An electronic device may include a first set of radios subject to a specific absorption rate (SAR) limit and a second set of radios subject to a maximum permissible exposure (MPE) limit over an averaging period. Control circuitry may dynamically adjust radio-frequency (RF) exposure metric budgets provided to the radios over the averaging period, based on feedback reports from the radios identifying the amount of SAR and MPE consumed by the radios during different subperiods of the averaging period. The control circuitry may distribute and adjust SAR budgets and MPE budgets across the radios based on the feedback reports, distribution policies, radio statuses, transmit activity factors, and/or usage ratios associated with the radios. This may provide efficient utilization of the total available SAR and MPE budget, thereby leading to increased uplink coverage and throughput relative to scenarios where the SAR and MPE budgets remain static.