Coverage-guided fuzzing is one of the most successful approaches for discovering software bugs and security vulnerabilities. Of its three main components: (1) test case generation, (2) code coverage tracing, and (3) crash triage, code coverage tracing is a dominant source of overhead. Coverageguided fuzzers trace every test case's code coverage through either static or dynamic binary instrumentation, or more recently, using hardware support. Unfortunately, tracing all test cases incurs significant performance penalties-even when the overwhelming majority of test cases and their coverage information are discarded because they do not increase code coverage.To eliminate needless tracing by coverage-guided fuzzers, we introduce the notion of coverage-guided tracing. Coverageguided tracing leverages two observations: (1) only a fraction of generated test cases increase coverage, and thus require tracing; and (2) coverage-increasing test cases become less frequent over time. Coverage-guided tracing encodes the current frontier of coverage in the target binary so that it self-reports when a test case produces new coverage-without tracing. This acts as a filter for tracing; restricting the expense of tracing to only coverage-increasing test cases. Thus, coverage-guided tracing trades increased time handling coverage-increasing test cases for decreased time handling non-coverage-increasing test cases.To show the potential of coverage-guided tracing, we create an implementation based on the static binary instrumentor Dyninst called UnTracer. We evaluate UnTracer using eight real-world binaries commonly used by the fuzzing community. Experiments show that after only an hour of fuzzing, UnTracer's average overhead is below 1%, and after 24-hours of fuzzing, UnTracer approaches 0% overhead, while tracing every test case with popular white-and black-box-binary tracers AFL-Clang, AFL-QEMU, and AFL-Dyninst incurs overheads of 36%, 612%, and 518%, respectively. We further integrate UnTracer with the stateof-the-art hybrid fuzzer QSYM and show that in 24-hours of fuzzing, QSYM-UnTracer executes 79% and 616% more test cases than QSYM-Clang and QSYM-QEMU, respectively.