We define and compute the L2 metric on the framed moduli space of circle invariant 1-instantons on the 4-sphere. This moduli space is four dimensional and our metric is SO(3)×U(1)\documentclass[12pt]{minimal}
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\begin{document}$${SO(3) \times U(1)}$$\end{document} symmetric. We study the behaviour of generic geodesics and show that the metric is geodesically incomplete. Circle-invariant instantons on the 4-sphere can also be viewed as hyperbolic monopoles, and we interpret our results from this viewpoint. We relate our results to work by Habermann on unframed instantons on the 4-sphere and, in the limit where the radius of the 4-sphere tends to infinity, to results on instantons on Euclidean 4-space.