diff --git a/test/functional/mempool_sigoplimit.py b/test/functional/mempool_sigoplimit.py
new file mode 100755
index 0000000000..87934da681
--- /dev/null
+++ b/test/functional/mempool_sigoplimit.py
@@ -0,0 +1,125 @@
+#!/usr/bin/env python3
+# Copyright (c) 2023 The Bitcoin Core developers
+# Distributed under the MIT software license, see the accompanying
+# file COPYING or http://www.opensource.org/licenses/mit-license.php.
+"""Test sigop limit mempool policy (`-bytespersigop` parameter)"""
+from math import ceil
+
+from test_framework.messages import (
+    COutPoint,
+    CTransaction,
+    CTxIn,
+    CTxInWitness,
+    CTxOut,
+    WITNESS_SCALE_FACTOR,
+)
+from test_framework.script import (
+    CScript,
+    OP_CHECKMULTISIG,
+    OP_CHECKSIG,
+    OP_ENDIF,
+    OP_FALSE,
+    OP_IF,
+    OP_RETURN,
+    OP_TRUE,
+)
+from test_framework.script_util import (
+    script_to_p2wsh_script,
+)
+from test_framework.test_framework import BitcoinTestFramework
+from test_framework.util import (
+    assert_equal,
+    assert_greater_than_or_equal,
+)
+from test_framework.wallet import MiniWallet
+
+
+DEFAULT_BYTES_PER_SIGOP = 20  # default setting
+
+
+class BytesPerSigOpTest(BitcoinTestFramework):
+    def set_test_params(self):
+        self.num_nodes = 1
+        # allow large datacarrier output to pad transactions
+        self.extra_args = [['-datacarriersize=100000']]
+
+    def create_p2wsh_spending_tx(self, witness_script, output_script):
+        """Create a 1-input-1-output P2WSH spending transaction with only the
+           witness script in the witness stack and the given output script."""
+        # create P2WSH address and fund it via MiniWallet first
+        txid, vout = self.wallet.send_to(
+            from_node=self.nodes[0],
+            scriptPubKey=script_to_p2wsh_script(witness_script),
+            amount=1000000,
+        )
+
+        # create spending transaction
+        tx = CTransaction()
+        tx.vin = [CTxIn(COutPoint(int(txid, 16), vout))]
+        tx.wit.vtxinwit = [CTxInWitness()]
+        tx.wit.vtxinwit[0].scriptWitness.stack = [bytes(witness_script)]
+        tx.vout = [CTxOut(500000, output_script)]
+        return tx
+
+    def test_sigops_limit(self, bytes_per_sigop, num_sigops):
+        sigop_equivalent_vsize = ceil(num_sigops * bytes_per_sigop / WITNESS_SCALE_FACTOR)
+        self.log.info(f"- {num_sigops} sigops (equivalent size of {sigop_equivalent_vsize} vbytes)")
+
+        # create a template tx with the specified sigop cost in the witness script
+        # (note that the sigops count even though being in a branch that's not executed)
+        num_multisigops = num_sigops // 20
+        num_singlesigops = num_sigops % 20
+        witness_script = CScript(
+            [OP_FALSE, OP_IF] +
+            [OP_CHECKMULTISIG]*num_multisigops +
+            [OP_CHECKSIG]*num_singlesigops +
+            [OP_ENDIF, OP_TRUE]
+        )
+        # use a 256-byte data-push as lower bound in the output script, in order
+        # to avoid having to compensate for tx size changes caused by varying
+        # length serialization sizes (both for scriptPubKey and data-push lengths)
+        tx = self.create_p2wsh_spending_tx(witness_script, CScript([OP_RETURN, b'X'*256]))
+
+        # bump the tx to reach the sigop-limit equivalent size by padding the datacarrier output
+        assert_greater_than_or_equal(sigop_equivalent_vsize, tx.get_vsize())
+        vsize_to_pad = sigop_equivalent_vsize - tx.get_vsize()
+        tx.vout[0].scriptPubKey = CScript([OP_RETURN, b'X'*(256+vsize_to_pad)])
+        assert_equal(sigop_equivalent_vsize, tx.get_vsize())
+
+        res = self.nodes[0].testmempoolaccept([tx.serialize().hex()])[0]
+        assert_equal(res['allowed'], True)
+        assert_equal(res['vsize'], sigop_equivalent_vsize)
+
+        # increase the tx's vsize to be right above the sigop-limit equivalent size
+        # => tx's vsize in mempool should also grow accordingly
+        tx.vout[0].scriptPubKey = CScript([OP_RETURN, b'X'*(256+vsize_to_pad+1)])
+        res = self.nodes[0].testmempoolaccept([tx.serialize().hex()])[0]
+        assert_equal(res['allowed'], True)
+        assert_equal(res['vsize'], sigop_equivalent_vsize+1)
+
+        # decrease the tx's vsize to be right below the sigop-limit equivalent size
+        # => tx's vsize in mempool should stick at the sigop-limit equivalent
+        # bytes level, as it is higher than the tx's serialized vsize
+        # (the maximum of both is taken)
+        tx.vout[0].scriptPubKey = CScript([OP_RETURN, b'X'*(256+vsize_to_pad-1)])
+        res = self.nodes[0].testmempoolaccept([tx.serialize().hex()])[0]
+        assert_equal(res['allowed'], True)
+        assert_equal(res['vsize'], sigop_equivalent_vsize)
+
+    def run_test(self):
+        self.wallet = MiniWallet(self.nodes[0])
+
+        for bytes_per_sigop in (DEFAULT_BYTES_PER_SIGOP, 43, 81, 165, 327, 649, 1072):
+            if bytes_per_sigop == DEFAULT_BYTES_PER_SIGOP:
+                self.log.info(f"Test default sigops limit setting ({bytes_per_sigop} bytes per sigop)...")
+            else:
+                bytespersigop_parameter = f"-bytespersigop={bytes_per_sigop}"
+                self.log.info(f"Test sigops limit setting {bytespersigop_parameter}...")
+                self.restart_node(0, extra_args=[bytespersigop_parameter] + self.extra_args[0])
+
+            for num_sigops in (69, 101, 142, 183, 222):
+                self.test_sigops_limit(bytes_per_sigop, num_sigops)
+
+
+if __name__ == '__main__':
+    BytesPerSigOpTest().main()
diff --git a/test/functional/test_runner.py b/test/functional/test_runner.py
index 26ebce039b..a108c1cb9e 100755
--- a/test/functional/test_runner.py
+++ b/test/functional/test_runner.py
@@ -323,6 +323,7 @@ BASE_SCRIPTS = [
     'mempool_compatibility.py',
     'mempool_accept_wtxid.py',
     'mempool_dust.py',
+    'mempool_sigoplimit.py',
     'rpc_deriveaddresses.py',
     'rpc_deriveaddresses.py --usecli',
     'p2p_ping.py',