diff --git a/packages/svelte/src/internal/client/reactivity/batch.js b/packages/svelte/src/internal/client/reactivity/batch.js
index 03483ea9ac..5fa57e9b6d 100644
--- a/packages/svelte/src/internal/client/reactivity/batch.js
+++ b/packages/svelte/src/internal/client/reactivity/batch.js
@@ -119,8 +119,17 @@ export function read_batch_local_value(reaction) {
  * @returns {{ v: any }}
  */
 export function own_value(signal) {
-	var own = batch_values === null ? undefined : current_batch?.current.get(signal);
-	return own === undefined ? signal : own;
+	if (batch_values === null) return signal;
+
+	var own = current_batch?.current.get(signal);
+	if (own !== undefined) return own;
+
+	// Outside of effect flushes, the view is the one of the current batch: it may show another value, e.g. a later
+	// batch's previous one. While effects are flushed, the view is the one of the flushed batch, but writes belong
+	// to a new batch (and deriveds are captured into both)
+	return previous_batch === null && batch_values.has(signal)
+		? { v: batch_values.get(signal) }
+		: signal;
 }
 
 /** @type {Effect | null} */
diff --git a/packages/svelte/src/internal/client/reactivity/deriveds.js b/packages/svelte/src/internal/client/reactivity/deriveds.js
index 2abc477fef..cd8fe6eb45 100644
--- a/packages/svelte/src/internal/client/reactivity/deriveds.js
+++ b/packages/svelte/src/internal/client/reactivity/deriveds.js
@@ -427,7 +427,7 @@ export function update_derived(derived) {
 	var value = execute_derived(derived);
 	var d = own_value(derived);
 
-	if (d.v === derived.v ? !derived.equals(value) : !derived.equals.call(d, value)) {
+	if (d === derived ? !derived.equals(value) : !derived.equals.call(d, value)) {
 		if (current_batch !== null || previous_batch !== null) {
 			// `capture` decides whether the underlying value is updated (it isn't in a fork,
 			// or if a later batch holds a newer value) and records it in the batch either way.
@@ -436,9 +436,8 @@ export function update_derived(derived) {
 			// to the previous batch, not the new one (which can already exist if an earlier
 			// effect wrote to a source). Not adding it to either can cause bugs, so we add it to both.
 			// See https://github.com/sveltejs/svelte/pull/18117 for more details.
-			// Order matters: current_batch first so it gets the correct previous value.
+			previous_batch?.capture(derived, value, true);
 			current_batch?.capture(derived, value, true);
-			previous_batch?.capture(derived, value, true, current_batch !== null);
 		} else {
 			derived.v = value;
 			derived.wv = increment_write_version();
diff --git a/packages/svelte/src/internal/client/reactivity/sources.js b/packages/svelte/src/internal/client/reactivity/sources.js
index 24d15550e8..aa7a94016f 100644
--- a/packages/svelte/src/internal/client/reactivity/sources.js
+++ b/packages/svelte/src/internal/client/reactivity/sources.js
@@ -191,7 +191,8 @@ var count_deps = 0;
  */
 export function internal_set(source, value, updated_during_traversal = null) {
 	var s = own_value(source);
-	if (s.v === source.v ? !source.equals(value) : !source.equals.call(s, value)) {
+
+	if (s === source ? !source.equals(value) : !source.equals.call(s, value)) {
 		if (is_destroying_effect) {
 			old_values.set(source, value);
 		} else if (!old_values.has(source)) {
diff --git a/packages/svelte/src/internal/client/runtime.js b/packages/svelte/src/internal/client/runtime.js
index 7518b11742..b4e5d1c7e1 100644
--- a/packages/svelte/src/internal/client/runtime.js
+++ b/packages/svelte/src/internal/client/runtime.js
@@ -52,6 +52,7 @@ import {
 	Batch,
 	batch_values,
 	current_batch,
+	first_batch,
 	flushSync,
 	held_sources,
 	previous_batch,
@@ -342,17 +343,17 @@ export function update_reaction(reaction) {
 function update_dependencies(reaction) {
 	var deps = reaction.deps;
 
-	// Don't remove reactions during fork;
-	// they must remain for when fork is discarded
-	var is_fork = current_batch?.is_fork;
-
 	if (new_deps !== null) {
 		var i;
 
-		if (!is_fork) {
-			remove_reactions(reaction, skipped_deps);
+		if (deps !== null && skipped_deps < deps.length && keep_dependencies(deps)) {
+			for (i = skipped_deps; i < deps.length; i++) {
+				if (!includes.call(new_deps, deps[i])) new_deps.push(deps[i]);
+			}
 		}
 
+		remove_reactions(reaction, skipped_deps);
+
 		if (deps !== null && skipped_deps > 0) {
 			deps.length = skipped_deps + new_deps.length;
 			for (i = 0; i < new_deps.length; i++) {
@@ -367,7 +368,7 @@ function update_dependencies(reaction) {
 				(deps[i].reactions ??= []).push(reaction);
 			}
 		}
-	} else if (!is_fork && deps !== null && skipped_deps < deps.length) {
+	} else if (deps !== null && skipped_deps < deps.length && !keep_dependencies(deps)) {
 		remove_reactions(reaction, skipped_deps);
 		deps.length = skipped_deps;
 	}
@@ -375,6 +376,31 @@ function update_dependencies(reaction) {
 	return deps;
 }
 
+/**
+ * Whether a reaction should keep the dependencies it didn't read this time. While several batches exist (or in
+ * a fork), they're needed if it read a value that some batch changes: other batches (or the real world, once the
+ * fork is discarded) see another value for it, so the reaction may take another path there (e.g. `a || b` with a
+ * different `a`), in which it depends on them
+ * @param {Value[]} deps the previous dependencies, of which the first `skipped_deps` were read again
+ */
+function keep_dependencies(deps) {
+	if (batch_values === null) return false;
+
+	for (var batch = first_batch; batch !== null; batch = batch.next) {
+		for (var i = 0; i < skipped_deps; i++) {
+			if (batch.current.has(deps[i])) return true;
+		}
+
+		if (new_deps !== null) {
+			for (i = 0; i < new_deps.length; i++) {
+				if (batch.current.has(new_deps[i])) return true;
+			}
+		}
+	}
+
+	return false;
+}
+
 /**
  * @template V
  * @param {Reaction} signal
diff --git a/packages/svelte/tests/runtime-runes/samples/async-equal-result-later-batch-reader/_config.js b/packages/svelte/tests/runtime-runes/samples/async-equal-result-later-batch-reader/_config.js
new file mode 100644
index 0000000000..3cc13951df
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-equal-result-later-batch-reader/_config.js
@@ -0,0 +1,40 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+const buttons =
+	'<button>b = 1</button><button>b = 2, c = 1</button><button>resolve latest pos</button><button>resolve oldest pos</button><button>resolve all</button>';
+
+// Like `async-equal-result-dropped-later-batch`, but the result is read by something that doesn't wait
+// for it: a batch's async result equals the real value, which a later (still pending) batch wrote. The
+// batch itself sees that later batch's previous value though, so the result changes its world, and
+// whatever read the previous value has to update
+export default test({
+	mode: ['client'],
+	async test({ assert, target }) {
+		await tick();
+		const [b1, b2c1, resolve_latest, resolve_oldest, resolve_all] =
+			target.querySelectorAll('button');
+
+		assert.htmlEqual(target.innerHTML, `${buttons}<p>zero</p><span>0</span><i>c0</i>`);
+
+		b1.click();
+		await tick();
+		b2c1.click();
+		await tick();
+		assert.htmlEqual(target.innerHTML, `${buttons}<p>zero</p><span>0</span><i>c0</i>`);
+
+		// the later batch's result becomes the real value, but that batch still waits for c1
+		resolve_latest.click();
+		await tick();
+		assert.htmlEqual(target.innerHTML, `${buttons}<p>zero</p><span>0</span><i>c0</i>`);
+
+		// the earlier batch's equal result completes it
+		resolve_oldest.click();
+		await tick();
+		assert.htmlEqual(target.innerHTML, `${buttons}<p>pos</p><span>1</span><i>c0</i>`);
+
+		resolve_all.click();
+		await tick();
+		assert.htmlEqual(target.innerHTML, `${buttons}<p>pos</p><span>2</span><i>c1</i>`);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-equal-result-later-batch-reader/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-equal-result-later-batch-reader/main.svelte
new file mode 100644
index 0000000000..df9941e28f
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-equal-result-later-batch-reader/main.svelte
@@ -0,0 +1,39 @@
+<script>
+	let b = $state(0);
+	let c = $state(0);
+
+	/** @type {Map<string, Array<() => void>>} */
+	const pending = new Map();
+	let initial = true;
+
+	/** @param {string} value */
+	function f(value) {
+		if (initial) return value;
+		return new Promise((fulfil) => {
+			if (!pending.has(value)) pending.set(value, []);
+			pending.get(value)?.push(() => fulfil(value));
+		});
+	}
+
+	$effect(() => {
+		initial = false;
+	});
+
+	function resolve_all() {
+		for (const list of pending.values()) {
+			for (const fn of list.splice(0)) fn();
+		}
+	}
+
+	let p = $derived(await f(b > 0 ? 'pos' : 'zero'));
+</script>
+
+<button onclick={() => (b = 1)}>b = 1</button>
+<button onclick={() => ((b = 2), (c = 1))}>b = 2, c = 1</button>
+<button onclick={() => pending.get('pos')?.pop()?.()}>resolve latest pos</button>
+<button onclick={() => pending.get('pos')?.shift()?.()}>resolve oldest pos</button>
+<button onclick={resolve_all}>resolve all</button>
+
+<p>{p}</p>
+{#if true}<span>{b}</span>{/if}
+<i>{await f('c' + c)}</i>