diff --git a/mypy/checkexpr.py b/mypy/checkexpr.py
index da61833bbe5b..626584bc3a20 100644
--- a/mypy/checkexpr.py
+++ b/mypy/checkexpr.py
@@ -6209,11 +6209,16 @@ class PolyTranslator(TypeTranslator):
     See docstring for apply_poly() for details.
     """
 
-    def __init__(self, poly_tvars: Sequence[TypeVarLikeType]) -> None:
+    def __init__(
+        self,
+        poly_tvars: Iterable[TypeVarLikeType],
+        bound_tvars: frozenset[TypeVarLikeType] = frozenset(),
+        seen_aliases: frozenset[TypeInfo] = frozenset(),
+    ) -> None:
         self.poly_tvars = set(poly_tvars)
         # This is a simplified version of TypeVarScope used during semantic analysis.
-        self.bound_tvars: set[TypeVarLikeType] = set()
-        self.seen_aliases: set[TypeInfo] = set()
+        self.bound_tvars = bound_tvars
+        self.seen_aliases = seen_aliases
 
     def collect_vars(self, t: CallableType | Parameters) -> list[TypeVarLikeType]:
         found_vars = []
@@ -6289,10 +6294,11 @@ def visit_instance(self, t: Instance) -> Type:
         if t.args and t.type.is_protocol and t.type.protocol_members == ["__call__"]:
             if t.type in self.seen_aliases:
                 raise PolyTranslationError()
-            self.seen_aliases.add(t.type)
             call = find_member("__call__", t, t, is_operator=True)
             assert call is not None
-            return call.accept(self)
+            return call.accept(
+                PolyTranslator(self.poly_tvars, self.bound_tvars, self.seen_aliases | {t.type})
+            )
         return super().visit_instance(t)
 
 
diff --git a/test-data/unit/check-inference.test b/test-data/unit/check-inference.test
index 6c98ba2088b1..953855e502d6 100644
--- a/test-data/unit/check-inference.test
+++ b/test-data/unit/check-inference.test
@@ -3788,3 +3788,28 @@ def func2(arg: T) -> List[Union[T, str]]:
 reveal_type(func2)  # N: Revealed type is "def [S] (S`4) -> Union[S`4, builtins.str]"
 reveal_type(func2(42))  # N: Revealed type is "Union[builtins.int, builtins.str]"
 [builtins fixtures/list.pyi]
+
+[case testInferenceAgainstGenericCallbackProtoMultiple]
+from typing import Callable, Protocol, TypeVar
+from typing_extensions import Concatenate, ParamSpec
+
+V_co = TypeVar("V_co", covariant=True)
+class Metric(Protocol[V_co]):
+    def __call__(self) -> V_co: ...
+
+T = TypeVar("T")
+P = ParamSpec("P")
+def simple_metric(func: Callable[Concatenate[int, P], T]) -> Callable[P, T]: ...
+
+@simple_metric
+def Negate(count: int, /, metric: Metric[float]) -> float: ...
+@simple_metric
+def Combine(count: int, m1: Metric[T], m2: Metric[T], /, *more: Metric[T]) -> T: ...
+
+reveal_type(Negate)  # N: Revealed type is "def (metric: __main__.Metric[builtins.float]) -> builtins.float"
+reveal_type(Combine)  # N: Revealed type is "def [T] (def () -> T`4, def () -> T`4, *more: def () -> T`4) -> T`4"
+
+def m1() -> float: ...
+def m2() -> float: ...
+reveal_type(Combine(m1, m2))  # N: Revealed type is "builtins.float"
+[builtins fixtures/list.pyi]