diff --git a/changelog.d/8670.misc b/changelog.d/8670.misc
new file mode 100644
index 000000000..cf6023f78
--- /dev/null
+++ b/changelog.d/8670.misc
@@ -0,0 +1 @@
+Reduce number of OpenTracing spans started.
diff --git a/synapse/replication/tcp/resource.py b/synapse/replication/tcp/resource.py
index 666c13fdb..1d4ceac0f 100644
--- a/synapse/replication/tcp/resource.py
+++ b/synapse/replication/tcp/resource.py
@@ -117,6 +117,16 @@ class ReplicationStreamer:
                 stream.discard_updates_and_advance()
             return
 
+        # We check up front to see if anything has actually changed, as we get
+        # poked because of changes that happened on other instances.
+        if all(
+            stream.last_token == stream.current_token(self._instance_name)
+            for stream in self.streams
+        ):
+            return
+
+        # If there are updates then we need to set this even if we're already
+        # looping, as the loop needs to know that he might need to loop again.
         self.pending_updates = True
 
         if self.is_looping: