Quantitative information flow (QIF) is concerned with assessing the leakage of information in computational systems. In QIF there are two main perspectives for the quantification of leakage. On one hand, the static perspective considers all possible runs of the system in the computation of information flow, and is usually employed when preemptively deciding whether or not to run the system. On the other hand, the dynamic perspective considers only a specific, concrete run of the system that has been realised, while ignoring all other runs. The dynamic perspective is relevant for, e.g., system monitors and trackers, especially when deciding whether to continue or to abort a particular run based on how much leakage has occurred up to a certain point. Although the static perspective of leakage is well-developed in the literature, the dynamic perspective still lacks the same level of theoretical maturity. In this paper we take steps towards bridging this gap with the following key contributions: (i) we provide a novel definition of dynamic leakage that decouples the adversary's belief about the secret value from a baseline distribution on secrets against which the success of the attack is measured; (ii) we demonstrate that our formalisation satisfies relevant information-theoretic axioms, including non-interference and relaxed versions of monotonicity and the data-processing inequality (DPI); (iii) we identify under what kind of analysis strong versions of the axioms of monotonicity and the DPI might not hold, and explain the implications of this (perhaps counter-intuitive) outcome; (iv) we show that our definition of dynamic leakage is compatible with the well-established static perspective; and (v) we exemplify the use of our definition on the formalisation of attacks against privacy-preserving data releases.