Exponential backoff

We currently use the formula exp(least(10, attempt)) to determine the delays between attempts (the job must fail before the next attempt is scheduled, so the total time elapsed may be greater depending on how long the job runs for before it fails). This seems to handle temporary issues well, after ~4 hours attempts will be made every ~6 hours until the maximum number of attempts is achieved. The specific delays can be seen below:

select
  attempt,
  exp(least(10, attempt)) * interval '1 second' as delay,
  sum(exp(least(10, attempt)) * interval '1 second') over (order by attempt asc) total_delay
from generate_series(1, 24) as attempt;

 attempt |      delay      |   total_delay
---------+-----------------+-----------------
       1 | 00:00:02.718282 | 00:00:02.718282
       2 | 00:00:07.389056 | 00:00:10.107338
       3 | 00:00:20.085537 | 00:00:30.192875
       4 | 00:00:54.598150 | 00:01:24.791025
       5 | 00:02:28.413159 | 00:03:53.204184
       6 | 00:06:43.428793 | 00:10:36.632977
       7 | 00:18:16.633158 | 00:28:53.266135
       8 | 00:49:40.957987 | 01:18:34.224122
       9 | 02:15:03.083928 | 03:33:37.308050
      10 | 06:07:06.465795 | 09:40:43.773845
      11 | 06:07:06.465795 | 15:47:50.239640
      12 | 06:07:06.465795 | 21:54:56.705435
      13 | 06:07:06.465795 | 28:02:03.171230
      14 | 06:07:06.465795 | 34:09:09.637025
      15 | 06:07:06.465795 | 40:16:16.102820
      16 | 06:07:06.465795 | 46:23:22.568615
      17 | 06:07:06.465795 | 52:30:29.034410
      18 | 06:07:06.465795 | 58:37:35.500205
      19 | 06:07:06.465795 | 64:44:41.966000
      20 | 06:07:06.465795 | 70:51:48.431795
      21 | 06:07:06.465795 | 76:58:54.897590
      22 | 06:07:06.465795 | 83:06:01.363385
      23 | 06:07:06.465795 | 89:13:07.829180
      24 | 06:07:06.465795 | 95:20:14.294975