diff --git a/packages/svelte/src/internal/client/render.js b/packages/svelte/src/internal/client/render.js
index da46e3e318..6f7450e7d1 100644
--- a/packages/svelte/src/internal/client/render.js
+++ b/packages/svelte/src/internal/client/render.js
@@ -58,7 +58,8 @@ import {
 	managed_effect,
 	derived,
 	pre_effect,
-	user_effect
+	user_effect,
+	pause_effect
 } from './reactivity/computations.js';
 import {
 	current_hydration_fragment,
@@ -1651,115 +1652,28 @@ export function element(anchor_node, tag_fn, is_svg, render_fn) {
  * @returns {void}
  */
 export function component(anchor_node, component_fn, render_fn) {
-	const block = create_dynamic_component_block();
-
-	/** @type {null | import('./types.js').Render} */
-	let current_render = null;
 	hydrate_block_anchor(anchor_node);
 
-	/** @type {null | ((props: P) => void)} */
-	let component = null;
-	block.r =
-		/**
-		 * @param {import('./types.js').Transition} transition
-		 * @returns {void}
-		 */
-		(transition) => {
-			const render = /** @type {import('./types.js').Render} */ (current_render);
-			const transitions = render.s;
-			transitions.add(transition);
-			transition.f(() => {
-				transitions.delete(transition);
-				if (transitions.size === 0) {
-					// If the current render has changed since, then we can remove the old render
-					// effect as it's stale.
-					if (current_render !== render && render.e !== null) {
-						if (render.d !== null) {
-							remove(render.d);
-							render.d = null;
-						}
-						destroy_signal(render.e);
-						render.e = null;
-					}
-				}
+	/** @type {TODO} */
+	let Component = null;
+
+	/** @type {import('./types.js').ComputationSignal | null} */
+	let effect = null;
+
+	render_effect(() => {
+		if (Component === (Component = component_fn() ?? null)) return;
+
+		if (effect) {
+			const e = effect;
+			pause_effect(effect, () => {
+				if (e === effect) effect = null;
 			});
-		};
-	const create_render_effect = () => {
-		/** @type {import('./types.js').Render} */
-		const render = {
-			d: null,
-			e: null,
-			s: new Set(),
-			p: current_render
-		};
-		// Managed effect
-		const effect = render_effect(
-			() => {
-				const current = block.d;
-				if (current !== null) {
-					remove(current);
-					block.d = null;
-				}
-				if (component) {
-					render_fn(component);
-				}
-				render.d = block.d;
-				block.d = null;
-			},
-			block,
-			true
-		);
-		render.e = effect;
-		current_render = render;
-	};
-	const render = () => {
-		const render = current_render;
-		if (render === null) {
-			create_render_effect();
-			return;
-		}
-		const transitions = render.s;
-		if (transitions.size === 0) {
-			if (render.d !== null) {
-				remove(render.d);
-				render.d = null;
-			}
-			if (render.e) {
-				execute_effect(render.e);
-			} else {
-				create_render_effect();
-			}
-		} else {
-			create_render_effect();
-			trigger_transitions(transitions, 'out');
 		}
-	};
-	const component_effect = render_effect(
-		() => {
-			const next_component = component_fn();
-			if (component !== next_component) {
-				component = next_component;
-				render();
-			}
-		},
-		block,
-		false
-	);
-	push_destroy_fn(component_effect, () => {
-		let render = current_render;
-		while (render !== null) {
-			const dom = render.d;
-			if (dom !== null) {
-				remove(dom);
-			}
-			const effect = render.e;
-			if (effect !== null) {
-				destroy_signal(effect);
-			}
-			render = render.p;
+
+		if (Component) {
+			effect = render_effect(() => render_fn(Component), {}, true);
 		}
 	});
-	block.e = component_effect;
 }
 
 /**
diff --git a/packages/svelte/src/internal/client/transitions.js b/packages/svelte/src/internal/client/transitions.js
index 1bdb3b28fe..962eb2acec 100644
--- a/packages/svelte/src/internal/client/transitions.js
+++ b/packages/svelte/src/internal/client/transitions.js
@@ -546,7 +546,7 @@ export function bind_transition(element, get_fn, get_params, direction, global)
 
 				for (let i = 0; i <= n; i += 1) {
 					const t = current_options.easing(p + (current_delta * i) / n);
-					const css = current_options.css(t);
+					const css = current_options.css(t, 1 - t);
 					keyframes.push(css_to_keyframe(css));
 				}
 
@@ -578,6 +578,8 @@ export function bind_transition(element, get_fn, get_params, direction, global)
 			user_effect(() => {
 				untrack(() => transition.to(1));
 			});
+		} else {
+			p = 1;
 		}
 	}
 
diff --git a/packages/svelte/tests/animation-helpers.js b/packages/svelte/tests/animation-helpers.js
index 51d1f6bae3..6de42e1874 100644
--- a/packages/svelte/tests/animation-helpers.js
+++ b/packages/svelte/tests/animation-helpers.js
@@ -33,11 +33,9 @@ function tick(time) {
 class Animation {
 	#keyframes;
 	#duration;
-	#timeline_offset;
-	#reversed;
 	#target;
-	#paused;
 	#finished;
+	#cancelled;
 
 	/**
 	 * @param {HTMLElement} target
@@ -48,47 +46,39 @@ class Animation {
 		this.#target = target;
 		this.#keyframes = keyframes;
 		this.#duration = options.duration || 0;
-		this.#timeline_offset = 0;
-		this.#reversed = false;
-		this.#paused = false;
-		this.onfinish = () => {};
-		this.pending = true;
 		this.currentTime = 0;
-		this.playState = 'running';
-		this.effect = {
-			setKeyframes: (/** @type {Keyframe[]} */ keyframes) => {
-				this.#keyframes = keyframes;
+
+		// Promise-like semantics, but call callbacks immediately on raf.tick
+		this.finished = {
+			then: (callback) => {
+				this.#finished = callback;
+
+				return {
+					catch: (callback) => {
+						this.#cancelled = callback;
+					}
+				};
 			}
 		};
-
-		this.finished = new Promise((fulfil) => {
-			this.#finished = fulfil;
-		});
 	}
 
-	play() {
-		this.#paused = false;
-		raf.animations.add(this);
-		this.playState = 'running';
-		this._update();
+	cancel() {
+		if (this.currentTime > 0 && this.currentTime < this.#duration) {
+			this._applyKeyFrame(0);
+		}
+
+		this.#cancelled();
 	}
 
 	_update() {
-		if (this.#reversed) {
-			if (this.#timeline_offset === 0) {
-				this.currentTime = this.#duration - raf.time;
-			} else {
-				this.currentTime = this.#timeline_offset + (this.#timeline_offset - raf.time);
-			}
-		} else {
-			this.currentTime = raf.time - this.#timeline_offset;
-		}
+		this.currentTime = raf.time;
 
 		const target_frame = this.currentTime / this.#duration;
 		this._applyKeyFrame(target_frame);
 
 		if (this.currentTime >= this.#duration) {
 			this.#finished();
+			raf.animations.delete(this);
 		}
 	}
 
@@ -103,53 +93,13 @@ class Animation {
 			// @ts-ignore
 			this.#target.style[prop] = frame[prop];
 		}
-		if (this.#reversed) {
-			if (this.currentTime <= 0) {
-				this.finish();
-				for (let prop in frame) {
-					// @ts-ignore
-					this.#target.style[prop] = null;
-				}
-			}
-		} else {
-			if (this.currentTime >= this.#duration) {
-				this.finish();
-				for (let prop in frame) {
-					// @ts-ignore
-					this.#target.style[prop] = null;
-				}
-			}
-		}
-	}
 
-	finish() {
-		this.onfinish();
-		this.currentTime = this.#reversed ? 0 : this.#duration;
-		if (this.#reversed) {
-			raf.animations.delete(this);
-		}
-		this.playState = 'idle';
-	}
-
-	cancel() {
-		this.#paused = true;
-		if (this.currentTime > 0 && this.currentTime < this.#duration) {
-			this._applyKeyFrame(this.#reversed ? this.#keyframes.length - 1 : 0);
-		}
-	}
-
-	pause() {
-		this.#paused = true;
-		this.playState = 'paused';
-	}
-
-	reverse() {
-		if (this.#paused && !raf.animations.has(this)) {
-			raf.animations.add(this);
+		if (this.currentTime >= this.#duration) {
+			for (let prop in frame) {
+				// @ts-ignore
+				this.#target.style[prop] = null;
+			}
 		}
-		this.#timeline_offset = this.currentTime;
-		this.#reversed = !this.#reversed;
-		this.playState = 'running';
 	}
 }
 
@@ -160,6 +110,7 @@ class Animation {
  */
 HTMLElement.prototype.animate = function (keyframes, options) {
 	const animation = new Animation(this, keyframes, options);
+	raf.animations.add(animation);
 	// @ts-ignore
 	return animation;
 };