diff --git a/.changeset/hoist-rest-excludes.md b/.changeset/hoist-rest-excludes.md
new file mode 100644
index 0000000000..52efb06092
--- /dev/null
+++ b/.changeset/hoist-rest-excludes.md
@@ -0,0 +1,5 @@
+---
+'svelte': patch
+---
+
+perf: hoist `rest_props` exclude list as a module-scope `Set`
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/VariableDeclaration.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/VariableDeclaration.js
index 72685a8e83..b9f4690179 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/VariableDeclaration.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/VariableDeclaration.js
@@ -49,8 +49,13 @@ export function VariableDeclaration(node, context) {
 				}
 
 				if (declarator.id.type === 'Identifier') {
+					const exclude_id = context.state.scope.root.unique('rest_excludes');
+					context.state.hoisted.push(
+						b.var(exclude_id, b.new('Set', b.array(seen.map((name) => b.literal(name)))))
+					);
+
 					/** @type {Expression[]} */
-					const args = [b.id('$$props'), b.array(seen.map((name) => b.literal(name)))];
+					const args = [b.id('$$props'), exclude_id];
 
 					if (dev) {
 						// include rest name, so we can provide informative error messages
@@ -95,8 +100,13 @@ export function VariableDeclaration(node, context) {
 							}
 						} else {
 							// RestElement
+							const exclude_id = context.state.scope.root.unique('rest_excludes');
+							context.state.hoisted.push(
+								b.var(exclude_id, b.new('Set', b.array(seen.map((name) => b.literal(name)))))
+							);
+
 							/** @type {Expression[]} */
-							const args = [b.id('$$props'), b.array(seen.map((name) => b.literal(name)))];
+							const args = [b.id('$$props'), exclude_id];
 
 							if (dev) {
 								// include rest name, so we can provide informative error messages
diff --git a/packages/svelte/src/compiler/utils/builders.js b/packages/svelte/src/compiler/utils/builders.js
index 7508caf3e7..1f48f7fd8b 100644
--- a/packages/svelte/src/compiler/utils/builders.js
+++ b/packages/svelte/src/compiler/utils/builders.js
@@ -686,7 +686,8 @@ export {
 	if_builder as if,
 	this_instance as this,
 	null_instance as null,
-	debugger_builder as debugger
+	debugger_builder as debugger,
+	new_builder as new
 };
 
 /**
diff --git a/packages/svelte/src/internal/client/reactivity/props.js b/packages/svelte/src/internal/client/reactivity/props.js
index 5626639a84..c2f3698809 100644
--- a/packages/svelte/src/internal/client/reactivity/props.js
+++ b/packages/svelte/src/internal/client/reactivity/props.js
@@ -49,11 +49,11 @@ export function update_pre_prop(fn, d = 1) {
 /**
  * The proxy handler for rest props (i.e. `const { x, ...rest } = $props()`).
  * Is passed the full `$$props` object and excludes the named props.
- * @type {ProxyHandler<{ props: Record<string | symbol, unknown>, exclude: Array<string | symbol>, name?: string }>}}
+ * @type {ProxyHandler<{ props: Record<string | symbol, unknown>, exclude: Set<string | symbol>, name?: string }>}}
  */
 const rest_props_handler = {
 	get(target, key) {
-		if (target.exclude.includes(key)) return;
+		if (target.exclude.has(key)) return;
 		return target.props[key];
 	},
 	set(target, key) {
@@ -65,7 +65,7 @@ const rest_props_handler = {
 		return false;
 	},
 	getOwnPropertyDescriptor(target, key) {
-		if (target.exclude.includes(key)) return;
+		if (target.exclude.has(key)) return;
 		if (key in target.props) {
 			return {
 				enumerable: true,
@@ -75,17 +75,17 @@ const rest_props_handler = {
 		}
 	},
 	has(target, key) {
-		if (target.exclude.includes(key)) return false;
+		if (target.exclude.has(key)) return false;
 		return key in target.props;
 	},
 	ownKeys(target) {
-		return Reflect.ownKeys(target.props).filter((key) => !target.exclude.includes(key));
+		return Reflect.ownKeys(target.props).filter((key) => !target.exclude.has(key));
 	}
 };
 
 /**
  * @param {Record<string, unknown>} props
- * @param {string[]} exclude
+ * @param {Set<string>} exclude
  * @param {string} [name]
  * @returns {Record<string, unknown>}
  */
diff --git a/packages/svelte/tests/snapshot/samples/props-identifier/_expected/client/index.svelte.js b/packages/svelte/tests/snapshot/samples/props-identifier/_expected/client/index.svelte.js
index 5a46b9bbef..7df616f694 100644
--- a/packages/svelte/tests/snapshot/samples/props-identifier/_expected/client/index.svelte.js
+++ b/packages/svelte/tests/snapshot/samples/props-identifier/_expected/client/index.svelte.js
@@ -1,10 +1,12 @@
 import 'svelte/internal/disclose-version';
 import * as $ from 'svelte/internal/client';
 
+var rest_excludes = new Set(['$$slots', '$$events', '$$legacy']);
+
 export default function Props_identifier($$anchor, $$props) {
 	$.push($$props, true);
 
-	let props = $.rest_props($$props, ['$$slots', '$$events', '$$legacy']);
+	let props = $.rest_props($$props, rest_excludes);
 
 	$$props.a;
 	props[a];