Systems and methods are described for managing asynchronous code executions in an on-demand code execution system or other distributed code execution environment, in which multiple execution environments, such as virtual machine instances, can be used to enable rapid execution of user-submitted code. When asynchronous executions occur, a first execution may call a second execution, but not immediately need the second execution to complete. To efficiently allocate computing resources, this disclosure enables the second execution to be scheduled accordingly to a state of the on-demand code execution system, while still ensuring the second execution completes prior to the time required by the first execution. Scheduling of executions can, for example, enable more efficient load balancing on the on-demand code execution system.