An adaptive retry mechanism may record latencies of recent transactions (e.g. the first data transfer latency), and may select a retry latency from two or more retry latencies. The retry latency may be used for a transaction, and may specify a point in time during the transaction at which the transaction is retried if the first data transfer has not yet occurred. In one implementation, the set of retry latencies includes a minimum retry latency, a nominal retry latency, and a maximum retry latency. The nominal retry latency may be set slightly greater than the expected latency of transactions in the system. The minimum retry latency may be less than the nominal retry latency and the maximum retry latency may be greater than the nominal retry latency. If latencies greater than the nominal retry latency but less than the maximum retry latency are being experienced, the maximum retry latency may be selected. On the other hand, if latencies greater than the maximum retry latency are being experienced, the minimum retry latency may be selected.