For advanced function usage-based billing, a processor detects the storage controller associating a microcode version for a given advanced function of one or more advanced functions with a logical volume. A given customer is associated with the logical volume. In response to detecting the storage controller associating the microcode version for the given advanced function with the logical volume, the processor monitors for use of a memory address of the microcode version and a logical volume address of the logical volume. The processor further detects an associated use of the memory address of the microcode version and the logical volume address of the logical volume. In response to detecting the associated use, the processor communicates the given advanced function and the given customer to a billing entity.