diff --git a/airbyte_cdk/legacy/sources/declarative/manifest_declarative_source.py b/airbyte_cdk/legacy/sources/declarative/manifest_declarative_source.py
index 818ce0179..dea33879a 100644
--- a/airbyte_cdk/legacy/sources/declarative/manifest_declarative_source.py
+++ b/airbyte_cdk/legacy/sources/declarative/manifest_declarative_source.py
@@ -314,14 +314,14 @@ def streams(self, config: Mapping[str, Any]) -> List[Union[Stream, AbstractStrea
             }
         )
 
-        stream_configs = (
-            self._stream_configs(self._source_config, config=config) + self.dynamic_streams
-        )
-
         api_budget_model = self._source_config.get("api_budget")
         if api_budget_model:
             self._constructor.set_api_budget(api_budget_model, config)
 
+        stream_configs = (
+            self._stream_configs(self._source_config, config=config) + self.dynamic_streams
+        )
+
         source_streams = [
             self._constructor.create_component(
                 (
diff --git a/airbyte_cdk/sources/declarative/concurrent_declarative_source.py b/airbyte_cdk/sources/declarative/concurrent_declarative_source.py
index 292615692..fb9c0ea0b 100644
--- a/airbyte_cdk/sources/declarative/concurrent_declarative_source.py
+++ b/airbyte_cdk/sources/declarative/concurrent_declarative_source.py
@@ -406,12 +406,12 @@ def streams(self, config: Mapping[str, Any]) -> List[AbstractStream]:  # type: i
         if self._spec_component:
             self._spec_component.validate_config(self._config)
 
-        stream_configs = self._stream_configs(self._source_config) + self.dynamic_streams
-
         api_budget_model = self._source_config.get("api_budget")
         if api_budget_model:
             self._constructor.set_api_budget(api_budget_model, self._config)
 
+        stream_configs = self._stream_configs(self._source_config) + self.dynamic_streams
+
         prepared_configs = self._initialize_cache_for_parent_streams(deepcopy(stream_configs))
 
         source_streams = [
diff --git a/unit_tests/legacy/sources/declarative/test_manifest_declarative_source.py b/unit_tests/legacy/sources/declarative/test_manifest_declarative_source.py
index 8bc130a35..f49e8598a 100644
--- a/unit_tests/legacy/sources/declarative/test_manifest_declarative_source.py
+++ b/unit_tests/legacy/sources/declarative/test_manifest_declarative_source.py
@@ -2348,3 +2348,81 @@ def test_given_invalid_config_streams_validates_config_and_raises():
 
     with pytest.raises(ValueError):
         source.streams(input_config)
+
+
+def test_api_budget_is_set_before_dynamic_streams_evaluated():
+    """Verify that set_api_budget is called before dynamic_streams is accessed in streams().
+
+    This is a regression test for https://github.com/airbytehq/oncall/issues/11954
+    where dynamic stream discovery HTTP requests bypassed the configured rate limiter
+    because set_api_budget was called after self.dynamic_streams was evaluated.
+    """
+    manifest = {
+        "version": "3.8.2",
+        "type": "DeclarativeSource",
+        "check": {"type": "CheckStream", "stream_names": ["lists"]},
+        "streams": [
+            {
+                "type": "DeclarativeStream",
+                "name": "lists",
+                "schema_loader": {
+                    "type": "InlineSchemaLoader",
+                    "schema": {"type": "object"},
+                },
+                "retriever": {
+                    "type": "SimpleRetriever",
+                    "requester": {
+                        "type": "HttpRequester",
+                        "url_base": "https://example.org",
+                        "path": "/test",
+                        "authenticator": {"type": "NoAuth"},
+                    },
+                    "record_selector": {
+                        "type": "RecordSelector",
+                        "extractor": {"type": "DpathExtractor", "field_path": []},
+                    },
+                },
+            }
+        ],
+    }
+
+    source = ManifestDeclarativeSource(source_config=manifest)
+
+    call_order: list[str] = []
+    original_set_api_budget = source._constructor.set_api_budget
+
+    def tracking_set_api_budget(*args, **kwargs):
+        call_order.append("set_api_budget")
+        return original_set_api_budget(*args, **kwargs)
+
+    original_dynamic_stream_configs = source._dynamic_stream_configs
+
+    def tracking_dynamic_stream_configs(*args, **kwargs):
+        call_order.append("dynamic_stream_configs")
+        return original_dynamic_stream_configs(*args, **kwargs)
+
+    # Add an api_budget to the source config so set_api_budget is actually called
+    source._source_config["api_budget"] = {
+        "type": "HTTPAPIBudget",
+        "policies": [
+            {
+                "type": "MovingWindowCallRatePolicy",
+                "rates": [{"type": "Rate", "limit": 5, "interval": "PT1S"}],
+                "matchers": [],
+            }
+        ],
+    }
+
+    with (
+        patch.object(source._constructor, "set_api_budget", side_effect=tracking_set_api_budget),
+        patch.object(
+            source, "_dynamic_stream_configs", side_effect=tracking_dynamic_stream_configs
+        ),
+    ):
+        source.streams(config={})
+
+    assert "set_api_budget" in call_order, "set_api_budget was never called"
+    assert "dynamic_stream_configs" in call_order, "dynamic_stream_configs was never called"
+    assert call_order.index("set_api_budget") < call_order.index("dynamic_stream_configs"), (
+        f"set_api_budget must be called before dynamic_stream_configs, but call order was: {call_order}"
+    )
diff --git a/unit_tests/sources/declarative/test_concurrent_declarative_source.py b/unit_tests/sources/declarative/test_concurrent_declarative_source.py
index bf1f61610..de86268e7 100644
--- a/unit_tests/sources/declarative/test_concurrent_declarative_source.py
+++ b/unit_tests/sources/declarative/test_concurrent_declarative_source.py
@@ -5518,3 +5518,54 @@ def test_get_partition_router(stream_factory, expected_type):
         assert isinstance(router, SubstreamPartitionRouter)
     elif expected_type == "GroupingPartitionRouter":
         assert isinstance(router, GroupingPartitionRouter)
+
+
+def test_api_budget_is_set_before_dynamic_streams_evaluated():
+    """Verify that set_api_budget is called before dynamic_streams is accessed in streams().
+
+    This is a regression test for https://github.com/airbytehq/oncall/issues/11954
+    where dynamic stream discovery HTTP requests bypassed the configured rate limiter
+    because set_api_budget was called after self.dynamic_streams was evaluated.
+    """
+    source = ConcurrentDeclarativeSource(
+        source_config=_MANIFEST, config=_CONFIG, catalog=None, state=None
+    )
+
+    call_order: list[str] = []
+    original_set_api_budget = source._constructor.set_api_budget
+
+    def tracking_set_api_budget(*args, **kwargs):
+        call_order.append("set_api_budget")
+        return original_set_api_budget(*args, **kwargs)
+
+    original_dynamic_stream_configs = source._dynamic_stream_configs
+
+    def tracking_dynamic_stream_configs(*args, **kwargs):
+        call_order.append("dynamic_stream_configs")
+        return original_dynamic_stream_configs(*args, **kwargs)
+
+    # Add an api_budget to the source config so set_api_budget is actually called
+    source._source_config["api_budget"] = {
+        "type": "HTTPAPIBudget",
+        "policies": [
+            {
+                "type": "MovingWindowCallRatePolicy",
+                "rates": [{"type": "Rate", "limit": 5, "interval": "PT1S"}],
+                "matchers": [],
+            }
+        ],
+    }
+
+    with (
+        patch.object(source._constructor, "set_api_budget", side_effect=tracking_set_api_budget),
+        patch.object(
+            source, "_dynamic_stream_configs", side_effect=tracking_dynamic_stream_configs
+        ),
+    ):
+        source.streams(config=_CONFIG)
+
+    assert "set_api_budget" in call_order, "set_api_budget was never called"
+    assert "dynamic_stream_configs" in call_order, "dynamic_stream_configs was never called"
+    assert call_order.index("set_api_budget") < call_order.index("dynamic_stream_configs"), (
+        f"set_api_budget must be called before dynamic_stream_configs, but call order was: {call_order}"
+    )