diff --git a/packages/svelte/src/internal/client/reactivity/deriveds.js b/packages/svelte/src/internal/client/reactivity/deriveds.js
index f897a4e738..5a43c18aa5 100644
--- a/packages/svelte/src/internal/client/reactivity/deriveds.js
+++ b/packages/svelte/src/internal/client/reactivity/deriveds.js
@@ -1,7 +1,6 @@
 import { DEV } from 'esm-env';
 import { CLEAN, DERIVED, UNINITIALIZED, UNOWNED } from '../constants.js';
 import { current_consumer, current_effect } from '../runtime.js';
-import { push_reference } from './utils.js';
 import { default_equals, safe_equal } from './equality.js';
 
 /**
@@ -11,15 +10,15 @@ import { default_equals, safe_equal } from './equality.js';
  */
 /*#__NO_SIDE_EFFECTS__*/
 export function derived(fn) {
-	const is_unowned = current_effect === null;
-	const flags = is_unowned ? DERIVED | UNOWNED : DERIVED;
+	let flags = DERIVED | CLEAN;
+	if (current_effect === null) flags |= UNOWNED;
 
 	/** @type {import('#client').Derived<V>} */
 	const signal = {
 		c: null,
 		d: null,
 		e: default_equals,
-		f: flags | CLEAN,
+		f: flags,
 		i: fn,
 		r: null,
 		// @ts-expect-error
@@ -35,7 +34,11 @@ export function derived(fn) {
 	}
 
 	if (current_consumer !== null) {
-		push_reference(current_consumer, signal);
+		if (current_consumer.r === null) {
+			current_consumer.r = [signal];
+		} else {
+			current_consumer.r.push(signal);
+		}
 	}
 
 	return signal;
diff --git a/packages/svelte/src/internal/client/reactivity/effects.js b/packages/svelte/src/internal/client/reactivity/effects.js
index 58f69ed682..7e2c0624d9 100644
--- a/packages/svelte/src/internal/client/reactivity/effects.js
+++ b/packages/svelte/src/internal/client/reactivity/effects.js
@@ -18,7 +18,6 @@ import {
 	ROOT_EFFECT,
 	DESTROYED
 } from '../constants.js';
-import { push_reference } from './utils.js';
 
 /**
  * @param {import('./types.js').EffectType} type
@@ -45,7 +44,8 @@ function create_effect(type, fn, sync, schedule) {
 		out: null,
 		dom: null,
 		ran: false,
-		parent: current_effect
+		parent: current_effect,
+		children: null
 	};
 
 	if (DEV) {
@@ -55,7 +55,12 @@ function create_effect(type, fn, sync, schedule) {
 
 	if (current_effect !== null) {
 		signal.l = current_effect.l + 1;
-		push_reference(current_effect, signal);
+
+		if (current_effect.children === null) {
+			current_effect.children = [signal];
+		} else {
+			current_effect.children.push(signal);
+		}
 	}
 
 	if (schedule) {
@@ -240,8 +245,8 @@ function pause_children(effect, transitions, local) {
 		}
 	}
 
-	if (effect.r) {
-		for (const child of effect.r) {
+	if (effect.children) {
+		for (const child of effect.children) {
 			pause_children(child, transitions, false); // TODO separate child effects from child deriveds
 		}
 	}
@@ -263,8 +268,8 @@ export function destroy_effect(effect) {
 		remove(effect.dom);
 	}
 
-	if (effect.r) {
-		for (const child of effect.r) {
+	if (effect.children) {
+		for (const child of effect.children) {
 			destroy_effect(child);
 		}
 	}
@@ -286,8 +291,8 @@ function resume_children(effect, local) {
 		execute_effect(/** @type {import('#client').Effect} */ (effect));
 	}
 
-	if (effect.r) {
-		for (const child of effect.r) {
+	if (effect.children) {
+		for (const child of effect.children) {
 			resume_children(child, false);
 		}
 	}
diff --git a/packages/svelte/src/internal/client/reactivity/types.d.ts b/packages/svelte/src/internal/client/reactivity/types.d.ts
index 93fa7249b2..529260f8bf 100644
--- a/packages/svelte/src/internal/client/reactivity/types.d.ts
+++ b/packages/svelte/src/internal/client/reactivity/types.d.ts
@@ -67,8 +67,8 @@ export interface Effect {
 	f: SignalFlags;
 	/** init: The function that we invoke for effects and computeds */
 	i: null | (() => void | (() => void));
-	/** references: Anything that a signal owns */
-	r: null | Reaction[];
+	/** deriveds belonging to this effect */
+	r: null | Derived[];
 	/** teardown */
 	v: null | (() => void);
 	/** level: the depth from the root signal, used for ordering render/pre-effects topologically **/
@@ -83,8 +83,8 @@ export interface Effect {
 	dom: null | TemplateNode | Array<TemplateNode>;
 	/** Whether the effect ran or not */
 	ran: boolean;
-	/** The parent effect */
 	parent: null | Effect;
+	children: null | Effect[];
 }
 
 export type Reaction = Derived | Effect;
diff --git a/packages/svelte/src/internal/client/reactivity/utils.js b/packages/svelte/src/internal/client/reactivity/utils.js
deleted file mode 100644
index ed7f50c664..0000000000
--- a/packages/svelte/src/internal/client/reactivity/utils.js
+++ /dev/null
@@ -1,13 +0,0 @@
-/**
- * @param {import('#client').Reaction} target_signal
- * @param {import('#client').Reaction} ref_signal
- * @returns {void}
- */
-export function push_reference(target_signal, ref_signal) {
-	const references = target_signal.r;
-	if (references === null) {
-		target_signal.r = [ref_signal];
-	} else {
-		references.push(ref_signal);
-	}
-}
diff --git a/packages/svelte/src/internal/client/runtime.js b/packages/svelte/src/internal/client/runtime.js
index 282ebf3497..905cfb8d86 100644
--- a/packages/svelte/src/internal/client/runtime.js
+++ b/packages/svelte/src/internal/client/runtime.js
@@ -356,16 +356,16 @@ function remove_consumers(signal, start_index) {
 }
 
 /**
- * @param {import('#client').Reaction} signal
+ * @param {import('#client').Effect} effect
  * @returns {void}
  */
-function destroy_references(signal) {
-	const references = signal.r;
-	signal.r = null;
-	if (references !== null) {
+function destroy_references(effect) {
+	const deriveds = effect.r;
+	effect.r = null;
+	if (deriveds !== null) {
 		let i;
-		for (i = 0; i < references.length; i++) {
-			destroy_signal(references[i]);
+		for (i = 0; i < deriveds.length; i++) {
+			destroy_signal(deriveds[i]);
 		}
 	}
 }
@@ -656,7 +656,6 @@ export async function tick() {
 function update_derived(signal, force_schedule) {
 	const previous_updating_derived = updating_derived;
 	updating_derived = true;
-	destroy_references(signal);
 	const value = execute_signal_fn(signal);
 	updating_derived = previous_updating_derived;
 	const status =