(
+        signal_handler: Option<*const SignalHandler<'static>>,
+        capture_backtrace: bool,
+    ) -> CallThreadState {
         CallThreadState {
             unwind: UnsafeCell::new(MaybeUninit::uninit()),
             jmp_buf: Cell::new(ptr::null()),
             handling_trap: Cell::new(false),
             signal_handler,
             prev: Cell::new(ptr::null()),
+            capture_backtrace,
         }
     }
 
@@ -257,16 +259,26 @@ impl CallThreadState {
     #[cold]
     unsafe fn read_trap(&self) -> Box<Trap> {
         Box::new(match (*self.unwind.get()).as_ptr().read() {
-            UnwindReason::UserTrap(data) => Trap::User(data),
-            UnwindReason::LibTrap(trap) => trap,
-            UnwindReason::JitTrap { backtrace, pc } => Trap::Jit { pc, backtrace },
-            UnwindReason::Panic(panic) => std::panic::resume_unwind(panic),
+            (UnwindReason::UserTrap(error), backtrace) => Trap::User { error, backtrace },
+            (UnwindReason::LibTrap(mut trap), backtrace) => {
+                if let Some(backtrace) = backtrace {
+                    trap.insert_backtrace(backtrace);
+                }
+                trap
+            }
+            (UnwindReason::JitTrap { pc }, backtrace) => Trap::Jit { pc, backtrace },
+            (UnwindReason::Panic(panic), _) => std::panic::resume_unwind(panic),
         })
     }
 
     fn unwind_with(&self, reason: UnwindReason) -> ! {
+        let backtrace = if self.capture_backtrace {
+            Some(Backtrace::new())
+        } else {
+            None
+        };
         unsafe {
-            (*self.unwind.get()).as_mut_ptr().write(reason);
+            (*self.unwind.get()).as_mut_ptr().write((reason, backtrace));
             wasmtime_longjmp(self.jmp_buf.get());
         }
     }
@@ -327,14 +339,15 @@ impl CallThreadState {
     }
 
     fn capture_backtrace(&self, pc: *const u8) {
-        let backtrace = Backtrace::new();
+        let backtrace = if self.capture_backtrace {
+            Some(Backtrace::new())
+        } else {
+            None
+        };
         unsafe {
             (*self.unwind.get())
                 .as_mut_ptr()
-                .write(UnwindReason::JitTrap {
-                    backtrace,
-                    pc: pc as usize,
-                });
+                .write((UnwindReason::JitTrap { pc: pc as usize }, backtrace));
         }
     }
 }
diff --git a/crates/wasmtime/Cargo.toml b/crates/wasmtime/Cargo.toml
index 8517fbf991..4e78397dcb 100644
--- a/crates/wasmtime/Cargo.toml
+++ b/crates/wasmtime/Cargo.toml
@@ -25,7 +25,7 @@ anyhow = "1.0.19"
 region = "2.2.0"
 libc = "0.2"
 cfg-if = "1.0"
-backtrace = { version = "0.3.61", optional = true }
+backtrace = { version = "0.3.61" }
 log = "0.4.8"
 wat = { version = "1.0.43", optional = true }
 serde = { version = "1.0.94", features = ["derive"] }
@@ -37,7 +37,7 @@ lazy_static = "1.4"
 rayon = { version = "1.0", optional = true }
 object = { version = "0.28", default-features = false, features = ['read_core', 'elf'] }
 async-trait = { version = "0.1.51", optional = true }
-once_cell = "1.9"
+once_cell = "1.12"
 
 [target.'cfg(target_os = "windows")'.dependencies]
 winapi = "0.3.7"
@@ -61,7 +61,6 @@ default = [
   'pooling-allocator',
   'memory-init-cow',
   'vtune',
-  'wasm-backtrace',
 ]
 
 # An on-by-default feature enabling runtime compilation of WebAssembly modules
@@ -106,12 +105,6 @@ posix-signals-on-macos = ["wasmtime-runtime/posix-signals-on-macos"]
 # Enabling this feature has no effect on unsupported platforms.
 memory-init-cow = ["wasmtime-runtime/memory-init-cow"]
 
-# Enables runtime support necessary to capture backtraces of WebAssembly code
-# that is running.
-#
-# This is enabled by default.
-wasm-backtrace = ["wasmtime-runtime/wasm-backtrace", "backtrace"]
-
 # Enables in-progress support for the component model. Note that this feature is
 # in-progress, buggy, and incomplete. This is primarily here for internal
 # testing purposes.
diff --git a/crates/wasmtime/src/config.rs b/crates/wasmtime/src/config.rs
index 16e3272bba..7b70f27a88 100644
--- a/crates/wasmtime/src/config.rs
+++ b/crates/wasmtime/src/config.rs
@@ -91,6 +91,7 @@ pub struct Config {
     pub(crate) allocation_strategy: InstanceAllocationStrategy,
     pub(crate) max_wasm_stack: usize,
     pub(crate) features: WasmFeatures,
+    pub(crate) wasm_backtrace: bool,
     pub(crate) wasm_backtrace_details_env_used: bool,
     #[cfg(feature = "async")]
     pub(crate) async_stack_size: usize,
@@ -124,6 +125,7 @@ impl Config {
             // 1` forces this), or at least it passed when this change was
             // committed.
             max_wasm_stack: 512 * 1024,
+            wasm_backtrace: true,
             wasm_backtrace_details_env_used: false,
             features: WasmFeatures::default(),
             #[cfg(feature = "async")]
@@ -140,9 +142,7 @@ impl Config {
             ret.cranelift_debug_verifier(false);
             ret.cranelift_opt_level(OptLevel::Speed);
         }
-        #[cfg(feature = "wasm-backtrace")]
         ret.wasm_reference_types(true);
-        ret.features.reference_types = cfg!(feature = "wasm-backtrace");
         ret.wasm_multi_value(true);
         ret.wasm_bulk_memory(true);
         ret.wasm_simd(true);
@@ -279,6 +279,35 @@ impl Config {
         self
     }
 
+    /// Configures whether backtraces exist in a `Trap`.
+    ///
+    /// Enabled by default, this feature builds in support to
+    /// generate backtraces at runtime for WebAssembly modules. This means that
+    /// unwinding information is compiled into wasm modules and necessary runtime
+    /// dependencies are enabled as well.
+    ///
+    /// When disabled, wasm backtrace details are ignored, and [`crate::Trap::trace()`]
+    /// will always return `None`.
+
+    pub fn wasm_backtrace(&mut self, enable: bool) -> &mut Self {
+        self.wasm_backtrace = enable;
+        #[cfg(compiler)]
+        {
+            // unwind_info must be enabled when either backtraces or reference types are enabled:
+            self.compiler
+                .set(
+                    "unwind_info",
+                    if enable || self.features.reference_types {
+                        "true"
+                    } else {
+                        "false"
+                    },
+                )
+                .unwrap();
+        }
+        self
+    }
+
     /// Configures whether backtraces in `Trap` will parse debug info in the wasm file to
     /// have filename/line number information.
     ///
@@ -508,14 +537,9 @@ impl Config {
     /// Note that enabling the reference types feature will also enable the bulk
     /// memory feature.
     ///
-    /// This feature is `true` by default. If the `wasm-backtrace` feature is
-    /// disabled at compile time, however, then this is `false` by default and
-    /// it cannot be turned on since GC currently requires backtraces to work.
-    /// Note that the `wasm-backtrace` feature is on by default, however.
+    /// This feature is `true` by default.
     ///
     /// [proposal]: https://github.com/webassembly/reference-types
-    #[cfg(feature = "wasm-backtrace")]
-    #[cfg_attr(nightlydoc, doc(cfg(feature = "wasm-backtrace")))]
     pub fn wasm_reference_types(&mut self, enable: bool) -> &mut Self {
         self.features.reference_types = enable;
 
@@ -524,6 +548,17 @@ impl Config {
             self.compiler
                 .set("enable_safepoints", if enable { "true" } else { "false" })
                 .unwrap();
+            // unwind_info must be enabled when either backtraces or reference types are enabled:
+            self.compiler
+                .set(
+                    "unwind_info",
+                    if enable || self.wasm_backtrace {
+                        "true"
+                    } else {
+                        "false"
+                    },
+                )
+                .unwrap();
         }
 
         // The reference types proposal depends on the bulk memory proposal.
@@ -1288,20 +1323,9 @@ impl Config {
 
 #[cfg(compiler)]
 fn compiler_builder(strategy: Strategy) -> Result<Box<dyn CompilerBuilder>> {
-    let mut builder = match strategy {
-        Strategy::Auto | Strategy::Cranelift => wasmtime_cranelift::builder(),
-    };
-    builder
-        .set(
-            "unwind_info",
-            if cfg!(feature = "wasm-backtrace") {
-                "true"
-            } else {
-                "false"
-            },
-        )
-        .unwrap();
-    Ok(builder)
+    match strategy {
+        Strategy::Auto | Strategy::Cranelift => Ok(wasmtime_cranelift::builder()),
+    }
 }
 
 fn round_up_to_pages(val: u64) -> u64 {
@@ -1331,6 +1355,7 @@ impl Clone for Config {
             mem_creator: self.mem_creator.clone(),
             allocation_strategy: self.allocation_strategy.clone(),
             max_wasm_stack: self.max_wasm_stack,
+            wasm_backtrace: self.wasm_backtrace,
             wasm_backtrace_details_env_used: self.wasm_backtrace_details_env_used,
             async_support: self.async_support,
             #[cfg(feature = "async")]
diff --git a/crates/wasmtime/src/engine.rs b/crates/wasmtime/src/engine.rs
index c81ae6e67d..4886d78910 100644
--- a/crates/wasmtime/src/engine.rs
+++ b/crates/wasmtime/src/engine.rs
@@ -303,7 +303,7 @@ impl Engine {
             // can affect the way the generated code performs or behaves at
             // runtime.
             "avoid_div_traps" => *value == FlagValue::Bool(true),
-            "unwind_info" => *value == FlagValue::Bool(cfg!(feature = "wasm-backtrace")),
+            "unwind_info" => *value == FlagValue::Bool(true),
             "libcall_call_conv" => *value == FlagValue::Enum("isa_default".into()),
 
             // Features wasmtime doesn't use should all be disabled, since
diff --git a/crates/wasmtime/src/func.rs b/crates/wasmtime/src/func.rs
index 1b019c2310..fff3389aa4 100644
--- a/crates/wasmtime/src/func.rs
+++ b/crates/wasmtime/src/func.rs
@@ -1235,6 +1235,7 @@ pub(crate) fn invoke_wasm_and_catch_traps<T>(
         }
         let result = wasmtime_runtime::catch_traps(
             store.0.signal_handler(),
+            store.0.engine().config().wasm_backtrace,
             store.0.default_callee(),
             closure,
         );
diff --git a/crates/wasmtime/src/lib.rs b/crates/wasmtime/src/lib.rs
index c71943a794..64cf5f84de 100644
--- a/crates/wasmtime/src/lib.rs
+++ b/crates/wasmtime/src/lib.rs
@@ -290,14 +290,6 @@
 //!   run-time via [`Config::memory_init_cow`] (which is also enabled by
 //!   default).
 //!
-//! * `wasm-backtrace` - Enabled by default, this feature builds in support to
-//!   generate backtraces at runtime for WebAssembly modules. This means that
-//!   unwinding information is compiled into wasm modules and necessary runtime
-//!   dependencies are enabled as well. If this is turned off then some methods
-//!   to look at trap frames will not be available. Additionally at this time
-//!   disabling this feature means that the reference types feature is always
-//!   disabled as well.
-//!
 //! ## Examples
 //!
 //! In addition to the examples below be sure to check out the [online embedding
diff --git a/crates/wasmtime/src/store.rs b/crates/wasmtime/src/store.rs
index 6a5ec7f3c3..afa35b4754 100644
--- a/crates/wasmtime/src/store.rs
+++ b/crates/wasmtime/src/store.rs
@@ -1914,11 +1914,7 @@ unsafe impl<T> wasmtime_runtime::Store for StoreInner<T> {
     fn new_epoch(&mut self) -> Result<u64, anyhow::Error> {
         return match &mut self.epoch_deadline_behavior {
             EpochDeadline::Trap => {
-                let trap = Trap::new_wasm(
-                    None,
-                    wasmtime_environ::TrapCode::Interrupt,
-                    wasmtime_runtime::Backtrace::new(),
-                );
+                let trap = Trap::new_wasm(wasmtime_environ::TrapCode::Interrupt, None);
                 Err(anyhow::Error::from(trap))
             }
             EpochDeadline::Callback(callback) => {
diff --git a/crates/wasmtime/src/trap.rs b/crates/wasmtime/src/trap.rs
index 1f81f788a4..977e8bd050 100644
--- a/crates/wasmtime/src/trap.rs
+++ b/crates/wasmtime/src/trap.rs
@@ -1,5 +1,6 @@
 use crate::module::GlobalModuleRegistry;
 use crate::FrameInfo;
+use once_cell::sync::OnceCell;
 use std::fmt;
 use std::sync::Arc;
 use wasmtime_environ::TrapCode as EnvTrapCode;
@@ -127,15 +128,65 @@ impl fmt::Display for TrapCode {
     }
 }
 
-struct TrapInner {
-    reason: TrapReason,
-    #[cfg(feature = "wasm-backtrace")]
+#[derive(Debug)]
+pub(crate) struct TrapBacktrace {
     wasm_trace: Vec<FrameInfo>,
     native_trace: Backtrace,
-    #[cfg(feature = "wasm-backtrace")]
     hint_wasm_backtrace_details_env: bool,
 }
 
+impl TrapBacktrace {
+    pub fn new(native_trace: Backtrace, trap_pc: Option<usize>) -> Self {
+        let mut wasm_trace = Vec::<FrameInfo>::new();
+        let mut hint_wasm_backtrace_details_env = false;
+
+        GlobalModuleRegistry::with(|registry| {
+            for frame in native_trace.frames() {
+                let pc = frame.ip() as usize;
+                if pc == 0 {
+                    continue;
+                }
+                // Note that we need to be careful about the pc we pass in
+                // here to lookup frame information. This program counter is
+                // used to translate back to an original source location in
+                // the origin wasm module. If this pc is the exact pc that
+                // the trap happened at, then we look up that pc precisely.
+                // Otherwise backtrace information typically points at the
+                // pc *after* the call instruction (because otherwise it's
+                // likely a call instruction on the stack). In that case we
+                // want to lookup information for the previous instruction
+                // (the call instruction) so we subtract one as the lookup.
+                let pc_to_lookup = if Some(pc) == trap_pc { pc } else { pc - 1 };
+                if let Some((info, has_unparsed_debuginfo, wasm_backtrace_details_env_used)) =
+                    registry.lookup_frame_info(pc_to_lookup)
+                {
+                    wasm_trace.push(info);
+
+                    // If this frame has unparsed debug information and the
+                    // store's configuration indicates that we were
+                    // respecting the environment variable of whether to
+                    // do this then we will print out a helpful note in
+                    // `Display` to indicate that more detailed information
+                    // in a trap may be available.
+                    if has_unparsed_debuginfo && wasm_backtrace_details_env_used {
+                        hint_wasm_backtrace_details_env = true;
+                    }
+                }
+            }
+        });
+        Self {
+            wasm_trace,
+            native_trace,
+            hint_wasm_backtrace_details_env,
+        }
+    }
+}
+
+struct TrapInner {
+    reason: TrapReason,
+    backtrace: OnceCell<TrapBacktrace>,
+}
+
 fn _assert_trap_is_sync_and_send(t: &Trap) -> (&dyn Sync, &dyn Send) {
     (t, t)
 }
@@ -150,14 +201,14 @@ impl Trap {
     #[cold] // traps are exceptional, this helps move handling off the main path
     pub fn new<I: Into<String>>(message: I) -> Self {
         let reason = TrapReason::Message(message.into());
-        Trap::new_with_trace(None, reason, Backtrace::new())
+        Trap::new_with_trace(reason, None)
     }
 
     /// Creates a new `Trap` representing an explicit program exit with a classic `i32`
     /// exit status value.
     #[cold] // see Trap::new
     pub fn i32_exit(status: i32) -> Self {
-        Trap::new_with_trace(None, TrapReason::I32Exit(status), Backtrace::new())
+        Trap::new_with_trace(TrapReason::I32Exit(status), None)
     }
 
     #[cold] // see Trap::new
@@ -168,97 +219,58 @@ impl Trap {
     #[cold] // see Trap::new
     pub(crate) fn from_runtime(runtime_trap: wasmtime_runtime::Trap) -> Self {
         match runtime_trap {
-            wasmtime_runtime::Trap::User(error) => Trap::from(error),
+            wasmtime_runtime::Trap::User { error, backtrace } => {
+                let trap = Trap::from(error);
+                if let Some(backtrace) = backtrace {
+                    trap.record_backtrace(TrapBacktrace::new(backtrace, None));
+                }
+                trap
+            }
             wasmtime_runtime::Trap::Jit { pc, backtrace } => {
                 let code = GlobalModuleRegistry::with(|modules| {
                     modules
                         .lookup_trap_code(pc)
                         .unwrap_or(EnvTrapCode::StackOverflow)
                 });
-                Trap::new_wasm(Some(pc), code, backtrace)
+                let backtrace = backtrace.map(|bt| TrapBacktrace::new(bt, Some(pc)));
+                Trap::new_wasm(code, backtrace)
             }
             wasmtime_runtime::Trap::Wasm {
                 trap_code,
                 backtrace,
-            } => Trap::new_wasm(None, trap_code, backtrace),
+            } => {
+                let backtrace = backtrace.map(|bt| TrapBacktrace::new(bt, None));
+                Trap::new_wasm(trap_code, backtrace)
+            }
             wasmtime_runtime::Trap::OOM { backtrace } => {
                 let reason = TrapReason::Message("out of memory".to_string());
-                Trap::new_with_trace(None, reason, backtrace)
+                let backtrace = backtrace.map(|bt| TrapBacktrace::new(bt, None));
+                Trap::new_with_trace(reason, backtrace)
             }
         }
     }
 
     #[cold] // see Trap::new
-    pub(crate) fn new_wasm(
-        trap_pc: Option<usize>,
-        code: EnvTrapCode,
-        backtrace: Backtrace,
-    ) -> Self {
+    pub(crate) fn new_wasm(code: EnvTrapCode, backtrace: Option<TrapBacktrace>) -> Self {
         let code = TrapCode::from_non_user(code);
-        Trap::new_with_trace(trap_pc, TrapReason::InstructionTrap(code), backtrace)
+        Trap::new_with_trace(TrapReason::InstructionTrap(code), backtrace)
     }
 
     /// Creates a new `Trap`.
-    ///
-    /// * `trap_pc` - this is the precise program counter, if available, that
-    ///   wasm trapped at. This is used when learning about the wasm stack trace
-    ///   to ensure we assign the correct source to every frame.
-    ///
     /// * `reason` - this is the wasmtime-internal reason for why this trap is
     ///   being created.
     ///
-    /// * `native_trace` - this is a captured backtrace from when the trap
-    ///   occurred, and this will iterate over the frames to find frames that
-    ///   lie in wasm jit code.
-    #[cfg_attr(not(feature = "wasm-backtrace"), allow(unused_mut, unused_variables))]
-    fn new_with_trace(trap_pc: Option<usize>, reason: TrapReason, native_trace: Backtrace) -> Self {
-        let mut wasm_trace = Vec::<FrameInfo>::new();
-        let mut hint_wasm_backtrace_details_env = false;
-
-        #[cfg(feature = "wasm-backtrace")]
-        GlobalModuleRegistry::with(|registry| {
-            for frame in native_trace.frames() {
-                let pc = frame.ip() as usize;
-                if pc == 0 {
-                    continue;
-                }
-                // Note that we need to be careful about the pc we pass in
-                // here to lookup frame information. This program counter is
-                // used to translate back to an original source location in
-                // the origin wasm module. If this pc is the exact pc that
-                // the trap happened at, then we look up that pc precisely.
-                // Otherwise backtrace information typically points at the
-                // pc *after* the call instruction (because otherwise it's
-                // likely a call instruction on the stack). In that case we
-                // want to lookup information for the previous instruction
-                // (the call instruction) so we subtract one as the lookup.
-                let pc_to_lookup = if Some(pc) == trap_pc { pc } else { pc - 1 };
-                if let Some((info, has_unparsed_debuginfo, wasm_backtrace_details_env_used)) =
-                    registry.lookup_frame_info(pc_to_lookup)
-                {
-                    wasm_trace.push(info);
-
-                    // If this frame has unparsed debug information and the
-                    // store's configuration indicates that we were
-                    // respecting the environment variable of whether to
-                    // do this then we will print out a helpful note in
-                    // `Display` to indicate that more detailed information
-                    // in a trap may be available.
-                    if has_unparsed_debuginfo && wasm_backtrace_details_env_used {
-                        hint_wasm_backtrace_details_env = true;
-                    }
-                }
-            }
-        });
+    /// * `backtrace` - this is a captured backtrace from when the trap
+    ///   occurred. Contains the native backtrace, and the backtrace of
+    ///   WebAssembly frames.
+    fn new_with_trace(reason: TrapReason, backtrace: Option<TrapBacktrace>) -> Self {
+        let backtrace = if let Some(bt) = backtrace {
+            OnceCell::with_value(bt)
+        } else {
+            OnceCell::new()
+        };
         Trap {
-            inner: Arc::new(TrapInner {
-                reason,
-                native_trace,
-                #[cfg(feature = "wasm-backtrace")]
-                wasm_trace,
-                #[cfg(feature = "wasm-backtrace")]
-                hint_wasm_backtrace_details_env,
-            }),
+            inner: Arc::new(TrapInner { reason, backtrace }),
         }
     }
 
@@ -283,10 +295,12 @@ impl Trap {
 
     /// Returns a list of function frames in WebAssembly code that led to this
     /// trap happening.
-    #[cfg(feature = "wasm-backtrace")]
-    #[cfg_attr(nightlydoc, doc(cfg(feature = "wasm-backtrace")))]
-    pub fn trace(&self) -> &[FrameInfo] {
-        &self.inner.wasm_trace
+    pub fn trace(&self) -> Option<&[FrameInfo]> {
+        self.inner
+            .backtrace
+            .get()
+            .as_ref()
+            .map(|bt| bt.wasm_trace.as_slice())
     }
 
     /// Code of a trap that happened while executing a WASM instruction.
@@ -297,16 +311,26 @@ impl Trap {
             _ => None,
         }
     }
+
+    fn record_backtrace(&self, backtrace: TrapBacktrace) {
+        // When a trap is created on top of the wasm stack, the trampoline will
+        // re-raise it via
+        // `wasmtime_runtime::raise_user_trap(trap.into::<Box<dyn Error>>())`
+        // after panic::catch_unwind. We don't want to overwrite the first
+        // backtrace recorded, as it is most precise.
+        // FIXME: make sure backtraces are only created once per trap! they are
+        // actually kinda expensive to create.
+        let _ = self.inner.backtrace.try_insert(backtrace);
+    }
 }
 
 impl fmt::Debug for Trap {
     fn fmt(&self, f: &mut fmt::Formatter<'_>) -> fmt::Result {
         let mut f = f.debug_struct("Trap");
         f.field("reason", &self.inner.reason);
-        #[cfg(feature = "wasm-backtrace")]
-        {
-            f.field("wasm_trace", &self.inner.wasm_trace)
-                .field("native_trace", &self.inner.native_trace);
+        if let Some(backtrace) = self.inner.backtrace.get() {
+            f.field("wasm_trace", &backtrace.wasm_trace)
+                .field("native_trace", &backtrace.native_trace);
         }
         f.finish()
     }
@@ -316,15 +340,13 @@ impl fmt::Display for Trap {
     fn fmt(&self, f: &mut fmt::Formatter<'_>) -> fmt::Result {
         write!(f, "{}", self.inner.reason)?;
 
-        #[cfg(feature = "wasm-backtrace")]
-        {
-            let trace = self.trace();
+        if let Some(trace) = self.trace() {
             if trace.is_empty() {
                 return Ok(());
             }
             writeln!(f, "\nwasm backtrace:")?;
 
-            for (i, frame) in self.trace().iter().enumerate() {
+            for (i, frame) in trace.iter().enumerate() {
                 let name = frame.module_name().unwrap_or("<unknown>");
                 write!(f, "  {:>3}: ", i)?;
 
@@ -369,7 +391,13 @@ impl fmt::Display for Trap {
                     }
                 }
             }
-            if self.inner.hint_wasm_backtrace_details_env {
+            if self
+                .inner
+                .backtrace
+                .get()
+                .map(|t| t.hint_wasm_backtrace_details_env)
+                .unwrap_or(false)
+            {
                 writeln!(f, "note: using the `WASMTIME_BACKTRACE_DETAILS=1` environment variable to may show more debugging information")?;
             }
         }
@@ -404,7 +432,7 @@ impl From<Box<dyn std::error::Error + Send + Sync>> for Trap {
             trap.clone()
         } else {
             let reason = TrapReason::Error(e.into());
-            Trap::new_with_trace(None, reason, Backtrace::new())
+            Trap::new_with_trace(reason, None)
         }
     }
 }
diff --git a/tests/all/traps.rs b/tests/all/traps.rs
index efe192ede7..02eec0c784 100644
--- a/tests/all/traps.rs
+++ b/tests/all/traps.rs
@@ -49,7 +49,7 @@ fn test_trap_trace() -> Result<()> {
         .err()
         .expect("error calling function");
 
-    let trace = e.trace();
+    let trace = e.trace().expect("backtrace is available");
     assert_eq!(trace.len(), 2);
     assert_eq!(trace[0].module_name().unwrap(), "hello_mod");
     assert_eq!(trace[0].func_index(), 1);
@@ -70,6 +70,32 @@ fn test_trap_trace() -> Result<()> {
     Ok(())
 }
 
+#[test]
+fn test_trap_backtrace_disabled() -> Result<()> {
+    let mut config = Config::default();
+    config.wasm_backtrace(false);
+    let engine = Engine::new(&config).unwrap();
+    let mut store = Store::<()>::new(&engine, ());
+    let wat = r#"
+        (module $hello_mod
+            (func (export "run") (call $hello))
+            (func $hello (unreachable))
+        )
+    "#;
+
+    let module = Module::new(store.engine(), wat)?;
+    let instance = Instance::new(&mut store, &module, &[])?;
+    let run_func = instance.get_typed_func::<(), (), _>(&mut store, "run")?;
+
+    let e = run_func
+        .call(&mut store, ())
+        .err()
+        .expect("error calling function");
+
+    assert!(e.trace().is_none(), "backtraces should be disabled");
+    Ok(())
+}
+
 #[test]
 #[cfg_attr(all(target_os = "macos", target_arch = "aarch64"), ignore)] // TODO #2808 system libunwind is broken on aarch64
 fn test_trap_trace_cb() -> Result<()> {
@@ -94,7 +120,7 @@ fn test_trap_trace_cb() -> Result<()> {
         .err()
         .expect("error calling function");
 
-    let trace = e.trace();
+    let trace = e.trace().expect("backtrace is available");
     assert_eq!(trace.len(), 2);
     assert_eq!(trace[0].module_name().unwrap(), "hello_mod");
     assert_eq!(trace[0].func_index(), 2);
@@ -124,7 +150,7 @@ fn test_trap_stack_overflow() -> Result<()> {
         .err()
         .expect("error calling function");
 
-    let trace = e.trace();
+    let trace = e.trace().expect("backtrace is available");
     assert!(trace.len() >= 32);
     for i in 0..trace.len() {
         assert_eq!(trace[i].module_name().unwrap(), "rec_mod");
@@ -429,8 +455,9 @@ fn present_after_module_drop() -> Result<()> {
 
     fn assert_trap(t: Trap) {
         println!("{}", t);
-        assert_eq!(t.trace().len(), 1);
-        assert_eq!(t.trace()[0].func_index(), 0);
+        let trace = t.trace().expect("backtrace is available");
+        assert_eq!(trace.len(), 1);
+        assert_eq!(trace[0].func_index(), 0);
     }
 }
 
@@ -525,7 +552,7 @@ fn parse_dwarf_info() -> Result<()> {
         .downcast::<Trap>()?;
 
     let mut found = false;
-    for frame in trap.trace() {
+    for frame in trap.trace().expect("backtrace is available") {
         for symbol in frame.symbols() {
             if let Some(file) = symbol.file() {
                 if file.ends_with("input.rs") {
@@ -661,7 +688,7 @@ fn traps_without_address_map() -> Result<()> {
         .err()
         .expect("error calling function");
 
-    let trace = e.trace();
+    let trace = e.trace().expect("backtrace is available");
     assert_eq!(trace.len(), 2);
     assert_eq!(trace[0].func_name(), Some("hello"));
     assert_eq!(trace[0].func_index(), 1);