diff --git a/src/future/Future.php b/src/future/Future.php
index f58a5287..f69f14bc 100644
--- a/src/future/Future.php
+++ b/src/future/Future.php
@@ -8,8 +8,11 @@
 abstract class Future extends Phobject {
 
   private $hasResult = false;
+  private $hasStarted = false;
+  private $hasEnded = false;
   private $result;
   private $exception;
+  private $futureKey;
 
   /**
    * Is this future's process complete? Specifically, can this future be
@@ -36,18 +39,30 @@ abstract class Future extends Phobject {
           'timeout.'));
     }
 
+    if ($this->hasException()) {
+      throw $this->getException();
+    }
+
     if (!$this->hasResult()) {
       $graph = new FutureIterator(array($this));
       $graph->resolveAll();
     }
 
-    if ($this->hasException()) {
-      throw $this->getException();
-    }
-
     return $this->getResult();
   }
 
+  final public function startFuture() {
+    if ($this->hasStarted) {
+      throw new Exception(
+        pht(
+          'Future has already started; futures can not start more '.
+          'than once.'));
+    }
+    $this->hasStarted = true;
+
+    $this->isReady();
+  }
+
   final public function updateFuture() {
     if ($this->hasException()) {
       return;
@@ -66,11 +81,28 @@ abstract class Future extends Phobject {
     }
   }
 
+  final public function endFuture() {
+    if (!$this->hasException() && !$this->hasResult()) {
+      throw new Exception(
+        pht(
+          'Trying to end a future which has no exception and no result. '.
+          'Futures must resolve before they can be ended.'));
+    }
+
+    if ($this->hasEnded) {
+      throw new Exception(
+        pht(
+          'Future has already ended; futures can not end more '.
+          'than once.'));
+    }
+    $this->hasEnded = true;
+  }
+
   /**
    * Retrieve a list of sockets which we can wait to become readable while
    * a future is resolving. If your future has sockets which can be
    * `select()`ed, return them here (or in @{method:getWriteSockets}) to make
-   * the resolve loop  do a `select()`. If you do not return sockets in either
+   * the resolve loop do a `select()`. If you do not return sockets in either
    * case, you'll get a busy wait.
    *
    * @return list  A list of sockets which we expect to become readable.
@@ -153,5 +185,27 @@ abstract class Future extends Phobject {
     return ($this->exception !== null);
   }
 
+  final public function setFutureKey($key) {
+    if ($this->futureKey !== null) {
+      throw new Exception(
+        pht(
+          'Future already has a key ("%s") assigned.',
+          $key));
+    }
+
+    $this->futureKey = $key;
+
+    return $this;
+  }
+
+  final public function getFutureKey() {
+    static $next_key = 1;
+
+    if ($this->futureKey === null) {
+      $this->futureKey = sprintf('Future/%d', $next_key++);
+    }
+
+    return $this->futureKey;
+  }
 
 }
diff --git a/src/future/FutureIterator.php b/src/future/FutureIterator.php
index c8b01294..772fdc77 100644
--- a/src/future/FutureIterator.php
+++ b/src/future/FutureIterator.php
@@ -28,17 +28,22 @@
  * @task  iterator  Iterator Interface
  * @task  internal  Internals
  */
-final class FutureIterator extends Phobject implements Iterator {
+final class FutureIterator
+  extends Phobject
+  implements Iterator {
 
-  protected $wait     = array();
-  protected $work     = array();
-  protected $futures  = array();
-  protected $key;
+  private $hold = array();
+  private $wait = array();
+  private $work = array();
 
-  protected $limit;
+  private $futures = array();
+  private $key;
 
-  protected $timeout;
-  protected $isTimeout = false;
+  private $limit;
+
+  private $timeout;
+  private $isTimeout = false;
+  private $hasRewound = false;
 
 
 /* -(  Basics  )------------------------------------------------------------- */
@@ -52,7 +57,15 @@ final class FutureIterator extends Phobject implements Iterator {
    */
   public function __construct(array $futures) {
     assert_instances_of($futures, 'Future');
-    $this->futures = $futures;
+
+    $respect_keys = !phutil_is_natural_list($futures);
+
+    foreach ($futures as $map_key => $future) {
+      if ($respect_keys) {
+        $future->setFutureKey($map_key);
+      }
+      $this->addFuture($future);
+    }
   }
 
 
@@ -63,7 +76,17 @@ final class FutureIterator extends Phobject implements Iterator {
    * @task basics
    */
   public function resolveAll() {
-    iterator_to_array($this);
+    // If a caller breaks out of a "foreach" and then calls "resolveAll()",
+    // interpret it to mean that we should iterate over whatever futures
+    // remain.
+
+    if ($this->hasRewound) {
+      while ($this->valid()) {
+        $this->next();
+      }
+    } else {
+      iterator_to_array($this);
+    }
   }
 
   /**
@@ -74,24 +97,20 @@ final class FutureIterator extends Phobject implements Iterator {
    * @param Future  @{class:Future} to add to iterator
    * @task basics
    */
-  public function addFuture(Future $future, $key = null) {
-    if ($key === null) {
-      $this->futures[] = $future;
-      $this->wait[] = last_key($this->futures);
-    } else if (!isset($this->futures[$key])) {
-      $this->futures[$key] = $future;
-      $this->wait[] = $key;
-    } else {
-      throw new Exception(pht('Invalid key %s', $key));
+  public function addFuture(Future $future) {
+    $key = $future->getFutureKey();
+
+    if (isset($this->futures[$key])) {
+      throw new Exception(
+        pht(
+          'This future graph already has a future with key "%s". Each '.
+          'future must have a unique key.',
+          $key));
     }
 
-    // Start running the future if we don't have $this->limit futures running
-    // already. updateWorkingSet() won't start running the future if there's no
-    // limit, so we'll manually poke it here in that case.
-    $this->updateWorkingSet();
-    if (!$this->limit) {
-      $future->isReady();
-    }
+    $this->futures[$key] = $future;
+    $this->hold[$key] = $key;
+
     return $this;
   }
 
@@ -150,6 +169,15 @@ final class FutureIterator extends Phobject implements Iterator {
   }
 
 
+  public function setMaximumWorkingSetSize($limit) {
+    $this->limit = $limit;
+    return $this;
+  }
+
+  public function getMaximumWorkingSetSize() {
+    return $this->limit;
+  }
+
 /* -(  Iterator Interface  )------------------------------------------------- */
 
 
@@ -157,9 +185,12 @@ final class FutureIterator extends Phobject implements Iterator {
    * @task iterator
    */
   public function rewind() {
-    $this->wait = array_keys($this->futures);
-    $this->work = null;
-    $this->updateWorkingSet();
+    if ($this->hasRewound) {
+      throw new Exception(
+        pht('Future graphs can not be rewound.'));
+    }
+    $this->hasRewound = true;
+
     $this->next();
   }
 
@@ -168,95 +199,93 @@ final class FutureIterator extends Phobject implements Iterator {
    */
   public function next() {
     $this->key = null;
-    if (!count($this->wait)) {
+
+    $this->updateWorkingSet();
+
+    if (!$this->work) {
       return;
     }
 
-    $read_sockets = array();
-    $write_sockets = array();
-
     $start = microtime(true);
     $timeout = $this->timeout;
     $this->isTimeout = false;
 
-    $check = $this->getWorkingSet();
+    $working_set = array_select_keys($this->futures, $this->work);
 
-    $resolve = null;
-    do {
-      $read_sockets    = array();
-      $write_sockets   = array();
-      $can_use_sockets = true;
-      $wait_time       = 1;
-      foreach ($check as $wait => $key) {
-        $future = $this->futures[$key];
+    while (true) {
+      // Update every future first. This is a no-op on futures which have
+      // already resolved or failed, but we want to give futures an
+      // opportunity to make progress even if we can resolve something.
 
+      foreach ($working_set as $future_key => $future) {
         $future->updateFuture();
+      }
 
+      // Check if any future has resolved or failed. If we have any such
+      // futures, we'll return the first one from the iterator.
+
+      $resolve_key = null;
+      foreach ($working_set as $future_key => $future) {
         if ($future->hasException()) {
-          if ($resolve === null) {
-            $resolve = $wait;
-          }
-          continue;
+          $resolve_key = $future_key;
+          break;
         }
 
         if ($future->hasResult()) {
-          if ($resolve === null) {
-            $resolve = $wait;
-          }
-          continue;
+          $resolve_key = $future_key;
+          break;
+        }
+      }
+
+      // We've found a future to resolve, so we're done here for now.
+
+      if ($resolve_key !== null) {
+        $this->moveFutureToDone($resolve_key);
+        return;
+      }
+
+      // We don't have any futures to resolve yet. Check if we're reached
+      // an update interval.
+
+      $wait_time = 1;
+      if ($timeout !== null) {
+        $elapsed = microtime(true) - $start;
+
+        if ($elapsed > $timeout) {
+          $this->isTimeout = true;
+          return;
         }
 
-        $got_sockets = false;
-        $socks = $future->getReadSockets();
-        if ($socks) {
-          $got_sockets = true;
-          foreach ($socks as $socket) {
-            $read_sockets[] = $socket;
-          }
+        $wait_time = min($wait_time, $timeout - $elapsed);
+      }
+
+      // We're going to wait. If possible, we'd like to wait with sockets.
+      // If we can't, we'll just sleep.
+
+      $read_sockets = array();
+      $write_sockets = array();
+      foreach ($working_set as $future_key => $future) {
+        $sockets = $future->getReadSockets();
+        foreach ($sockets as $socket) {
+          $read_sockets[] = $socket;
         }
 
-        $socks = $future->getWriteSockets();
-        if ($socks) {
-          $got_sockets = true;
-          foreach ($socks as $socket) {
-            $write_sockets[] = $socket;
-          }
+        $sockets = $future->getWriteSockets();
+        foreach ($sockets as $socket) {
+          $write_sockets[] = $socket;
         }
+      }
 
-        // If any currently active future had neither read nor write sockets,
-        // we can't wait for the current batch of items using sockets.
-        if (!$got_sockets) {
-          $can_use_sockets = false;
-        } else {
+      $use_sockets = ($read_sockets || $write_sockets);
+      if ($use_sockets) {
+        foreach ($working_set as $future) {
           $wait_time = min($wait_time, $future->getDefaultWait());
         }
+        $this->waitForSockets($read_sockets, $write_sockets, $wait_time);
+      } else {
+        usleep(1000);
       }
-
-      if ($resolve === null) {
-
-        // Check for a setUpdateInterval() timeout.
-        if ($timeout !== null) {
-          $elapsed = microtime(true) - $start;
-          if ($elapsed > $timeout) {
-            $this->isTimeout = true;
-            return;
-          } else {
-            $wait_time = $timeout - $elapsed;
-          }
-        }
-
-        if ($can_use_sockets) {
-          $this->waitForSockets($read_sockets, $write_sockets, $wait_time);
-        } else {
-          usleep(1000);
-        }
-      }
-    } while ($resolve === null);
-
-    $this->key = $this->wait[$resolve];
-    unset($this->wait[$resolve]);
-
-    $this->updateWorkingSet();
+    }
   }
 
   /**
@@ -292,39 +321,96 @@ final class FutureIterator extends Phobject implements Iterator {
 
 /* -(  Internals  )---------------------------------------------------------- */
 
-
-  /**
-   * @task internal
-   */
-  protected function getWorkingSet() {
-    if ($this->work === null) {
-      return $this->wait;
-    }
-
-    return $this->work;
-  }
-
   /**
    * @task internal
    */
   protected function updateWorkingSet() {
-    if (!$this->limit) {
-      return;
-    }
+    $limit = $this->getMaximumWorkingSetSize();
+    $work_count = count($this->work);
 
-    $old = $this->work;
-    $this->work = array_slice($this->wait, 0, $this->limit, true);
+    // If we're already working on the maximum number of futures, we just have
+    // to wait for something to resolve. There's no benefit to updating the
+    // queue since we can never make any meaningful progress.
 
-    //  If we're using a limit, our futures are sleeping and need to be polled
-    //  to begin execution, so poll any futures which weren't in our working set
-    //  before.
-    foreach ($this->work as $work => $key) {
-      if (!isset($old[$work])) {
-        $this->futures[$key]->isReady();
+    if ($limit) {
+      if ($work_count >= $limit) {
+        return;
       }
     }
+
+    // If any futures that are currently held are no longer blocked by
+    // dependencies, move them from "hold" to "wait".
+
+    foreach ($this->hold as $future_key) {
+      if (!$this->canMoveFutureToWait($future_key)) {
+        continue;
+      }
+
+      $this->moveFutureToWait($future_key);
+    }
+
+    $wait_count = count($this->wait);
+    $hold_count = count($this->hold);
+
+    if (!$work_count && !$wait_count && $hold_count) {
+      throw new Exception(
+        pht(
+          'Future graph is stalled: some futures are held, but no futures '.
+          'are waiting or working. The graph can never resolve.'));
+    }
+
+    // Figure out how many futures we can start. If we don't have a limit,
+    // we can start every waiting future. If we do have a limit, we can only
+    // start as many futures as we have slots for.
+
+    if ($limit) {
+      $work_limit = min($limit, $wait_count);
+    } else {
+      $work_limit = $wait_count;
+    }
+
+    // If we're ready to start futures, start them now.
+
+    if ($work_limit) {
+      foreach ($this->wait as $future_key) {
+        $this->moveFutureToWork($future_key);
+
+        $work_limit--;
+        if (!$work_limit) {
+          return;
+        }
+      }
+    }
+
   }
 
+  private function canMoveFutureToWait($future_key) {
+    return true;
+  }
+
+  private function moveFutureToWait($future_key) {
+    unset($this->hold[$future_key]);
+    $this->wait[$future_key] = $future_key;
+  }
+
+  private function moveFutureToWork($future_key) {
+    unset($this->wait[$future_key]);
+    $this->work[$future_key] = $future_key;
+
+    $this->futures[$future_key]->startFuture();
+  }
+
+  private function moveFutureToDone($future_key) {
+    $this->key = $future_key;
+    unset($this->work[$future_key]);
+
+    // Before we return, do another working set update so we start any
+    // futures that are ready to go as soon as we can.
+
+    $this->updateWorkingSet();
+
+    $this->futures[$future_key]->endFuture();
+  }
 
   /**
    * Wait for activity on one of several sockets.
diff --git a/src/future/exec/__tests__/ExecFutureTestCase.php b/src/future/exec/__tests__/ExecFutureTestCase.php
index e10a188a..572c5692 100644
--- a/src/future/exec/__tests__/ExecFutureTestCase.php
+++ b/src/future/exec/__tests__/ExecFutureTestCase.php
@@ -61,7 +61,7 @@ final class ExecFutureTestCase extends PhutilTestCase {
     // NOTE: This tests interactions between the resolve() timeout and the
     // resolution timeout, which are somewhat similar but not identical.
 
-    $future = $this->newSleep(32000)->start();
+    $future = $this->newSleep(32000);
     $future->setTimeout(32000);
 
     // We expect this to return in 0.01s.
@@ -77,7 +77,7 @@ final class ExecFutureTestCase extends PhutilTestCase {
     // do this, we'll hang when exiting until our subprocess exits (32000
     // seconds!)
     $future->setTimeout(0.01);
-    $future->resolve();
+    $iterator->resolveAll();
   }
 
   public function testTerminateWithoutStart() {
diff --git a/src/lint/linter/ArcanistFutureLinter.php b/src/lint/linter/ArcanistFutureLinter.php
index e9df8371..7fad5a55 100644
--- a/src/lint/linter/ArcanistFutureLinter.php
+++ b/src/lint/linter/ArcanistFutureLinter.php
@@ -15,7 +15,8 @@ abstract class ArcanistFutureLinter extends ArcanistLinter {
     $limit = $this->getFuturesLimit();
     $this->futures = id(new FutureIterator(array()))->limit($limit);
     foreach ($this->buildFutures($paths) as $path => $future) {
-      $this->futures->addFuture($future, $path);
+      $future->setFutureKey($path);
+      $this->futures->addFuture($future);
     }
   }