Techniques are presented herein to allow a tenant application in a cloud computing environment to automatically adjust storage infrastructure cache allocation according to performance needs and cost associated with use of the cache. Information is stored for a spot price of a cache of a storage infrastructure used for data storage in a cloud computing environment. A request is received to allocate additional cache for use by one or more applications associated with a first tenant running in the cloud computing environment. Information is sent to the one or more applications indicating a current spot price of the cache of the storage infrastructure. An instruction is received from the one or more applications to purchase the additional allocation of the cache based on the current spot price or based on a predetermined fixed price. An allocation request is sent to the storage infrastructure for additional allocation of the cache.