An electronic device may include a radio that generates a first maximum power based on a radio-frequency exposure (RFE) budget. The radio may transmit signals subject to the first maximum power during a subperiod of an averaging period and may generate an instantaneous RFE metric value based on an antenna coefficient and the conducted transmit power of the antenna during the subperiod. The radio may generate a consumed RFE value by averaging the instantaneous RFE metric value with previous instantaneous RFE values from the averaging period, may generate a remaining budget based on the consumed RFE value, may generate a second maximum transmit power based on the remaining budget, and may transmit signals during a subsequent subperiod subject to the second maximum power. Time-averaging the RFE metric may serve to optimize performance of the radio relative to scenarios where the radio performs time-averaging of conducted TX power.