diff --git a/hermes_cli/model_switch.py b/hermes_cli/model_switch.py
index 66dbdc09aaaca..c530daf8bf1ba 100644
--- a/hermes_cli/model_switch.py
+++ b/hermes_cli/model_switch.py
@@ -2725,8 +2725,8 @@ def list_authenticated_providers(
             )
             if should_probe:
                 try:
-                    from hermes_cli.models import fetch_api_models
-                    live_models = fetch_api_models(
+                    from hermes_cli.models import cached_fetch_api_models
+                    live_models = cached_fetch_api_models(
                         api_key,
                         api_url,
                         timeout=1.5 if for_picker else 5.0,  # picker: fail fast so a slow custom endpoint doesn't block /model
@@ -2795,9 +2795,9 @@ def list_authenticated_providers(
         _models = [current_model] if current_model else []
         if refresh or probe_current_custom_provider:
             try:
-                from hermes_cli.models import fetch_api_models
+                from hermes_cli.models import cached_fetch_api_models
 
-                _live_models = fetch_api_models(
+                _live_models = cached_fetch_api_models(
                     "",
                     str(current_base_url).strip().rstrip("/"),
                     timeout=1.5 if for_picker else 5.0,  # picker: fail fast on a slow current endpoint
@@ -3039,9 +3039,9 @@ def list_authenticated_providers(
             )
             if should_probe:
                 try:
-                    from hermes_cli.models import fetch_api_models
+                    from hermes_cli.models import cached_fetch_api_models
 
-                    live_models = fetch_api_models(
+                    live_models = cached_fetch_api_models(
                         api_key,
                         api_url,
                         timeout=1.5 if for_picker else 5.0,  # picker: fail fast so a slow custom endpoint doesn't block /model
diff --git a/hermes_cli/models.py b/hermes_cli/models.py
index 2a4e342b51bcf..5c92c20ca2eb2 100644
--- a/hermes_cli/models.py
+++ b/hermes_cli/models.py
@@ -4643,6 +4643,101 @@ def fetch_api_models(
     ).get("models")
 
 
+def _custom_endpoint_fingerprint(
+    api_key: Optional[str],
+    api_mode: Optional[str],
+    headers: Optional[dict[str, str]],
+) -> str:
+    """Fingerprint the credentials/wire-shape used to probe a custom endpoint.
+
+    Custom OpenAI-compatible endpoints have no ``PROVIDER_REGISTRY`` slug to
+    key off (unlike ``_credential_fingerprint``), so this hashes exactly the
+    values callers pass to :func:`fetch_api_models`: a rotated ``api_key``, a
+    changed ``api_mode``, or an edited ``extra_headers`` block each bust the
+    cache entry on their own.
+    """
+    import hashlib
+
+    blob = "|".join((
+        api_key or "",
+        api_mode or "",
+        json.dumps(headers or {}, sort_keys=True),
+    )).encode("utf-8", errors="replace")
+    # blake2b for cache-key fingerprinting only, same rationale as
+    # _credential_fingerprint (avoids CodeQL's sha256-over-secrets rule).
+    return hashlib.blake2b(blob, digest_size=8).hexdigest()
+
+
+def cached_fetch_api_models(
+    api_key: Optional[str],
+    base_url: Optional[str],
+    *,
+    timeout: float = 5.0,
+    api_mode: Optional[str] = None,
+    headers: Optional[dict[str, str]] = None,
+    force_refresh: bool = False,
+    ttl_seconds: int = _PROVIDER_MODELS_CACHE_TTL,
+) -> Optional[list[str]]:
+    """Disk-cached wrapper around :func:`fetch_api_models` for custom endpoints.
+
+    Mirrors :func:`cached_provider_model_ids` but keys
+    ``provider_models_cache.json`` off ``custom:<base_url>`` instead of a
+    ``PROVIDER_REGISTRY`` slug, since custom endpoints (named
+    ``custom_providers`` rows, bare ``provider: custom``, and per-endpoint-map
+    entries) have none. Same stale-beats-nothing fallback policy as
+    ``cached_provider_model_ids``: a live-fetch failure serves the last
+    same-fingerprint result rather than an empty list. Always returns
+    whatever :func:`fetch_api_models` would (a list or ``None``), never
+    raises.
+    """
+    # Only forward api_mode when the caller actually set it — none of the
+    # current probe call sites do, and omitting it (rather than passing
+    # api_mode=None) keeps the live-call signature identical to a direct
+    # fetch_api_models() call.
+    live_kwargs: dict[str, Any] = {"timeout": timeout, "headers": headers}
+    if api_mode is not None:
+        live_kwargs["api_mode"] = api_mode
+
+    normalized_url = str(base_url or "").strip().rstrip("/").lower()
+    if not normalized_url:
+        # No base_url means nothing to key the cache on — fall through to a
+        # live call so callers keep getting fetch_api_models' own behavior.
+        return fetch_api_models(api_key, base_url, **live_kwargs)
+
+    cache_key = f"custom:{normalized_url}"
+    fp = _custom_endpoint_fingerprint(api_key, api_mode, headers)
+    cache = _load_provider_models_cache()
+    entry = cache.get(cache_key)
+    now = time.time()
+
+    if (
+        not force_refresh
+        and isinstance(entry, dict)
+        and entry.get("fp") == fp
+        and isinstance(entry.get("models"), list)
+        and entry["models"]
+        and (now - float(entry.get("at", 0))) < ttl_seconds
+    ):
+        return list(entry["models"])
+
+    live = fetch_api_models(api_key, base_url, **live_kwargs)
+    if live:
+        cache[cache_key] = {"fp": fp, "at": now, "models": list(live)}
+        _save_provider_models_cache(cache)
+        return list(live)
+
+    # Live fetch returned nothing (offline endpoint, timeout, auth hiccup).
+    # A stale same-fingerprint entry beats an empty result.
+    if (
+        isinstance(entry, dict)
+        and entry.get("fp") == fp
+        and isinstance(entry.get("models"), list)
+        and entry["models"]
+    ):
+        return list(entry["models"])
+    return live
+
+
 # ---------------------------------------------------------------------------
 # Ollama Cloud — merged model discovery with disk cache
 # ---------------------------------------------------------------------------
diff --git a/tests/hermes_cli/test_cached_fetch_api_models.py b/tests/hermes_cli/test_cached_fetch_api_models.py
new file mode 100644
index 0000000000000..05cc27d0cd816
--- /dev/null
+++ b/tests/hermes_cli/test_cached_fetch_api_models.py
@@ -0,0 +1,207 @@
+"""Cache-contract tests for ``cached_fetch_api_models()``.
+
+Custom OpenAI-compatible endpoints (named ``custom_providers`` rows, bare
+``provider: custom``, and per-endpoint-map entries) previously called
+``fetch_api_models()`` directly with no disk cache, so the current custom
+endpoint's ``/v1/models`` got a live HTTP round-trip on literally every
+``/model`` open (#72762). ``cached_fetch_api_models()`` gives custom
+endpoints the same ``provider_models_cache.json`` TTL cache first-class
+providers already get via ``cached_provider_model_ids()``.
+
+These pin the cache contract directly (hit / stale / rotation / refresh /
+fallback), separate from ``test_model_switch_custom_providers.py``'s
+higher-level picker-shape tests.
+"""
+
+from __future__ import annotations
+
+import time
+from unittest.mock import patch
+
+import pytest
+
+
+class TestCachedFetchApiModels:
+    def _entry(self, models, age_seconds, fp="fp"):
+        return {"fp": fp, "at": time.time() - age_seconds, "models": list(models)}
+
+    def test_fresh_entry_served_without_live_fetch(self):
+        import hermes_cli.models as mod
+
+        cache = {"custom:https://gw.example.com/v1": self._entry(["m1", "m2"], age_seconds=10)}
+        with patch.object(mod, "_load_provider_models_cache", return_value=cache), \
+             patch.object(mod, "_custom_endpoint_fingerprint", return_value="fp"), \
+             patch.object(mod, "_save_provider_models_cache") as save, \
+             patch.object(mod, "fetch_api_models") as live:
+            out = mod.cached_fetch_api_models("sk-key", "https://gw.example.com/v1")
+        assert out == ["m1", "m2"]
+        live.assert_not_called()
+        save.assert_not_called()
+
+    def test_cache_key_normalizes_trailing_slash_and_case(self):
+        """A saved entry for the lowercased/rstripped URL must be hit even
+        when the caller passes a differently-cased URL with a trailing
+        slash — config.yaml entries are not guaranteed to be normalized."""
+        import hermes_cli.models as mod
+
+        cache = {"custom:https://gw.example.com/v1": self._entry(["m1"], age_seconds=10)}
+        with patch.object(mod, "_load_provider_models_cache", return_value=cache), \
+             patch.object(mod, "_custom_endpoint_fingerprint", return_value="fp"), \
+             patch.object(mod, "fetch_api_models") as live:
+            out = mod.cached_fetch_api_models("sk-key", "HTTPS://GW.example.com/v1/")
+        assert out == ["m1"]
+        live.assert_not_called()
+
+    def test_expired_entry_triggers_live_fetch_and_is_persisted(self):
+        import hermes_cli.models as mod
+
+        cache = {"custom:https://gw.example.com/v1": self._entry(["old"], age_seconds=99999)}
+        saved = {}
+        with patch.object(mod, "_load_provider_models_cache", return_value=cache), \
+             patch.object(mod, "_custom_endpoint_fingerprint", return_value="fp"), \
+             patch.object(mod, "_save_provider_models_cache", side_effect=saved.update), \
+             patch.object(mod, "fetch_api_models", return_value=["fresh-a", "fresh-b"]) as live:
+            out = mod.cached_fetch_api_models(
+                "sk-key", "https://gw.example.com/v1", ttl_seconds=3600
+            )
+        assert out == ["fresh-a", "fresh-b"]
+        live.assert_called_once()
+        assert saved["custom:https://gw.example.com/v1"]["models"] == ["fresh-a", "fresh-b"]
+        assert saved["custom:https://gw.example.com/v1"]["fp"] == "fp"
+
+    def test_rotated_api_key_busts_cache_even_when_fresh(self):
+        """A same-age entry with a DIFFERENT fingerprint (key rotated, or
+        extra_headers edited) must not be served — it reflects the old
+        credentials' catalog."""
+        import hermes_cli.models as mod
+
+        cache = {"custom:https://gw.example.com/v1": self._entry(["old-key-models"], 10, fp="old-fp")}
+        with patch.object(mod, "_load_provider_models_cache", return_value=cache), \
+             patch.object(mod, "_custom_endpoint_fingerprint", return_value="new-fp"), \
+             patch.object(mod, "_save_provider_models_cache"), \
+             patch.object(mod, "fetch_api_models", return_value=["new-key-models"]) as live:
+            out = mod.cached_fetch_api_models("sk-new-key", "https://gw.example.com/v1")
+        assert out == ["new-key-models"]
+        live.assert_called_once()
+
+    def test_force_refresh_bypasses_fresh_cache(self):
+        import hermes_cli.models as mod
+
+        cache = {"custom:https://gw.example.com/v1": self._entry(["stale-but-fresh"], age_seconds=5)}
+        with patch.object(mod, "_load_provider_models_cache", return_value=cache), \
+             patch.object(mod, "_custom_endpoint_fingerprint", return_value="fp"), \
+             patch.object(mod, "_save_provider_models_cache"), \
+             patch.object(mod, "fetch_api_models", return_value=["forced-live"]) as live:
+            out = mod.cached_fetch_api_models(
+                "sk-key", "https://gw.example.com/v1", force_refresh=True
+            )
+        assert out == ["forced-live"]
+        live.assert_called_once()
+
+    def test_live_failure_falls_back_to_stale_same_fingerprint_entry(self):
+        """Stale data beats no data when the endpoint is flaky (#72762
+        proposed-fix: 'same stale-beats-nothing fallback as
+        cached_provider_model_ids')."""
+        import hermes_cli.models as mod
+
+        cache = {"custom:https://gw.example.com/v1": self._entry(["last-known-good"], age_seconds=99999, fp="fp")}
+        with patch.object(mod, "_load_provider_models_cache", return_value=cache), \
+             patch.object(mod, "_custom_endpoint_fingerprint", return_value="fp"), \
+             patch.object(mod, "_save_provider_models_cache") as save, \
+             patch.object(mod, "fetch_api_models", return_value=None):
+            out = mod.cached_fetch_api_models("sk-key", "https://gw.example.com/v1")
+        assert out == ["last-known-good"]
+        save.assert_not_called()  # nothing new to persist
+
+    def test_live_failure_with_no_matching_entry_returns_live_value(self):
+        import hermes_cli.models as mod
+
+        with patch.object(mod, "_load_provider_models_cache", return_value={}), \
+             patch.object(mod, "_custom_endpoint_fingerprint", return_value="fp"), \
+             patch.object(mod, "_save_provider_models_cache") as save, \
+             patch.object(mod, "fetch_api_models", return_value=None):
+            out = mod.cached_fetch_api_models("sk-key", "https://gw.example.com/v1")
+        assert out is None
+        save.assert_not_called()
+
+    def test_empty_live_result_is_not_persisted(self):
+        """An empty list from a transient error must never pin an empty
+        cache entry over real data on the next open."""
+        import hermes_cli.models as mod
+
+        with patch.object(mod, "_load_provider_models_cache", return_value={}), \
+             patch.object(mod, "_custom_endpoint_fingerprint", return_value="fp"), \
+             patch.object(mod, "_save_provider_models_cache") as save, \
+             patch.object(mod, "fetch_api_models", return_value=[]):
+            out = mod.cached_fetch_api_models("sk-key", "https://gw.example.com/v1")
+        assert out == []
+        save.assert_not_called()
+
+    def test_blank_base_url_skips_cache_entirely(self):
+        """No base_url means nothing to key the cache on — call straight
+        through to fetch_api_models rather than caching under an empty key."""
+        import hermes_cli.models as mod
+
+        with patch.object(mod, "_load_provider_models_cache") as load, \
+             patch.object(mod, "fetch_api_models", return_value=["x"]) as live:
+            out = mod.cached_fetch_api_models("sk-key", "")
+        assert out == ["x"]
+        live.assert_called_once()
+        load.assert_not_called()
+
+    def test_fingerprint_ignores_timeout_but_reacts_to_headers(self):
+        """Sanity check on the real (non-mocked) fingerprint helper: it must
+        not vary with call-only params like timeout, but must vary with the
+        actual credential/header inputs."""
+        import hermes_cli.models as mod
+
+        fp_a = mod._custom_endpoint_fingerprint("sk-key", None, {"X-Tenant": "a"})
+        fp_b = mod._custom_endpoint_fingerprint("sk-key", None, {"X-Tenant": "b"})
+        fp_a_again = mod._custom_endpoint_fingerprint("sk-key", None, {"X-Tenant": "a"})
+        assert fp_a != fp_b
+        assert fp_a == fp_a_again
+
+
+class TestCachedFetchApiModelsDiskRoundTrip:
+    """End-to-end through the real (per-test-isolated) provider_models_cache.json
+    disk file rather than mocked load/save, so a regression in the on-disk
+    schema (e.g. a key collision with provider-slug entries) would show up
+    here even if the mocked unit tests above stayed green."""
+
+    def test_second_call_within_ttl_hits_disk_cache_no_live_fetch(self, monkeypatch):
+        import hermes_cli.models as mod
+
+        calls = []
+
+        def fake_fetch(api_key, base_url, **kwargs):
+            calls.append((api_key, base_url))
+            return ["disk-cached-model"]
+
+        monkeypatch.setattr(mod, "fetch_api_models", fake_fetch)
+
+        first = mod.cached_fetch_api_models("sk-key", "https://gw.example.com/v1")
+        second = mod.cached_fetch_api_models("sk-key", "https://gw.example.com/v1")
+
+        assert first == ["disk-cached-model"]
+        assert second == ["disk-cached-model"]
+        assert len(calls) == 1, "second open must be served from disk, not a fresh live fetch"
+
+    def test_custom_key_does_not_collide_with_provider_slug_cache(self, monkeypatch):
+        """A custom endpoint literally named e.g. 'openrouter' in its
+        base_url must not read/write the same cache slot as the first-class
+        'openrouter' provider slug used by cached_provider_model_ids()."""
+        import hermes_cli.models as mod
+
+        monkeypatch.setattr(
+            mod, "fetch_api_models", lambda *a, **k: ["custom-endpoint-model"]
+        )
+        monkeypatch.setattr(
+            mod, "provider_model_ids", lambda *a, **k: ["openrouter-curated-model"]
+        )
+
+        mod.cached_fetch_api_models("sk-key", "https://openrouter.ai/v1")
+        mod.cached_provider_model_ids("openrouter")
+
+        cache = mod._load_provider_models_cache()
+        assert cache["custom:https://openrouter.ai/v1"]["models"] == ["custom-endpoint-model"]
+        assert cache["openrouter"]["models"] == ["openrouter-curated-model"]
diff --git a/tests/hermes_cli/test_picker_prewarm.py b/tests/hermes_cli/test_picker_prewarm.py
index 12dc14ffbc742..a83064ea8751e 100644
--- a/tests/hermes_cli/test_picker_prewarm.py
+++ b/tests/hermes_cli/test_picker_prewarm.py
@@ -45,3 +45,98 @@ def test_prewarm_guard_is_once_per_process():
     _reset_guard()
 
 
+def test_prewarm_warms_the_active_custom_endpoint_for_the_next_open(monkeypatch):
+    """End-to-end regression for #72762: the active custom endpoint must be
+    warm by the time the user opens ``/model``, not just first-class
+    ``PROVIDER_REGISTRY`` providers.
+
+    The cache is keyed purely on ``base_url`` (see ``cached_fetch_api_models``
+    in ``hermes_cli/models.py``), so this is not specific to any named
+    provider — the fixture below stands in for any OpenAI-compatible custom
+    endpoint a user might configure (an LLM gateway, Kilo Code, Together AI,
+    a self-hosted vLLM/SGLang server, ...).
+
+    Runs the real ``list_authenticated_providers()`` (not mocked, unlike the
+    two tests above) through the prewarm thread against a fake
+    ``load_picker_context()`` config with one active custom provider, then
+    replays the exact kwargs the plain CLI ``/model`` handler passes twice in
+    a row (``probe_custom_providers=False, probe_current_custom_provider=True``),
+    simulating two ``/model`` opens in one session.
+
+    We deliberately do NOT assert on *which* of (prewarm thread, first
+    foreground open) wins the race to perform the live fetch — that's a
+    thread-scheduling detail, not the contract. What must hold regardless of
+    scheduling: across the warm-up plus two foreground opens, the endpoint is
+    ever probed live at most once, and every open after that first probe is
+    served from the disk cache with zero additional network calls.
+    """
+    import hermes_cli.inventory as inventory_mod
+    import hermes_cli.models as models_mod
+
+    _reset_guard()
+
+    base_url = "https://api.example-gateway.test/v1"
+    ctx = inventory_mod.ConfigContext(
+        current_provider="custom:example-gateway",
+        current_model="",  # avoid the unrelated current-model-always-shown guarantee (line ~3104)
+        current_base_url=base_url,
+        user_providers={},
+        custom_providers=[
+            {
+                "name": "example-gateway",
+                "base_url": base_url,
+                "api_key": "sk-gateway-key",
+            }
+        ],
+        excluded_providers=[],
+    )
+    monkeypatch.setattr(inventory_mod, "load_picker_context", lambda: ctx)
+
+    calls = []
+
+    def fake_fetch_api_models(api_key, url, **kwargs):
+        calls.append((api_key, url))
+        return ["gateway-model-a", "gateway-model-b"]
+
+    monkeypatch.setattr(models_mod, "fetch_api_models", fake_fetch_api_models)
+    monkeypatch.setattr("agent.models_dev.fetch_models_dev", lambda: {})
+
+    def open_picker():
+        return ms.list_authenticated_providers(
+            current_provider=ctx.current_provider,
+            current_base_url=ctx.current_base_url,
+            current_model=ctx.current_model,
+            user_providers=ctx.user_providers,
+            custom_providers=ctx.custom_providers,
+            excluded_providers=ctx.excluded_providers,
+            # Exact kwargs cli.py's plain (no-args, no --refresh) /model
+            # handler passes: probe only the active custom endpoint,
+            # everything else from the warm disk cache.
+            probe_custom_providers=False,
+            probe_current_custom_provider=True,
+        )
+
+    t = ms.prewarm_picker_cache_async()
+    assert t is not None
+    t.join(timeout=10)
+
+    first_open = open_picker()
+    assert len(calls) == 1, (
+        "the endpoint must be live-probed at most once across boot prewarm "
+        "plus the first /model open, however the race between them resolves"
+    )
+    row = next(p for p in first_open if p.get("api_url") == base_url)
+    assert row["models"] == ["gateway-model-a", "gateway-model-b"]
+
+    second_open = open_picker()
+    assert len(calls) == 1, (
+        "a second /model open in the same session must be served entirely "
+        "from the disk cache — this is the #72762 regression: previously "
+        "every open re-probed the endpoint live"
+    )
+    row2 = next(p for p in second_open if p.get("api_url") == base_url)
+    assert row2["models"] == ["gateway-model-a", "gateway-model-b"]
+
+    _reset_guard()
+
+