Summary Diurnal courses of the net CO2 gas exchange of leaves of five species of Macaranga Thouars (Euphorbiaceae) were determined under natural tropical conditions in Peninsular Malaysia to investigate the relationship between the maximum rates of net photosynthesis (NPmax) and diurnal leaf carbon budgets (NPday) in these gap plants. The observed rates of NPmax ranged from 0.8–21.2 μmol CO2 m−2s−1, while NPday was between − 22 mmol m−2 12 h−1 and 370 mmol m−2 12 h−1. Similar to earlier results with leaves from the outer forest canopy, a rather tight correlation between NPmax and NPday was found, but the slope of the regression was significantly less steep. The relationship between regression slope and both the duration of direct radiation (PFD) and the intensity of background PFD are discussed. I conclude, that in leaves of gap plants – similar to those of canopy plants – reasonable estimates of leaf carbon budgets can be obtained from spot measurements of the maximum rate of net CO2 exchange.