diff --git a/packages/svelte/src/internal/client/context.js b/packages/svelte/src/internal/client/context.js
index 84a4d7034a..76865b0bbb 100644
--- a/packages/svelte/src/internal/client/context.js
+++ b/packages/svelte/src/internal/client/context.js
@@ -224,14 +224,60 @@ export function is_runes() {
 	return !legacy_mode_flag || (component_context !== null && component_context.l === null);
 }
 
+/** @type {string | null} */
+export let hydratable_key = null;
+
+/** @param {string | null} key */
+export function set_hydratable_key(key) {
+	hydratable_key = key;
+}
+
 /**
  * @template T
+ * @overload
  * @param {string} key
  * @param {() => T} fn
  * @param {{ transport?: Transport<T> }} [options]
- * @returns {Promise<T>}
+ * @returns {Promise<Awaited<T>>}
+ */
+/**
+ * @template T
+ * @overload
+ * @param {() => T} fn
+ * @param {{ transport?: Transport<T> }} [options]
+ * @returns {Promise<Awaited<T>>}
+ */
+/**
+ * @template T
+ * @param {string | (() => T)} key_or_fn
+ * @param {(() => T) | { transport?: Transport<T> }} [fn_or_options]
+ * @param {{ transport?: Transport<T> }} [maybe_options]
+ * @returns {Promise<Awaited<T>>}
  */
-export function hydratable(key, fn, { transport } = {}) {
+export function hydratable(key_or_fn, fn_or_options = {}, maybe_options = {}) {
+	/** @type {string} */
+	let key;
+	/** @type {() => T} */
+	let fn;
+	/** @type {{ transport?: Transport<T> }} */
+	let options;
+
+	if (typeof key_or_fn === 'string') {
+		key = key_or_fn;
+		fn = /** @type {() => T} */ (fn_or_options);
+		options = /** @type {{ transport?: Transport<T> }} */ (maybe_options);
+	} else {
+		if (hydratable_key === null) {
+			throw new Error(
+				'TODO error: `hydratable` must be called synchronously within `cache` in order to omit the key'
+			);
+		} else {
+			key = hydratable_key;
+		}
+		fn = /** @type {() => T} */ (key_or_fn);
+		options = /** @type {{ transport?: Transport<T> }} */ (fn_or_options);
+	}
+
 	if (!hydrating) {
 		return Promise.resolve(fn());
 	}
@@ -245,7 +291,7 @@ export function hydratable(key, fn, { transport } = {}) {
 		);
 	}
 	const entry = /** @type {string} */ (store.get(key));
-	const parse = transport?.parse ?? ((val) => new Function(`return (${val})`)());
+	const parse = options.transport?.parse ?? ((val) => new Function(`return (${val})`)());
 	return Promise.resolve(/** @type {T} */ (parse(entry)));
 }
 
diff --git a/packages/svelte/src/internal/client/reactivity/cache.js b/packages/svelte/src/internal/client/reactivity/cache.js
index 316dc9844e..224de6bd9b 100644
--- a/packages/svelte/src/internal/client/reactivity/cache.js
+++ b/packages/svelte/src/internal/client/reactivity/cache.js
@@ -1,3 +1,4 @@
+import { set_hydratable_key } from '../context.js';
 import { tick } from '../runtime.js';
 import { render_effect } from './effects.js';
 
@@ -6,52 +7,49 @@ import { render_effect } from './effects.js';
 const client_cache = new Map();
 
 /**
- * @template TReturn
- * @template {unknown} TArg
- * @param {string} name
- * @param {(arg: TArg, key: string) => TReturn} fn
- * @param {{ hash?: (arg: TArg) => string }} [options]
- * @returns {(arg: TArg) => TReturn}
+ * @template {(...args: any[]) => any} TFn
+ * @param {string} key
+ * @param {TFn} fn
+ * @returns {ReturnType<TFn>}
  */
-export function cache(name, fn, { hash = default_hash } = {}) {
-	return (arg) => {
-		const key = `${name}::::${hash(arg)}`;
-		const cached = client_cache.has(key);
-		const entry = client_cache.get(key);
-		const maybe_remove = create_remover(key);
-
-		let tracking = true;
-		try {
-			render_effect(() => {
-				if (entry) entry.count++;
-				return () => {
-					const entry = client_cache.get(key);
-					if (!entry) return;
-					entry.count--;
-					maybe_remove(entry);
-				};
-			});
-		} catch {
-			tracking = false;
-		}
+export function cache(key, fn) {
+	const cached = client_cache.has(key);
+	const entry = client_cache.get(key);
+	const maybe_remove = create_remover(key);
+
+	let tracking = true;
+	try {
+		render_effect(() => {
+			if (entry) entry.count++;
+			return () => {
+				const entry = client_cache.get(key);
+				if (!entry) return;
+				entry.count--;
+				maybe_remove(entry);
+			};
+		});
+	} catch {
+		tracking = false;
+	}
 
-		if (cached) {
-			return entry?.item;
-		}
+	if (cached) {
+		return entry?.item;
+	}
 
-		const item = fn(arg, key);
-		const new_entry = {
-			item,
-			count: tracking ? 1 : 0
-		};
-		client_cache.set(key, new_entry);
-
-		Promise.resolve(item).then(
-			() => maybe_remove(new_entry),
-			() => maybe_remove(new_entry)
-		);
-		return item;
+	set_hydratable_key(key);
+	const item = fn();
+	set_hydratable_key(null);
+	const new_entry = {
+		item,
+		count: tracking ? 1 : 0
 	};
+	client_cache.set(key, new_entry);
+
+	Promise.resolve(item).then(
+		() => maybe_remove(new_entry),
+		() => maybe_remove(new_entry)
+	);
+	return item;
 }
 
 /**
@@ -124,11 +122,3 @@ const readonly_cache = new ReadonlyCache();
 export function get_cache() {
 	return readonly_cache;
 }
-
-/**
- * @param  {...any} args
- * @returns
- */
-function default_hash(...args) {
-	return JSON.stringify(args);
-}
diff --git a/packages/svelte/src/internal/client/reactivity/fetcher.js b/packages/svelte/src/internal/client/reactivity/fetcher.js
index 15df1e9d0c..dc3671be18 100644
--- a/packages/svelte/src/internal/client/reactivity/fetcher.js
+++ b/packages/svelte/src/internal/client/reactivity/fetcher.js
@@ -1,44 +1,17 @@
-/** @import { StandardSchemaV1 } from '@standard-schema/spec' */
+/** @import { GetRequestInit, Resource } from '#shared' */
 import { cache } from './cache';
+import { fetch_json } from '../../shared/utils.js';
+import { hydratable } from '../context';
+import { resource } from './resource';
 
 /**
- * @template {StandardSchemaV1} TSchema
- * @param {{ schema?: TSchema, url: string | URL, init?: RequestInit }} args
- * @param {string} [key]
+ * @template TReturn
+ * @param {string | URL} url
+ * @param {GetRequestInit} [init]
+ * @returns {Resource<TReturn>}
  */
-async function fetcher_impl({ schema, url, init }, key) {
-	const response = await fetch(url, init);
-	if (!response.ok) {
-		throw new Error(`Fetch error: ${response.status} ${response.statusText}`);
-	}
-	if (schema) {
-		const data = await response.json();
-		return schema['~standard'].validate(data);
-	}
-	return response.json();
-}
-
-const cached_fetch = cache('svelte/fetcher', fetcher_impl, {
-	hash: (arg) => {
-		return `${typeof arg.url === 'string' ? arg.url : arg.url.toString()}}`;
-	}
-});
-
-/**
- * @template {StandardSchemaV1} TSchema
- * @overload
- * @param {{ schema: TSchema, url: string | URL, init?: RequestInit }} arg
- * @returns {Promise<StandardSchemaV1.InferOutput<TSchema>>}
- */
-/**
- * @overload
- * @param {{ schema?: undefined, url: string | URL, init?: RequestInit }} arg
- * @returns {Promise<any>}
- */
-/**
- * @template {StandardSchemaV1} TSchema
- * @param {{ schema?: TSchema, url: string | URL, init?: RequestInit }} arg
- */
-export function fetcher(arg) {
-	return cached_fetch(arg);
+export function fetcher(url, init) {
+	return cache(`svelte/fetcher::::${typeof url === 'string' ? url : url.toString()}`, () =>
+		resource(() => hydratable(() => fetch_json(url, init)))
+	);
 }
diff --git a/packages/svelte/src/internal/server/context.js b/packages/svelte/src/internal/server/context.js
index 7ab3e2665b..54fc122077 100644
--- a/packages/svelte/src/internal/server/context.js
+++ b/packages/svelte/src/internal/server/context.js
@@ -125,14 +125,60 @@ export async function save(promise) {
 	};
 }
 
+/** @type {string | null} */
+export let hydratable_key = null;
+
+/** @param {string | null} key */
+export function set_hydratable_key(key) {
+	hydratable_key = key;
+}
+
 /**
  * @template T
+ * @overload
  * @param {string} key
  * @param {() => T} fn
  * @param {{ transport?: Transport<T> }} [options]
- * @returns {Promise<T>}
+ * @returns {Promise<Awaited<T>>}
  */
-export function hydratable(key, fn, { transport } = {}) {
+/**
+ * @template T
+ * @overload
+ * @param {() => T} fn
+ * @param {{ transport?: Transport<T> }} [options]
+ * @returns {Promise<Awaited<T>>}
+ */
+/**
+ * @template T
+ * @param {string | (() => T)} key_or_fn
+ * @param {(() => T) | { transport?: Transport<T> }} [fn_or_options]
+ * @param {{ transport?: Transport<T> }} [maybe_options]
+ * @returns {Promise<Awaited<T>>}
+ */
+export function hydratable(key_or_fn, fn_or_options = {}, maybe_options = {}) {
+	// TODO DRY out with #shared
+	/** @type {string} */
+	let key;
+	/** @type {() => T} */
+	let fn;
+	/** @type {{ transport?: Transport<T> }} */
+	let options;
+
+	if (typeof key_or_fn === 'string') {
+		key = key_or_fn;
+		fn = /** @type {() => T} */ (fn_or_options);
+		options = /** @type {{ transport?: Transport<T> }} */ (maybe_options);
+	} else {
+		if (hydratable_key === null) {
+			throw new Error(
+				'TODO error: `hydratable` must be called synchronously within `cache` in order to omit the key'
+			);
+		} else {
+			key = hydratable_key;
+		}
+		fn = /** @type {() => T} */ (key_or_fn);
+		options = /** @type {{ transport?: Transport<T> }} */ (fn_or_options);
+	}
 	const store = get_render_store();
 
 	if (store.hydratables.has(key)) {
@@ -141,7 +187,7 @@ export function hydratable(key, fn, { transport } = {}) {
 	}
 
 	const result = fn();
-	store.hydratables.set(key, { value: result, transport });
+	store.hydratables.set(key, { value: result, transport: options.transport });
 	return Promise.resolve(result);
 }
 
diff --git a/packages/svelte/src/internal/server/reactivity/cache.js b/packages/svelte/src/internal/server/reactivity/cache.js
index ed93539e3f..4904633863 100644
--- a/packages/svelte/src/internal/server/reactivity/cache.js
+++ b/packages/svelte/src/internal/server/reactivity/cache.js
@@ -1,33 +1,22 @@
-import { get_render_store } from '../context';
+import { get_render_store, set_hydratable_key } from '../context';
 
 /**
- * @template TReturn
- * @template {unknown} TArg
- * @param {string} name
- * @param {(arg: TArg, key: string) => TReturn} fn
- * @param {{ hash?: (arg: TArg) => string }} [options]
- * @returns {(arg: TArg) => TReturn}
+ * @template {(...args: any[]) => any} TFn
+ * @param {string} key
+ * @param {TFn} fn
+ * @returns {ReturnType<TFn>}
  */
-export function cache(name, fn, { hash = default_hash } = {}) {
-	return (arg) => {
-		const cache = get_render_store().cache;
-		const key = `${name}::::${hash(arg)}`;
-		const entry = cache.get(key);
-		if (entry) {
-			return /** @type {TReturn} */ (entry);
-		}
-		const new_entry = fn(arg, key);
-		cache.set(key, new_entry);
-		return new_entry;
-	};
-}
-
-/**
- * @param {any} arg
- * @returns {string}
- */
-function default_hash(arg) {
-	return JSON.stringify(arg);
+export function cache(key, fn) {
+	const cache = get_render_store().cache;
+	const entry = cache.get(key);
+	if (entry) {
+		return /** @type {ReturnType<TFn>} */ (entry);
+	}
+	set_hydratable_key(key);
+	const new_entry = fn();
+	set_hydratable_key(null);
+	cache.set(key, new_entry);
+	return new_entry;
 }
 
 export function get_cache() {
diff --git a/packages/svelte/src/internal/server/reactivity/fetcher.js b/packages/svelte/src/internal/server/reactivity/fetcher.js
new file mode 100644
index 0000000000..9e4870cf2b
--- /dev/null
+++ b/packages/svelte/src/internal/server/reactivity/fetcher.js
@@ -0,0 +1,17 @@
+/** @import { GetRequestInit, Resource } from '#shared' */
+import { fetch_json } from '../../shared/utils.js';
+import { hydratable } from '../context.js';
+import { cache } from './cache';
+import { resource } from './resource.js';
+
+/**
+ * @template TReturn
+ * @param {string | URL} url
+ * @param {GetRequestInit} [init]
+ * @returns {Resource<TReturn>}
+ */
+export function fetcher(url, init) {
+	return cache(`svelte/fetcher::::${typeof url === 'string' ? url : url.toString()}`, () =>
+		resource(() => hydratable(() => fetch_json(url, init)))
+	);
+}
diff --git a/packages/svelte/src/internal/server/renderer.js b/packages/svelte/src/internal/server/renderer.js
index 583b444b58..598bcd73a3 100644
--- a/packages/svelte/src/internal/server/renderer.js
+++ b/packages/svelte/src/internal/server/renderer.js
@@ -375,7 +375,7 @@ export class Renderer {
 							});
 							return Promise.resolve(user_result);
 						}
-						async ??= with_render_store({ hydratables: new Map(), resources: new Map() }, () =>
+						async ??= with_render_store({ hydratables: new Map(), cache: new Map() }, () =>
 							Renderer.#render_async(component, options)
 						);
 						return async.then((result) => {
diff --git a/packages/svelte/src/internal/shared/types.d.ts b/packages/svelte/src/internal/shared/types.d.ts
index f092a8c931..549d870d88 100644
--- a/packages/svelte/src/internal/shared/types.d.ts
+++ b/packages/svelte/src/internal/shared/types.d.ts
@@ -35,3 +35,5 @@ export type Resource<T> = {
 			error: any;
 	  }
 );
+
+export type GetRequestInit = Omit<RequestInit, 'method' | 'body'> & { method?: 'GET' };
diff --git a/packages/svelte/src/internal/shared/utils.js b/packages/svelte/src/internal/shared/utils.js
index 10f8597520..1f375c4001 100644
--- a/packages/svelte/src/internal/shared/utils.js
+++ b/packages/svelte/src/internal/shared/utils.js
@@ -1,3 +1,5 @@
+/** @import { GetRequestInit } from '#shared' */
+
 // Store the references to globals in case someone tries to monkey patch these, causing the below
 // to de-opt (this occurs often when using popular extensions).
 export var is_array = Array.isArray;
@@ -116,3 +118,15 @@ export function to_array(value, n) {
 
 	return array;
 }
+
+/**
+ * @param {string | URL} url
+ * @param {GetRequestInit} [init]
+ */
+export async function fetch_json(url, init) {
+	const response = await fetch(url, init);
+	if (!response.ok) {
+		throw new Error(`TODO error: Fetch error: ${response.status} ${response.statusText}`);
+	}
+	return response.json();
+}
diff --git a/packages/svelte/src/reactivity/index-client.js b/packages/svelte/src/reactivity/index-client.js
index e5be6774bd..cc65588c89 100644
--- a/packages/svelte/src/reactivity/index-client.js
+++ b/packages/svelte/src/reactivity/index-client.js
@@ -7,3 +7,4 @@ export { MediaQuery } from './media-query.js';
 export { createSubscriber } from './create-subscriber.js';
 export { resource } from '../internal/client/reactivity/resource.js';
 export { cache, get_cache as getCache } from '../internal/client/reactivity/cache.js';
+export { fetcher } from '../internal/client/reactivity/fetcher.js';
diff --git a/packages/svelte/src/reactivity/index-server.js b/packages/svelte/src/reactivity/index-server.js
index 67ea76f65a..231741028d 100644
--- a/packages/svelte/src/reactivity/index-server.js
+++ b/packages/svelte/src/reactivity/index-server.js
@@ -1,5 +1,6 @@
 export { resource } from '../internal/server/reactivity/resource.js';
 export { cache, get_cache as getCache } from '../internal/server/reactivity/cache.js';
+export { fetcher } from '../internal/server/reactivity/fetcher.js';
 
 export const SvelteDate = globalThis.Date;
 export const SvelteSet = globalThis.Set;
diff --git a/packages/svelte/types/index.d.ts b/packages/svelte/types/index.d.ts
index e8e3d02c3a..e5cfbdb0ac 100644
--- a/packages/svelte/types/index.d.ts
+++ b/packages/svelte/types/index.d.ts
@@ -489,9 +489,13 @@ declare module 'svelte' {
 	 * */
 	export function getAllContexts<T extends Map<any, any> = Map<any, any>>(): T;
 
-	export function hydratable<T>(key: string, fn: () => T, { transport }?: {
+	export function hydratable<T>(key: string, fn: () => T, options?: {
 		transport?: Transport<T>;
-	} | undefined): Promise<T>;
+	} | undefined): Promise<Awaited<T>>;
+
+	export function hydratable<T>(fn: () => T, options?: {
+		transport?: Transport<T>;
+	} | undefined): Promise<Awaited<T>>;
 	/**
 	 * Mounts a component to the given target and returns the exports and potentially the props (if compiled with `accessors: true`) of the component.
 	 * Transitions will play during the initial render unless the `intro` option is set to `false`.
@@ -2412,9 +2416,8 @@ declare module 'svelte/reactivity' {
 	 */
 	export function createSubscriber(start: (update: () => void) => (() => void) | void): () => void;
 	export function resource<T>(fn: () => Promise<T>): Resource<T>;
-	export function cache<TReturn, TArg extends unknown>(name: string, fn: (arg: TArg, key: string) => TReturn, { hash }?: {
-		hash?: (arg: TArg) => string;
-	} | undefined): (arg: TArg) => TReturn;
+	export function fetcher<TReturn>(url: string | URL, init?: GetRequestInit | undefined): Resource<TReturn>;
+	export function cache<TFn extends (...args: any[]) => any>(key: string, fn: TFn): ReturnType<TFn>;
 
 	export function getCache(): ReadonlyMap<string, any>;
 	class ReactiveValue<T> {
@@ -2443,6 +2446,8 @@ declare module 'svelte/reactivity' {
 		  }
 	);
 
+	type GetRequestInit = Omit<RequestInit, 'method' | 'body'> & { method?: 'GET' };
+
 	export {};
 }