diff --git a/.changeset/modern-towns-call.md b/.changeset/modern-towns-call.md
deleted file mode 100644
index 77ca8e9185..0000000000
--- a/.changeset/modern-towns-call.md
+++ /dev/null
@@ -1,5 +0,0 @@
----
-'svelte': patch
----
-
-fix: discard batches made obsolete by commit
diff --git a/.changeset/spicy-teeth-tan.md b/.changeset/spicy-teeth-tan.md
new file mode 100644
index 0000000000..c7efa65130
--- /dev/null
+++ b/.changeset/spicy-teeth-tan.md
@@ -0,0 +1,5 @@
+---
+'svelte': patch
+---
+
+fix: defer batch resolution until earlier intersecting batches have committed
diff --git a/packages/svelte/CHANGELOG.md b/packages/svelte/CHANGELOG.md
index 3ca0db8dec..7c1311ae84 100644
--- a/packages/svelte/CHANGELOG.md
+++ b/packages/svelte/CHANGELOG.md
@@ -1,5 +1,31 @@
 # svelte
 
+## 5.54.0
+
+### Minor Changes
+
+- feat: allow `css`, `runes`, `customElement` compiler options to be functions ([#17951](https://github.com/sveltejs/svelte/pull/17951))
+
+### Patch Changes
+
+- fix: reinstate reactivity loss tracking ([#17801](https://github.com/sveltejs/svelte/pull/17801))
+
+## 5.53.13
+
+### Patch Changes
+
+- fix: ensure `$inspect` after top level await doesn't break builds ([#17943](https://github.com/sveltejs/svelte/pull/17943))
+
+- fix: resume inert effects when they come from offscreen ([#17942](https://github.com/sveltejs/svelte/pull/17942))
+
+- fix: don't eagerly access not-yet-initialized functions in template ([#17938](https://github.com/sveltejs/svelte/pull/17938))
+
+- fix: discard batches made obsolete by commit ([#17934](https://github.com/sveltejs/svelte/pull/17934))
+
+- fix: ensure "is standalone child" is correctly reset ([#17944](https://github.com/sveltejs/svelte/pull/17944))
+
+- fix: remove nodes in boundary when work is pending and HMR is active ([#17932](https://github.com/sveltejs/svelte/pull/17932))
+
 ## 5.53.12
 
 ### Patch Changes
diff --git a/packages/svelte/package.json b/packages/svelte/package.json
index e06a9bf4a8..8c926d04c2 100644
--- a/packages/svelte/package.json
+++ b/packages/svelte/package.json
@@ -2,7 +2,7 @@
   "name": "svelte",
   "description": "Cybernetically enhanced web apps",
   "license": "MIT",
-  "version": "5.53.12",
+  "version": "5.54.0",
   "type": "module",
   "types": "./types/index.d.ts",
   "engines": {
diff --git a/packages/svelte/src/compiler/index.js b/packages/svelte/src/compiler/index.js
index e864c4a1f4..1d822514b9 100644
--- a/packages/svelte/src/compiler/index.js
+++ b/packages/svelte/src/compiler/index.js
@@ -23,6 +23,7 @@ export { print } from './print/index.js';
 export function compile(source, options) {
 	source = remove_bom(source);
 	state.reset({ warning: options.warningFilter, filename: options.filename });
+
 	const validated = validate_component_options(options, '');
 
 	let parsed = _parse(source);
@@ -33,7 +34,9 @@ export function compile(source, options) {
 	const combined_options = {
 		...validated,
 		...parsed_options,
-		customElementOptions
+		customElementOptions,
+		css: 'css' in parsed_options ? () => parsed_options.css ?? 'external' : validated.css,
+		runes: 'runes' in parsed_options ? () => parsed_options.runes : validated.runes
 	};
 
 	if (parsed.metadata.ts) {
diff --git a/packages/svelte/src/compiler/migrate/index.js b/packages/svelte/src/compiler/migrate/index.js
index ce5387f4dd..0370155c12 100644
--- a/packages/svelte/src/compiler/migrate/index.js
+++ b/packages/svelte/src/compiler/migrate/index.js
@@ -146,6 +146,8 @@ export function migrate(source, { filename, use_ts } = {}) {
 			...parsed_options,
 			customElementOptions,
 			filename: filename ?? UNKNOWN_FILENAME,
+			css: 'css' in parsed_options ? () => parsed_options.css ?? 'external' : () => 'external',
+			runes: 'runes' in parsed_options ? () => parsed_options.runes : () => undefined,
 			experimental: {
 				async: true
 			}
diff --git a/packages/svelte/src/compiler/phases/2-analyze/index.js b/packages/svelte/src/compiler/phases/2-analyze/index.js
index fbd2e1cb8a..cadd159b3e 100644
--- a/packages/svelte/src/compiler/phases/2-analyze/index.js
+++ b/packages/svelte/src/compiler/phases/2-analyze/index.js
@@ -345,6 +345,8 @@ export function analyze_component(root, source, options) {
 
 	let synthetic_stores_legacy_check = [];
 
+	const runes_option = options.runes?.({ filename: options.filename });
+
 	// create synthetic bindings for store subscriptions
 	for (const [name, references] of module.scope.references) {
 		if (name[0] !== '$' || RESERVED.includes(name)) continue;
@@ -359,7 +361,7 @@ export function analyze_component(root, source, options) {
 		// If we're not in legacy mode through the compiler option, assume the user
 		// is referencing a rune and not a global store.
 		if (
-			options.runes === false ||
+			runes_option === false ||
 			!is_rune(name) ||
 			(declaration !== null &&
 				// const state = $state(0) is valid
@@ -395,7 +397,7 @@ export function analyze_component(root, source, options) {
 				e.store_invalid_scoped_subscription(is_nested_store_subscription_node);
 			}
 
-			if (options.runes !== false) {
+			if (runes_option !== false) {
 				if (declaration === null && /[a-z]/.test(store_name[0])) {
 					e.global_reference_invalid(references[0].node, name);
 				} else if (declaration !== null && is_rune(name)) {
@@ -447,7 +449,7 @@ export function analyze_component(root, source, options) {
 	const component_name = get_component_name(options.filename);
 
 	const runes =
-		options.runes ??
+		runes_option ??
 		(has_await || instance.has_await || Array.from(module.scope.references.keys()).some(is_rune));
 
 	if (!runes) {
@@ -463,7 +465,10 @@ export function analyze_component(root, source, options) {
 		}
 	}
 
-	const is_custom_element = !!options.customElementOptions || options.customElement;
+	const custom_element_from_option = options.customElement({ filename: options.filename });
+	const css = options.css({ filename: options.filename });
+	const custom_element = options.customElementOptions ?? custom_element_from_option;
+	const is_custom_element = !!options.customElementOptions || custom_element_from_option;
 
 	const name = module.scope.generate(options.name ?? component_name);
 
@@ -491,7 +496,7 @@ export function analyze_component(root, source, options) {
 		maybe_runes:
 			!runes &&
 			// if they explicitly disabled runes, use the legacy behavior
-			options.runes !== false &&
+			runes_option !== false &&
 			![...module.scope.references.keys()].some((name) =>
 				['$$props', '$$restProps'].includes(name)
 			) &&
@@ -523,8 +528,8 @@ export function analyze_component(root, source, options) {
 		needs_props: false,
 		event_directive_node: null,
 		uses_event_attributes: false,
-		custom_element: is_custom_element,
-		inject_styles: options.css === 'injected' || is_custom_element,
+		custom_element,
+		inject_styles: css === 'injected' || is_custom_element,
 		accessors:
 			is_custom_element ||
 			(runes ? false : !!options.accessors) ||
@@ -680,7 +685,7 @@ export function analyze_component(root, source, options) {
 				w.options_deprecated_accessors(attribute);
 			}
 
-			if (attribute.name === 'customElement' && !options.customElement) {
+			if (attribute.name === 'customElement' && !custom_element_from_option) {
 				w.options_missing_custom_element(attribute);
 			}
 
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/transform-client.js b/packages/svelte/src/compiler/phases/3-transform/client/transform-client.js
index 75e12876a2..162b979e4c 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/transform-client.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/transform-client.js
@@ -619,7 +619,7 @@ export function client_component(analysis, options) {
 		);
 	}
 
-	const ce = options.customElementOptions ?? options.customElement;
+	const ce = analysis.custom_element;
 
 	if (ce) {
 		const ce_props = typeof ce === 'boolean' ? {} : ce.props || {};
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/Fragment.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/Fragment.js
index be919d380c..ad0c487fb4 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/Fragment.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/Fragment.js
@@ -63,6 +63,7 @@ export function Fragment(node, context) {
 	/** @type {ComponentClientTransformState} */
 	const state = {
 		...context.state,
+		is_standalone,
 		init: [],
 		snippets: [],
 		consts: [],
@@ -128,7 +129,7 @@ export function Fragment(node, context) {
 			// no need to create a template, we can just use the existing block's anchor
 			process_children(trimmed, () => b.id('$$anchor'), false, {
 				...context,
-				state: { ...state, is_standalone }
+				state
 			});
 		} else {
 			/** @type {(is_text: boolean) => Expression} */
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/utils.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/utils.js
index 7256073096..1f3c7b2256 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/utils.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/utils.js
@@ -82,12 +82,16 @@ export class Memoizer {
 
 	async_values() {
 		if (this.#async.length === 0) return;
-		return b.array(this.#async.map((memo) => b.thunk(memo.expression, true)));
+		// use `b.arrow` rather than `b.thunk` so that deferred async/template effects
+		// always read live bindings rather than a possibly stale snapshot.
+		return b.array(this.#async.map((memo) => b.arrow([], memo.expression, true)));
 	}
 
 	sync_values() {
 		if (this.#sync.length === 0) return;
-		return b.array(this.#sync.map((memo) => b.thunk(memo.expression)));
+		// use `b.arrow` rather than `b.thunk` so that deferred async/template effects
+		// always read live bindings rather than a possibly stale snapshot.
+		return b.array(this.#sync.map((memo) => b.arrow([], memo.expression)));
 	}
 }
 
diff --git a/packages/svelte/src/compiler/phases/3-transform/css/index.js b/packages/svelte/src/compiler/phases/3-transform/css/index.js
index cee7ab2791..92b2706f22 100644
--- a/packages/svelte/src/compiler/phases/3-transform/css/index.js
+++ b/packages/svelte/src/compiler/phases/3-transform/css/index.js
@@ -65,7 +65,7 @@ export function render_stylesheet(source, analysis, options) {
 
 	merge_with_preprocessor_map(css, options, css.map.sources[0]);
 
-	if (dev && options.css === 'injected' && css.code) {
+	if (dev && analysis.inject_styles && css.code) {
 		css.code += `\n/*# sourceMappingURL=${css.map.toUrl()} */`;
 	}
 
diff --git a/packages/svelte/src/compiler/phases/3-transform/server/transform-server.js b/packages/svelte/src/compiler/phases/3-transform/server/transform-server.js
index b9f1441bff..90a693b99a 100644
--- a/packages/svelte/src/compiler/phases/3-transform/server/transform-server.js
+++ b/packages/svelte/src/compiler/phases/3-transform/server/transform-server.js
@@ -300,7 +300,7 @@ export function server_component(analysis, options) {
 
 	const body = [...state.hoisted, ...module.body];
 
-	if (analysis.css.ast !== null && options.css === 'injected' && !options.customElement) {
+	if (analysis.css.ast !== null && analysis.inject_styles && !analysis.custom_element) {
 		const hash = b.literal(analysis.css.hash);
 		const code = b.literal(render_stylesheet(analysis.source, analysis, options).code);
 
diff --git a/packages/svelte/src/compiler/phases/3-transform/shared/transform-async.js b/packages/svelte/src/compiler/phases/3-transform/shared/transform-async.js
index 95b9f585d3..5c8f901d7c 100644
--- a/packages/svelte/src/compiler/phases/3-transform/shared/transform-async.js
+++ b/packages/svelte/src/compiler/phases/3-transform/shared/transform-async.js
@@ -95,7 +95,8 @@ export function transform_body(instance_body, runner, transform) {
 				);
 
 				if (expression.type === 'EmptyStatement') {
-					return null;
+					// Keep indices stable for async sequencing while avoiding array holes in run([...]).
+					return b.thunk(b.void0, false);
 				}
 
 				return expression.type === 'AwaitExpression'
diff --git a/packages/svelte/src/compiler/types/index.d.ts b/packages/svelte/src/compiler/types/index.d.ts
index 325d87ef6a..e033251257 100644
--- a/packages/svelte/src/compiler/types/index.d.ts
+++ b/packages/svelte/src/compiler/types/index.d.ts
@@ -73,9 +73,11 @@ export interface CompileOptions extends ModuleCompileOptions {
 	/**
 	 * If `true`, tells the compiler to generate a custom element constructor instead of a regular Svelte component.
 	 *
+	 * You can also pass a function that receives `{ filename }` and returns a boolean.
+	 *
 	 * @default false
 	 */
-	customElement?: boolean;
+	customElement?: boolean | ((options: { filename: string }) => boolean);
 	/**
 	 * If `true`, getters and setters will be created for the component's props. If `false`, they will only be created for readonly exported values (i.e. those declared with `const`, `class` and `function`). If compiling with `customElement: true` this option defaults to `true`.
 	 *
@@ -101,8 +103,10 @@ export interface CompileOptions extends ModuleCompileOptions {
 	 * - `'injected'`: styles will be included in the `head` when using `render(...)`, and injected into the document (if not already present) when the component mounts. For components compiled as custom elements, styles are injected to the shadow root.
 	 * - `'external'`: the CSS will only be returned in the `css` field of the compilation result. Most Svelte bundler plugins will set this to `'external'` and use the CSS that is statically generated for better performance, as it will result in smaller JavaScript bundles and the output can be served as cacheable `.css` files.
 	 * This is always `'injected'` when compiling with `customElement` mode.
+	 *
+	 * You can also pass a function that receives `{ filename }` and returns either `'injected'` or `'external'`.
 	 */
-	css?: 'injected' | 'external';
+	css?: 'injected' | 'external' | ((options: { filename: string }) => 'injected' | 'external');
 	/**
 	 * A function that takes a `{ hash, css, name, filename }` argument and returns the string that is used as a classname for scoped CSS.
 	 * It defaults to returning `svelte-${hash(filename ?? css)}`.
@@ -146,7 +150,7 @@ export interface CompileOptions extends ModuleCompileOptions {
 	 * which is likely not what you want. If you're using Vite, consider using [dynamicCompileOptions](https://github.com/sveltejs/vite-plugin-svelte/blob/main/docs/config.md#dynamiccompileoptions) instead.
 	 * @default undefined
 	 */
-	runes?: boolean | undefined;
+	runes?: boolean | undefined | ((options: { filename: string }) => boolean | undefined);
 	/**
 	 *  If `true`, exposes the Svelte major version in the browser by adding it to a `Set` stored in the global `window.__svelte.v`.
 	 *
@@ -252,18 +256,22 @@ export type ValidatedCompileOptions = ValidatedModuleCompileOptions &
 		Required<CompileOptions>,
 		| keyof ModuleCompileOptions
 		| 'name'
+		| 'customElement'
 		| 'compatibility'
 		| 'outputFilename'
 		| 'cssOutputFilename'
 		| 'sourcemap'
+		| 'css'
 		| 'runes'
 	> & {
 		name: CompileOptions['name'];
+		customElement: (options: { filename: string }) => boolean;
 		outputFilename: CompileOptions['outputFilename'];
 		cssOutputFilename: CompileOptions['cssOutputFilename'];
 		sourcemap: CompileOptions['sourcemap'];
 		compatibility: Required<Required<CompileOptions>['compatibility']>;
-		runes: CompileOptions['runes'];
+		css: (options: { filename: string }) => 'injected' | 'external';
+		runes: (options: { filename: string }) => boolean | undefined;
 		customElementOptions: AST.SvelteOptions['customElement'];
 		hmr: CompileOptions['hmr'];
 	};
diff --git a/packages/svelte/src/compiler/utils/builders.js b/packages/svelte/src/compiler/utils/builders.js
index d4679ff8d7..6ac1356d8f 100644
--- a/packages/svelte/src/compiler/utils/builders.js
+++ b/packages/svelte/src/compiler/utils/builders.js
@@ -36,6 +36,13 @@ export function assignment_pattern(left, right) {
  * @returns {ESTree.ArrowFunctionExpression}
  */
 export function arrow(params, body, async = false) {
+	// optimize `async () => await x()`, but not `async () => await x(await y)`
+	if (async && body.type === 'AwaitExpression') {
+		if (!has_await_expression(body.argument)) {
+			return arrow(params, body.argument);
+		}
+	}
+
 	return {
 		type: 'ArrowFunctionExpression',
 		params,
@@ -462,13 +469,6 @@ export function thunk(expression, async = false) {
  * @returns {ESTree.Expression}
  */
 export function unthunk(expression) {
-	// optimize `async () => await x()`, but not `async () => await x(await y)`
-	if (expression.async && expression.body.type === 'AwaitExpression') {
-		if (!has_await_expression(expression.body.argument)) {
-			return unthunk(arrow(expression.params, expression.body.argument));
-		}
-	}
-
 	if (
 		expression.async === false &&
 		expression.body.type === 'CallExpression' &&
diff --git a/packages/svelte/src/compiler/validate-options.js b/packages/svelte/src/compiler/validate-options.js
index e0215b4eff..b7b301dbfc 100644
--- a/packages/svelte/src/compiler/validate-options.js
+++ b/packages/svelte/src/compiler/validate-options.js
@@ -51,24 +51,28 @@ const common_options = {
 const component_options = {
 	accessors: deprecate(w.options_deprecated_accessors, boolean(false)),
 
-	css: validator('external', (input) => {
-		if (input === true || input === false) {
-			throw_error(
-				'The boolean options have been removed from the css option. Use "external" instead of false and "injected" instead of true'
-			);
-		}
-		if (input === 'none') {
-			throw_error(
-				'css: "none" is no longer a valid option. If this was crucial for you, please open an issue on GitHub with your use case.'
-			);
-		}
+	/** @type {Validator<'injected' | 'external' | ((options: { filename: string }) => 'injected' | 'external'), (options: { filename: string }) => 'injected' | 'external'>} */
+	css: parametric(
+		/** @type {(options: { filename: string }) => 'injected' | 'external'} */ (() => 'external'),
+		(input) => {
+			if (input === true || input === false) {
+				throw_error(
+					'The boolean options have been removed from the css option. Use "external" instead of false and "injected" instead of true'
+				);
+			}
+			if (input === 'none') {
+				throw_error(
+					'css: "none" is no longer a valid option. If this was crucial for you, please open an issue on GitHub with your use case.'
+				);
+			}
 
-		if (input !== 'external' && input !== 'injected') {
-			throw_error(`css should be either "external" (default, recommended) or "injected"`);
-		}
+			if (input !== 'external' && input !== 'injected') {
+				throw_error(`css should be either "external" (default, recommended) or "injected"`);
+			}
 
-		return input;
-	}),
+			return /** @type {'external' | 'injected'} */ (input);
+		}
+	),
 
 	cssHash: fun(({ css, filename, hash }) => {
 		return `svelte-${hash(filename === '(unknown)' ? css : filename ?? css)}`;
@@ -77,7 +81,17 @@ const component_options = {
 	// TODO this is a sourcemap option, would be good to put under a sourcemap namespace
 	cssOutputFilename: string(undefined),
 
-	customElement: boolean(false),
+	/** @type {Validator<boolean | ((options: { filename: string }) => boolean), (options: { filename: string }) => boolean>} */
+	customElement: parametric(
+		/** @type {(options: { filename: string }) => boolean} */ (() => false),
+		(input, keypath) => {
+			if (typeof input !== 'boolean') {
+				throw_error(`${keypath} should be true or false`);
+			}
+
+			return /** @type {boolean} */ (input);
+		}
+	),
 
 	discloseVersion: boolean(true),
 
@@ -109,7 +123,8 @@ const component_options = {
 
 	preserveWhitespace: boolean(false),
 
-	runes: boolean(undefined),
+	/** @type {Validator<boolean | undefined | (() => boolean | undefined), () => boolean | undefined>} */
+	runes: parametric(() => /** @type {boolean | undefined} */ (undefined)),
 
 	hmr: boolean(false),
 
@@ -320,6 +335,28 @@ function fun(fallback) {
 	});
 }
 
+/**
+ * @template {(...args: any[]) => any} F
+ * @param {F} fallback
+ * @param {(value: unknown, keypath: string) => ReturnType<F>} [normalize]
+ * @returns {Validator}
+ */
+function parametric(fallback, normalize = (value) => /** @type {ReturnType<F>} */ (value)) {
+	return validator(fallback, (input, keypath) => {
+		if (typeof input === 'function') {
+			/** @type {(...args: Parameters<F>) => ReturnType<F>} */
+			const normalized = (...args) => normalize(input(...args), keypath);
+
+			return /** @type {F} */ (/** @type {unknown} */ (normalized));
+		}
+
+		/** @type {(...args: Parameters<F>) => ReturnType<F>} */
+		const normalized = (..._args) => normalize(input, keypath);
+
+		return /** @type {F} */ (/** @type {unknown} */ (normalized));
+	});
+}
+
 /** @param {string} msg */
 function throw_error(msg) {
 	e.options_invalid_value(null, msg);
diff --git a/packages/svelte/src/internal/client/dev/hmr.js b/packages/svelte/src/internal/client/dev/hmr.js
index 9fa4e6ccbd..071901aafc 100644
--- a/packages/svelte/src/internal/client/dev/hmr.js
+++ b/packages/svelte/src/internal/client/dev/hmr.js
@@ -6,6 +6,8 @@ import { block, branch, destroy_effect } from '../reactivity/effects.js';
 import { set, source } from '../reactivity/sources.js';
 import { set_should_intro } from '../render.js';
 import { get } from '../runtime.js';
+import { assign_nodes } from '../dom/template.js';
+import { create_comment } from '../dom/operations.js';
 
 /**
  * @template {(anchor: Comment, props: any) => any} Component
@@ -27,6 +29,13 @@ export function hmr(fn) {
 
 		let ran = false;
 
+		// Surround the wrapped effects with comments and assign the nodes
+		// on the wrapping effects so the parent can properly do DOM operations.
+		let start = create_comment();
+		let end = create_comment();
+
+		anchor.before(start);
+
 		block(() => {
 			if (component === (component = get(current))) {
 				return;
@@ -61,6 +70,10 @@ export function hmr(fn) {
 			anchor = hydrate_node;
 		}
 
+		anchor.before(end);
+
+		assign_nodes(start, end);
+
 		return instance;
 	}
 
diff --git a/packages/svelte/src/internal/client/dom/blocks/each.js b/packages/svelte/src/internal/client/dom/blocks/each.js
index b248ce5544..3acdf80d84 100644
--- a/packages/svelte/src/internal/client/dom/blocks/each.js
+++ b/packages/svelte/src/internal/client/dom/blocks/each.js
@@ -480,6 +480,14 @@ function reconcile(state, array, anchor, flags, get_key) {
 			}
 		}
 
+		if ((effect.f & INERT) !== 0) {
+			resume_effect(effect);
+			if (is_animated) {
+				effect.nodes?.a?.unfix();
+				(to_animate ??= new Set()).delete(effect);
+			}
+		}
+
 		if ((effect.f & EFFECT_OFFSCREEN) !== 0) {
 			effect.f ^= EFFECT_OFFSCREEN;
 
@@ -508,14 +516,6 @@ function reconcile(state, array, anchor, flags, get_key) {
 			}
 		}
 
-		if ((effect.f & INERT) !== 0) {
-			resume_effect(effect);
-			if (is_animated) {
-				effect.nodes?.a?.unfix();
-				(to_animate ??= new Set()).delete(effect);
-			}
-		}
-
 		if (effect !== current) {
 			if (seen !== undefined && seen.has(effect)) {
 				if (matched.length < stashed.length) {
diff --git a/packages/svelte/src/internal/client/reactivity/async.js b/packages/svelte/src/internal/client/reactivity/async.js
index f8f5fec290..d713385c75 100644
--- a/packages/svelte/src/internal/client/reactivity/async.js
+++ b/packages/svelte/src/internal/client/reactivity/async.js
@@ -19,10 +19,10 @@ import {
 import { Batch, current_batch } from './batch.js';
 import {
 	async_derived,
-	current_async_effect,
+	reactivity_loss_tracker,
 	derived,
 	derived_safe_equal,
-	set_from_async_derived
+	set_reactivity_loss_tracker
 } from './deriveds.js';
 import { aborted } from './effects.js';
 
@@ -131,7 +131,7 @@ export function capture() {
 		}
 
 		if (DEV) {
-			set_from_async_derived(null);
+			set_reactivity_loss_tracker(null);
 			set_dev_stack(previous_dev_stack);
 		}
 	};
@@ -163,11 +163,11 @@ export async function save(promise) {
  * @returns {Promise<() => T>}
  */
 export async function track_reactivity_loss(promise) {
-	var previous_async_effect = current_async_effect;
+	var previous_async_effect = reactivity_loss_tracker;
 	var value = await promise;
 
 	return () => {
-		set_from_async_derived(previous_async_effect);
+		set_reactivity_loss_tracker(previous_async_effect);
 		return value;
 	};
 }
@@ -224,7 +224,7 @@ export function unset_context(deactivate_batch = true) {
 	if (deactivate_batch) current_batch?.deactivate();
 
 	if (DEV) {
-		set_from_async_derived(null);
+		set_reactivity_loss_tracker(null);
 		set_dev_stack(null);
 	}
 }
@@ -307,15 +307,16 @@ export function wait(blockers) {
  * @returns {(skip?: boolean) => void}
  */
 export function increment_pending() {
-	var boundary = /** @type {Boundary} */ (/** @type {Effect} */ (active_effect).b);
+	var effect = /** @type {Effect} */ (active_effect);
+	var boundary = /** @type {Boundary} */ (effect.b);
 	var batch = /** @type {Batch} */ (current_batch);
 	var blocking = boundary.is_rendered();
 
 	boundary.update_pending_count(1, batch);
-	batch.increment(blocking);
+	batch.increment(blocking, effect);
 
 	return (skip = false) => {
 		boundary.update_pending_count(-1, batch);
-		batch.decrement(blocking, skip);
+		batch.decrement(blocking, effect, skip);
 	};
 }
diff --git a/packages/svelte/src/internal/client/reactivity/batch.js b/packages/svelte/src/internal/client/reactivity/batch.js
index b100d559d2..3b10d6ebe6 100644
--- a/packages/svelte/src/internal/client/reactivity/batch.js
+++ b/packages/svelte/src/internal/client/reactivity/batch.js
@@ -90,20 +90,20 @@ var source_stacks = DEV ? new Set() : null;
 let uid = 1;
 
 export class Batch {
-	// for debugging. TODO remove once async is stable
 	id = uid++;
 
 	/**
-	 * The current values of any sources that are updated in this batch
+	 * The current values of any signals that are updated in this batch.
+	 * Tuple format: [value, is_derived] (note: is_derived is false for deriveds, too, if they were overridden via assignment)
 	 * They keys of this map are identical to `this.#previous`
-	 * @type {Map<Source, any>}
+	 * @type {Map<Value, [any, boolean]>}
 	 */
 	current = new Map();
 
 	/**
-	 * The values of any sources that are updated in this batch _before_ those updates took place.
+	 * The values of any signals (sources and deriveds) that are updated in this batch _before_ those updates took place.
 	 * They keys of this map are identical to `this.#current`
-	 * @type {Map<Source, any>}
+	 * @type {Map<Value, any>}
 	 */
 	previous = new Map();
 
@@ -121,14 +121,16 @@ export class Batch {
 	#discard_callbacks = new Set();
 
 	/**
-	 * The number of async effects that are currently in flight
+	 * Async effects that are currently in flight
+	 * @type {Map<Effect, number>}
 	 */
-	#pending = 0;
+	#pending = new Map();
 
 	/**
-	 * The number of async effects that are currently in flight, _not_ inside a pending boundary
+	 * Async effects that are currently in flight, _not_ inside a pending boundary
+	 * @type {Map<Effect, number>}
 	 */
-	#blocking_pending = 0;
+	#blocking_pending = new Map();
 
 	/**
 	 * A deferred that resolves when the batch is committed, used with `settled()`
@@ -168,8 +170,35 @@ export class Batch {
 
 	#decrement_queued = false;
 
+	/** @type {Set<Batch>} */
+	#blockers = new Set();
+
 	#is_deferred() {
-		return this.is_fork || this.#blocking_pending > 0;
+		return this.is_fork || this.#blocking_pending.size > 0;
+	}
+
+	#is_blocked() {
+		for (const batch of this.#blockers) {
+			for (const effect of batch.#blocking_pending.keys()) {
+				var skipped = false;
+				var e = effect;
+
+				while (e.parent !== null) {
+					if (this.#skipped_branches.has(e)) {
+						skipped = true;
+						break;
+					}
+
+					e = e.parent;
+				}
+
+				if (!skipped) {
+					return true;
+				}
+			}
+		}
+
+		return false;
 	}
 
 	/**
@@ -264,7 +293,7 @@ export class Batch {
 		collected_effects = null;
 		legacy_updates = null;
 
-		if (this.#is_deferred()) {
+		if (this.#is_deferred() || this.#is_blocked()) {
 			this.#defer_effects(render_effects);
 			this.#defer_effects(effects);
 
@@ -272,7 +301,7 @@ export class Batch {
 				reset_branch(e, t);
 			}
 		} else {
-			if (this.#pending === 0) {
+			if (this.#pending.size === 0) {
 				batches.delete(this);
 			}
 
@@ -383,17 +412,18 @@ export class Batch {
 	/**
 	 * Associate a change to a given source with the current
 	 * batch, noting its previous and current values
-	 * @param {Source} source
+	 * @param {Value} source
 	 * @param {any} old_value
+	 * @param {boolean} [is_derived]
 	 */
-	capture(source, old_value) {
+	capture(source, old_value, is_derived = false) {
 		if (old_value !== UNINITIALIZED && !this.previous.has(source)) {
 			this.previous.set(source, old_value);
 		}
 
 		// Don't save errors in `batch_values`, or they won't be thrown in `runtime.js#get`
 		if ((source.f & ERROR_VALUE) === 0) {
-			this.current.set(source, source.v);
+			this.current.set(source, [source.v, is_derived]);
 			batch_values?.set(source, source.v);
 		}
 	}
@@ -453,11 +483,13 @@ export class Batch {
 			/** @type {Source[]} */
 			var sources = [];
 
-			for (const [source, value] of this.current) {
+			for (const [source, [value, is_derived]] of this.current) {
 				if (batch.current.has(source)) {
-					if (is_earlier && value !== batch.current.get(source)) {
+					var batch_value = /** @type {[any, boolean]} */ (batch.current.get(source))[0]; // faster than destructuring
+
+					if (is_earlier && value !== batch_value) {
 						// bring the value up to date
-						batch.current.set(source, value);
+						batch.current.set(source, [value, is_derived]);
 					} else {
 						// same value or later batch has more recent value,
 						// no need to re-run these effects
@@ -507,24 +539,56 @@ export class Batch {
 				batch.deactivate();
 			}
 		}
+
+		for (const batch of batches) {
+			if (batch.#blockers.has(this)) {
+				batch.#blockers.delete(this);
+
+				if (batch.#blockers.size === 0 && !batch.#is_deferred()) {
+					batch.activate();
+					batch.#process();
+				}
+			}
+		}
 	}
 
 	/**
-	 *
 	 * @param {boolean} blocking
+	 * @param {Effect} effect
 	 */
-	increment(blocking) {
-		this.#pending += 1;
-		if (blocking) this.#blocking_pending += 1;
+	increment(blocking, effect) {
+		let pending_count = this.#pending.get(effect) ?? 0;
+		this.#pending.set(effect, pending_count + 1);
+
+		if (blocking) {
+			let blocking_pending_count = this.#blocking_pending.get(effect) ?? 0;
+			this.#blocking_pending.set(effect, blocking_pending_count + 1);
+		}
 	}
 
 	/**
 	 * @param {boolean} blocking
+	 * @param {Effect} effect
 	 * @param {boolean} skip - whether to skip updates (because this is triggered by a stale reaction)
 	 */
-	decrement(blocking, skip) {
-		this.#pending -= 1;
-		if (blocking) this.#blocking_pending -= 1;
+	decrement(blocking, effect, skip) {
+		let pending_count = this.#pending.get(effect) ?? 0;
+
+		if (pending_count === 1) {
+			this.#pending.delete(effect);
+		} else {
+			this.#pending.set(effect, pending_count - 1);
+		}
+
+		if (blocking) {
+			let blocking_pending_count = this.#blocking_pending.get(effect) ?? 0;
+
+			if (blocking_pending_count === 1) {
+				this.#blocking_pending.delete(effect);
+			} else {
+				this.#blocking_pending.set(effect, blocking_pending_count - 1);
+			}
+		}
 
 		if (this.#decrement_queued || skip) return;
 		this.#decrement_queued = true;
@@ -597,15 +661,37 @@ export class Batch {
 
 		// if there are multiple batches, we are 'time travelling' —
 		// we need to override values with the ones in this batch...
-		batch_values = new Map(this.current);
+		batch_values = new Map();
+		for (const [source, [value]] of this.current) {
+			batch_values.set(source, value);
+		}
 
-		// ...and undo changes belonging to other batches
+		// ...and undo changes belonging to other batches unless they block this one
 		for (const batch of batches) {
 			if (batch === this || batch.is_fork) continue;
 
-			for (const [source, previous] of batch.previous) {
-				if (!batch_values.has(source)) {
-					batch_values.set(source, previous);
+			// A batch is blocked on an earlier batch if it overlaps with the earlier batch's changes but is not a superset
+			var intersects = false;
+			var differs = false;
+
+			if (batch.id < this.id) {
+				for (const [source, [, is_derived]] of batch.current) {
+					// Derived values don't partake in the blocking mechanism, because a derived could
+					// be triggered in one batch already but not the other one yet, causing a false-positive
+					if (is_derived) continue;
+
+					intersects ||= this.current.has(source);
+					differs ||= !this.current.has(source);
+				}
+			}
+
+			if (intersects && differs) {
+				this.#blockers.add(batch);
+			} else {
+				for (const [source, previous] of batch.previous) {
+					if (!batch_values.has(source)) {
+						batch_values.set(source, previous);
+					}
 				}
 			}
 		}
@@ -1065,7 +1151,7 @@ export function fork(fn) {
 			batch.is_fork = false;
 
 			// apply changes and update write versions so deriveds see the change
-			for (var [source, value] of batch.current) {
+			for (var [source, [value]] of batch.current) {
 				source.v = value;
 				source.wv = increment_write_version();
 			}
diff --git a/packages/svelte/src/internal/client/reactivity/deriveds.js b/packages/svelte/src/internal/client/reactivity/deriveds.js
index aed55f7fba..5da0df0670 100644
--- a/packages/svelte/src/internal/client/reactivity/deriveds.js
+++ b/packages/svelte/src/internal/client/reactivity/deriveds.js
@@ -45,12 +45,16 @@ import { increment_pending, unset_context } from './async.js';
 import { deferred, includes, noop } from '../../shared/utils.js';
 import { set_signal_status, update_derived_status } from './status.js';
 
-/** @type {Effect | null} */
-export let current_async_effect = null;
+/**
+ * This allows us to track 'reactivity loss' that occurs when signals
+ * are read after a non-context-restoring `await`. Dev-only
+ * @type {{ effect: Effect, warned: boolean } | null}
+ */
+export let reactivity_loss_tracker = null;
 
-/** @param {Effect | null} v */
-export function set_from_async_derived(v) {
-	current_async_effect = v;
+/** @param {{ effect: Effect, warned: boolean } | null} v */
+export function set_reactivity_loss_tracker(v) {
+	reactivity_loss_tracker = v;
 }
 
 export const recent_async_deriveds = new Set();
@@ -124,7 +128,12 @@ export function async_derived(fn, label, location) {
 	var deferreds = new Map();
 
 	async_effect(() => {
-		if (DEV) current_async_effect = active_effect;
+		if (DEV) {
+			reactivity_loss_tracker = {
+				effect: /** @type {Effect} */ (active_effect),
+				warned: false
+			};
+		}
 
 		var effect = /** @type {Effect} */ (active_effect);
 
@@ -142,7 +151,9 @@ export function async_derived(fn, label, location) {
 			unset_context();
 		}
 
-		if (DEV) current_async_effect = null;
+		if (DEV) {
+			reactivity_loss_tracker = null;
+		}
 
 		var batch = /** @type {Batch} */ (current_batch);
 
@@ -174,7 +185,9 @@ export function async_derived(fn, label, location) {
 		 * @param {unknown} error
 		 */
 		const handler = (value, error = undefined) => {
-			if (DEV) current_async_effect = null;
+			if (DEV) {
+				reactivity_loss_tracker = null;
+			}
 
 			if (decrement_pending) {
 				// don't trigger an update if we're only here because
@@ -383,7 +396,7 @@ export function update_derived(derived) {
 		// change, `derived.equals` may incorrectly return `true`
 		if (!current_batch?.is_fork || derived.deps === null) {
 			derived.v = value;
-			current_batch?.capture(derived, old_value);
+			current_batch?.capture(derived, old_value, true);
 
 			// deriveds without dependencies should never be recomputed
 			if (derived.deps === null) {
diff --git a/packages/svelte/src/internal/client/runtime.js b/packages/svelte/src/internal/client/runtime.js
index 3260c24b8c..906d68fbf0 100644
--- a/packages/svelte/src/internal/client/runtime.js
+++ b/packages/svelte/src/internal/client/runtime.js
@@ -27,7 +27,7 @@ import {
 } from './constants.js';
 import { old_values } from './reactivity/sources.js';
 import {
-	destroy_derived_effects,
+	reactivity_loss_tracker,
 	execute_derived,
 	freeze_derived_effects,
 	recent_async_deriveds,
@@ -58,6 +58,7 @@ import { UNINITIALIZED } from '../../constants.js';
 import { captured_signals } from './legacy.js';
 import { without_reactive_context } from './dom/elements/bindings/shared.js';
 import { set_signal_status, update_derived_status } from './reactivity/status.js';
+import * as w from './warnings.js';
 
 let is_updating_effect = false;
 
@@ -568,19 +569,20 @@ export function get(signal) {
 	}
 
 	if (DEV) {
-		// TODO reinstate this, but make it actually work
-		// if (current_async_effect) {
-		// 	var tracking = (current_async_effect.f & REACTION_IS_UPDATING) !== 0;
-		// 	var was_read = current_async_effect.deps?.includes(signal);
+		if (
+			!untracking &&
+			reactivity_loss_tracker &&
+			!reactivity_loss_tracker.warned &&
+			(reactivity_loss_tracker.effect.f & REACTION_IS_UPDATING) === 0
+		) {
+			reactivity_loss_tracker.warned = true;
 
-		// 	if (!tracking && !untracking && !was_read) {
-		// 		w.await_reactivity_loss(/** @type {string} */ (signal.label));
+			w.await_reactivity_loss(/** @type {string} */ (signal.label));
 
-		// 		var trace = get_error('traced at');
-		// 		// eslint-disable-next-line no-console
-		// 		if (trace) console.warn(trace);
-		// 	}
-		// }
+			var trace = get_error('traced at');
+			// eslint-disable-next-line no-console
+			if (trace) console.warn(trace);
+		}
 
 		recent_async_deriveds.delete(signal);
 
@@ -595,7 +597,7 @@ export function get(signal) {
 			if (signal.trace) {
 				signal.trace();
 			} else {
-				var trace = get_error('traced at');
+				trace = get_error('traced at');
 
 				if (trace) {
 					var entry = tracing_expressions.entries.get(signal);
diff --git a/packages/svelte/src/version.js b/packages/svelte/src/version.js
index 5045430cee..191d53016a 100644
--- a/packages/svelte/src/version.js
+++ b/packages/svelte/src/version.js
@@ -4,5 +4,5 @@
  * The current version, as set in package.json.
  * @type {string}
  */
-export const VERSION = '5.53.12';
+export const VERSION = '5.54.0';
 export const PUBLIC_VERSION = '5';
diff --git a/packages/svelte/tests/runtime-runes/samples/async-derived-indirect/_config.js b/packages/svelte/tests/runtime-runes/samples/async-derived-indirect/_config.js
new file mode 100644
index 0000000000..9d97b736be
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-derived-indirect/_config.js
@@ -0,0 +1,29 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+export default test({
+	async test({ assert, target }) {
+		await tick();
+		const [a, b, resolve] = target.querySelectorAll('button');
+
+		a.click();
+		await tick();
+		b.click();
+		await tick();
+		resolve.click();
+		await tick();
+		resolve.click();
+		await tick();
+
+		assert.htmlEqual(
+			target.innerHTML,
+			`
+                <button>a</button>
+                <button>b</button>
+                <button>resolve</button>
+				hi
+                1
+            `
+		);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-derived-indirect/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-derived-indirect/main.svelte
new file mode 100644
index 0000000000..f0d3bdc809
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-derived-indirect/main.svelte
@@ -0,0 +1,21 @@
+<script>
+	let a = $state(0);
+	let b = $state(0);
+	let a_b = $derived(a * b);
+
+	const queued = [];
+
+	function push(value) {
+		if (!value) return value;
+		return new Promise(resolve => {
+			queued.push(() => resolve(value));
+		});
+	}
+</script>
+
+<button onclick={() => (a++)}>a</button>
+<button onclick={() => (b++)}>b</button>
+<button onclick={() => (queued.shift()?.())}>resolve</button>
+<!-- a_b called in a block effect before being called in an async effect -->
+{#if a_b}hi{/if}
+{await push(a_b)}
diff --git a/packages/svelte/tests/runtime-runes/samples/async-each-await-stale-rows/_config.js b/packages/svelte/tests/runtime-runes/samples/async-each-await-stale-rows/_config.js
new file mode 100644
index 0000000000..7025e4000e
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-each-await-stale-rows/_config.js
@@ -0,0 +1,32 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+export default test({
+	async test({ assert, target }) {
+		const spam = /** @type {HTMLButtonElement} */ (target.querySelector('button.spam'));
+		const resolve = /** @type {HTMLButtonElement} */ (target.querySelector('button.resolve'));
+
+		resolve.click();
+		await tick();
+
+		for (let i = 0; i < 5; i += 1) {
+			spam.click();
+			await tick();
+		}
+
+		for (let i = 0; i < 5; i += 1) {
+			resolve.click();
+			await tick();
+		}
+
+		assert.equal(target.querySelectorAll('div').length, 1);
+		assert.htmlEqual(
+			target.innerHTML,
+			`
+				<button class="spam">Spam</button>
+				<button class="resolve">Resolve</button>
+				<div>5</div>
+			`
+		);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-each-await-stale-rows/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-each-await-stale-rows/main.svelte
new file mode 100644
index 0000000000..aeed4fa306
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-each-await-stale-rows/main.svelte
@@ -0,0 +1,28 @@
+<script>
+	let value = $state({ id: '0' });
+	const resolvers = [];
+
+	function wait() {
+		const promise = Promise.withResolvers();
+		resolvers.push(promise.resolve);
+		return promise.promise;
+	}
+
+	function spam() {
+		value.id = `${Number(value.id) + 1}`;
+	}
+</script>
+
+<button class="spam" onclick={spam}>Spam</button>
+<button class="resolve" onclick={() => resolvers.shift()?.()}>Resolve</button>
+
+<svelte:boundary>
+	{#each [value.id] as s (s)}
+		{await wait()}
+		<div>{s}</div>
+	{/each}
+
+	{#snippet pending()}
+		<p>pending</p>
+	{/snippet}
+</svelte:boundary>
diff --git a/packages/svelte/tests/runtime-runes/samples/async-each-overlap/_config.js b/packages/svelte/tests/runtime-runes/samples/async-each-overlap/_config.js
deleted file mode 100644
index d03f9ad09d..0000000000
--- a/packages/svelte/tests/runtime-runes/samples/async-each-overlap/_config.js
+++ /dev/null
@@ -1,102 +0,0 @@
-import { tick } from 'svelte';
-import { test } from '../../test';
-
-export default test({
-	skip: true,
-	async test({ assert, target }) {
-		const [add, shift] = target.querySelectorAll('button');
-
-		add.click();
-		await tick();
-		add.click();
-		await tick();
-		add.click();
-		await tick();
-
-		// TODO pending count / number of pushes is off
-
-		assert.htmlEqual(
-			target.innerHTML,
-			`
-			<button>add</button>
-			<button>shift</button>
-			<p>pending=6 values.length=1 values=[1]</p>
-			<div>not keyed:
-				<div>1</div>
-			</div>
-			<div>keyed:
-				<div>1</div>
-			</div>
-		`
-		);
-
-		shift.click();
-		await tick();
-		shift.click();
-		await tick();
-		assert.htmlEqual(
-			target.innerHTML,
-			`
-			<button>add</button>
-			<button>shift</button>
-			<p>pending=4 values.length=2 values=[1,2]</p>
-			<div>not keyed:
-				<div>1</div>
-				<div>2</div>
-			</div>
-			<div>keyed:
-				<div>1</div>
-				<div>2</div>
-			</div>
-		`
-		);
-
-		shift.click();
-		await tick();
-		shift.click();
-		await tick();
-		assert.htmlEqual(
-			target.innerHTML,
-			`
-			<button>add</button>
-			<button>shift</button>
-			<p>pending=2 values.length=3 values=[1,2,3]</p>
-			<div>not keyed:
-				<div>1</div>
-				<div>2</div>
-				<div>3</div>
-			</div>
-			<div>keyed:
-				<div>1</div>
-				<div>2</div>
-				<div>3</div>
-			</div>
-		`
-		);
-
-		shift.click();
-		await tick();
-		shift.click();
-		await tick();
-		assert.htmlEqual(
-			target.innerHTML,
-			`
-			<button>add</button>
-			<button>shift</button>
-			<p>pending=0 values.length=4 values=[1,2,3,4]</p>
-			<div>not keyed:
-				<div>1</div>
-				<div>2</div>
-				<div>3</div>
-				<div>4</div>
-			</div>
-			<div>keyed:
-				<div>1</div>
-				<div>2</div>
-				<div>3</div>
-				<div>4</div>
-			</div>
-		`
-		);
-	}
-});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-ignore-skipped-block/_config.js b/packages/svelte/tests/runtime-runes/samples/async-ignore-skipped-block/_config.js
new file mode 100644
index 0000000000..1d1a489d67
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-ignore-skipped-block/_config.js
@@ -0,0 +1,29 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+export default test({
+	async test({ assert, target }) {
+		await tick();
+
+		const [a, b] = target.querySelectorAll('button');
+
+		assert.htmlEqual(target.innerHTML, `<button>a 0</button><button>b 0</button><p>hello</p>`);
+
+		a.click();
+		await tick();
+		assert.htmlEqual(target.innerHTML, `<button>a 0</button><button>b 0</button><p>hello</p>`);
+
+		a.click();
+		await tick();
+		assert.htmlEqual(target.innerHTML, `<button>a 2</button><button>b 0</button><p>hello</p>`);
+
+		a.click();
+		await tick();
+		assert.htmlEqual(target.innerHTML, `<button>a 2</button><button>b 0</button><p>hello</p>`);
+
+		// if we don't skip over the never-resolving promise in the `else` block, we will never update
+		b.click();
+		await tick();
+		assert.htmlEqual(target.innerHTML, `<button>a 3</button><button>b 1</button><p>hello</p>`);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-ignore-skipped-block/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-ignore-skipped-block/main.svelte
new file mode 100644
index 0000000000..4ef0694d40
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-ignore-skipped-block/main.svelte
@@ -0,0 +1,14 @@
+<script>
+	let a = $state(0);
+	let b = $state(0);
+	let show = $state(true);
+</script>
+
+<button onclick={() => (a++, show = !show)}>a {a}</button>
+<button onclick={() => (b++, show = !show)}>b {b}</button>
+
+{#if show}
+	<p>hello</p>
+{:else}
+	{await new Promise(() => {})}
+{/if}
diff --git a/packages/svelte/tests/runtime-runes/samples/async-inspect-build/_config.js b/packages/svelte/tests/runtime-runes/samples/async-inspect-build/_config.js
new file mode 100644
index 0000000000..58dd53c762
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-inspect-build/_config.js
@@ -0,0 +1,10 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+export default test({
+	ssrHtml: 'works',
+	async test({ assert, target }) {
+		await tick();
+		assert.htmlEqual(target.innerHTML, 'works');
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-inspect-build/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-inspect-build/main.svelte
new file mode 100644
index 0000000000..a138475293
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-inspect-build/main.svelte
@@ -0,0 +1,7 @@
+<script lang="ts">
+  const test = async () => "test";
+  await test();
+  $inspect("inspect after await shouldnt break builds");
+</script>
+
+works
diff --git a/packages/svelte/tests/runtime-runes/samples/async-late-value-init/_config.js b/packages/svelte/tests/runtime-runes/samples/async-late-value-init/_config.js
new file mode 100644
index 0000000000..efc8fe565d
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-late-value-init/_config.js
@@ -0,0 +1,9 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+export default test({
+	async test({ assert, target }) {
+		await tick();
+		assert.htmlEqual(target.innerHTML, 'aaa 1');
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-late-value-init/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-late-value-init/main.svelte
new file mode 100644
index 0000000000..daa539a9b2
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-late-value-init/main.svelte
@@ -0,0 +1,10 @@
+<script>
+	let name = $derived(await new Promise((a) => a('aaa')));
+	function use() {
+		return () => 1;
+	}
+	const aa = use();
+</script>
+
+{name}
+{aa()}
diff --git a/packages/svelte/tests/runtime-runes/samples/async-later-sync-overlaps/_config.js b/packages/svelte/tests/runtime-runes/samples/async-later-sync-overlaps/_config.js
new file mode 100644
index 0000000000..a65c8a6fba
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-later-sync-overlaps/_config.js
@@ -0,0 +1,30 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+export default test({
+	async test({ assert, target }) {
+		await tick();
+		const [a_b, b, resolve] = target.querySelectorAll('button');
+
+		a_b.click();
+		await tick();
+		assert.htmlEqual(
+			target.innerHTML,
+			'<button>a_b 0_0</button> <button>b 0</button> <button>resolve</button> 0'
+		);
+
+		b.click();
+		await tick();
+		assert.htmlEqual(
+			target.innerHTML,
+			'<button>a_b 0_0</button> <button>b 0</button> <button>resolve</button> 0'
+		);
+
+		resolve.click();
+		await tick();
+		assert.htmlEqual(
+			target.innerHTML,
+			'<button>a_b 1_2</button> <button>b 2</button> <button>resolve</button> 1'
+		);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-later-sync-overlaps/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-later-sync-overlaps/main.svelte
new file mode 100644
index 0000000000..8a9e2a866c
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-later-sync-overlaps/main.svelte
@@ -0,0 +1,17 @@
+<script>
+	let a = $state(0);
+	let b = $state(0);
+	let deferreds = [];
+
+	function push(value) {
+		if (!value) return value;
+		return new Promise(resolve => {
+			deferreds.push(() => resolve(value));
+		});
+	}
+</script>
+
+<button onclick={() => {a++;b++}}>a_b {a}_{b}</button>
+<button onclick={() => (b++)}>b {b}</button>
+<button onclick={() => (deferreds.shift()?.())}>resolve</button>
+{await push(a)}
diff --git a/packages/svelte/tests/runtime-runes/samples/async-overlapping-array/_config.js b/packages/svelte/tests/runtime-runes/samples/async-overlapping-array/_config.js
new file mode 100644
index 0000000000..2dad5babea
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-overlapping-array/_config.js
@@ -0,0 +1,205 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+export default test({
+	async test({ assert, target }) {
+		await tick();
+
+		const [add, shift, pop] = target.querySelectorAll('button');
+
+		add.click();
+		await tick();
+		add.click();
+		await tick();
+		add.click();
+		await tick();
+
+		assert.htmlEqual(
+			target.innerHTML,
+			`
+				<button>add</button>
+				<button>shift</button>
+				<button>pop</button>
+				<p>pending=6 values.length=1 values=[1]</p>
+				<div>not keyed:
+					<div>1</div>
+				</div>
+				<div>keyed:
+					<div>1</div>
+				</div>
+			`
+		);
+
+		shift.click();
+		await tick();
+		shift.click();
+		await tick();
+		assert.htmlEqual(
+			target.innerHTML,
+			`
+				<button>add</button>
+				<button>shift</button>
+				<button>pop</button>
+				<p>pending=4 values.length=2 values=[1,2]</p>
+				<div>not keyed:
+					<div>1</div>
+					<div>2</div>
+				</div>
+				<div>keyed:
+					<div>1</div>
+					<div>2</div>
+				</div>
+			`
+		);
+
+		shift.click();
+		await tick();
+		shift.click();
+		await tick();
+		assert.htmlEqual(
+			target.innerHTML,
+			`
+				<button>add</button>
+				<button>shift</button>
+				<button>pop</button>
+				<p>pending=2 values.length=3 values=[1,2,3]</p>
+				<div>not keyed:
+					<div>1</div>
+					<div>2</div>
+					<div>3</div>
+				</div>
+				<div>keyed:
+					<div>1</div>
+					<div>2</div>
+					<div>3</div>
+				</div>
+			`
+		);
+
+		shift.click();
+		await tick();
+		shift.click();
+		await tick();
+		assert.htmlEqual(
+			target.innerHTML,
+			`
+				<button>add</button>
+				<button>shift</button>
+				<button>pop</button>
+				<p>pending=0 values.length=4 values=[1,2,3,4]</p>
+				<div>not keyed:
+					<div>1</div>
+					<div>2</div>
+					<div>3</div>
+					<div>4</div>
+				</div>
+				<div>keyed:
+					<div>1</div>
+					<div>2</div>
+					<div>3</div>
+					<div>4</div>
+				</div>
+			`
+		);
+
+		add.click();
+		await tick();
+		add.click();
+		await tick();
+		add.click();
+		await tick();
+		add.click();
+		await tick();
+
+		assert.htmlEqual(
+			target.innerHTML,
+			`
+				<button>add</button>
+				<button>shift</button>
+				<button>pop</button>
+				<p>pending=8 values.length=4 values=[1,2,3,4]</p>
+				<div>not keyed:
+					<div>1</div>
+					<div>2</div>
+					<div>3</div>
+					<div>4</div>
+				</div>
+				<div>keyed:
+					<div>1</div>
+					<div>2</div>
+					<div>3</div>
+					<div>4</div>
+				</div>
+			`
+		);
+
+		// pop should have no effect until earlier promises have also resolved
+		pop.click();
+		await tick();
+		pop.click();
+		await tick();
+		assert.htmlEqual(
+			target.innerHTML,
+			`
+				<button>add</button>
+				<button>shift</button>
+				<button>pop</button>
+				<p>pending=6 values.length=4 values=[1,2,3,4]</p>
+				<div>not keyed:
+					<div>1</div>
+					<div>2</div>
+					<div>3</div>
+					<div>4</div>
+				</div>
+				<div>keyed:
+					<div>1</div>
+					<div>2</div>
+					<div>3</div>
+					<div>4</div>
+				</div>
+			`
+		);
+
+		pop.click();
+		await tick();
+		pop.click();
+		await tick();
+		pop.click();
+		await tick();
+		pop.click();
+		await tick();
+		pop.click();
+		await tick();
+		pop.click();
+		await tick();
+		assert.htmlEqual(
+			target.innerHTML,
+			`
+				<button>add</button>
+				<button>shift</button>
+				<button>pop</button>
+				<p>pending=0 values.length=8 values=[1,2,3,4,5,6,7,8]</p>
+				<div>not keyed:
+					<div>1</div>
+					<div>2</div>
+					<div>3</div>
+					<div>4</div>
+					<div>5</div>
+					<div>6</div>
+					<div>7</div>
+					<div>8</div>
+				</div>
+				<div>keyed:
+					<div>1</div>
+					<div>2</div>
+					<div>3</div>
+					<div>4</div>
+					<div>5</div>
+					<div>6</div>
+					<div>7</div>
+					<div>8</div>
+				</div>
+			`
+		);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-each-overlap/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-overlapping-array/main.svelte
similarity index 84%
rename from packages/svelte/tests/runtime-runes/samples/async-each-overlap/main.svelte
rename to packages/svelte/tests/runtime-runes/samples/async-overlapping-array/main.svelte
index af9d395457..e41b6926b8 100644
--- a/packages/svelte/tests/runtime-runes/samples/async-each-overlap/main.svelte
+++ b/packages/svelte/tests/runtime-runes/samples/async-overlapping-array/main.svelte
@@ -11,18 +11,14 @@
 		return p.promise;
 	}
 
-	function shift() {
-		const fn = queue.shift();
-		if (fn) fn();
-	}
-
 	function addValue() {
 		values.push(values.length+1);
 	}
 </script>
 
 <button onclick={addValue}>add</button>
-<button onclick={shift}>shift</button>
+<button onclick={() => queue.shift()?.()}>shift</button>
+<button onclick={() => queue.pop()?.()}>pop</button>
 
 <p>
 	pending={$effect.pending()}
diff --git a/packages/svelte/tests/runtime-runes/samples/async-reactivity-loss-for-await/_config.js b/packages/svelte/tests/runtime-runes/samples/async-reactivity-loss-for-await/_config.js
index ce7cd6bd49..a5dd7fa28a 100644
--- a/packages/svelte/tests/runtime-runes/samples/async-reactivity-loss-for-await/_config.js
+++ b/packages/svelte/tests/runtime-runes/samples/async-reactivity-loss-for-await/_config.js
@@ -1,10 +1,8 @@
 import { tick } from 'svelte';
 import { test } from '../../test';
+import { normalise_trace_logs } from '../../../helpers.js';
 
 export default test({
-	// TODO reinstate
-	skip: true,
-
 	compileOptions: {
 		dev: true
 	},
@@ -15,13 +13,10 @@ export default test({
 		await tick();
 		assert.htmlEqual(target.innerHTML, '<button>a</button><button>b</button><h1>3</h1>');
 
-		assert.equal(
-			warnings[0],
-			'Detected reactivity loss when reading `values[1]`. This happens when state is read in an async function after an earlier `await`'
-		);
-
-		assert.equal(warnings[1].name, 'traced at');
-
-		assert.equal(warnings.length, 2);
+		assert.deepEqual(normalise_trace_logs(warnings), [
+			{
+				log: 'Detected reactivity loss when reading `values.length`. This happens when state is read in an async function after an earlier `await`'
+			}
+		]);
 	}
 });
diff --git a/packages/svelte/tests/runtime-runes/samples/async-reactivity-loss/_config.js b/packages/svelte/tests/runtime-runes/samples/async-reactivity-loss/_config.js
index ad333a573a..747648e83f 100644
--- a/packages/svelte/tests/runtime-runes/samples/async-reactivity-loss/_config.js
+++ b/packages/svelte/tests/runtime-runes/samples/async-reactivity-loss/_config.js
@@ -2,9 +2,6 @@ import { tick } from 'svelte';
 import { test } from '../../test';
 
 export default test({
-	// TODO reinstate this
-	skip: true,
-
 	compileOptions: {
 		dev: true
 	},
diff --git a/packages/svelte/tests/runtime-runes/samples/async-render-component-hydration/Image.svelte b/packages/svelte/tests/runtime-runes/samples/async-render-component-hydration/Image.svelte
new file mode 100644
index 0000000000..2696aeb8c2
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-render-component-hydration/Image.svelte
@@ -0,0 +1,5 @@
+<script>
+	let { src } = $props();
+</script>
+
+<img {src} />
diff --git a/packages/svelte/tests/runtime-runes/samples/async-render-component-hydration/Link.svelte b/packages/svelte/tests/runtime-runes/samples/async-render-component-hydration/Link.svelte
new file mode 100644
index 0000000000..527bba1171
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-render-component-hydration/Link.svelte
@@ -0,0 +1,7 @@
+<script>
+	let { children } = $props();
+</script>
+
+<a href="/">
+	{@render children()}
+</a>
diff --git a/packages/svelte/tests/runtime-runes/samples/async-render-component-hydration/_config.js b/packages/svelte/tests/runtime-runes/samples/async-render-component-hydration/_config.js
new file mode 100644
index 0000000000..6e3ce0df88
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-render-component-hydration/_config.js
@@ -0,0 +1,14 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+export default test({
+	mode: ['hydrate'],
+
+	async test({ assert, target }) {
+		await tick();
+		assert.htmlEqual(
+			target.innerHTML,
+			`<a href="/"><div>card</div> <img src="https://svelte.dev" /></a>`
+		);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-render-component-hydration/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-render-component-hydration/main.svelte
new file mode 100644
index 0000000000..cb411f6e6c
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-render-component-hydration/main.svelte
@@ -0,0 +1,11 @@
+<script lang="ts">
+	import Image from "./Image.svelte";
+	import Link from "./Link.svelte";
+
+	let url = $derived(await 'https://svelte.dev');
+</script>
+
+<Link>
+	<div>card</div>
+	<Image src={url} />
+</Link>
diff --git a/packages/svelte/tests/snapshot/samples/async-top-level-inspect-server/_expected/client/index.svelte.js b/packages/svelte/tests/snapshot/samples/async-top-level-inspect-server/_expected/client/index.svelte.js
index e8aa8dfa11..668c936e4e 100644
--- a/packages/svelte/tests/snapshot/samples/async-top-level-inspect-server/_expected/client/index.svelte.js
+++ b/packages/svelte/tests/snapshot/samples/async-top-level-inspect-server/_expected/client/index.svelte.js
@@ -6,7 +6,7 @@ var root = $.from_html(`<p> </p>`);
 
 export default function Async_top_level_inspect_server($$anchor) {
 	var data;
-	var $$promises = $.run([async () => data = await Promise.resolve(42),,]);
+	var $$promises = $.run([async () => data = await Promise.resolve(42), () => void 0]);
 	var p = root();
 	var text = $.child(p, true);
 
diff --git a/packages/svelte/tests/snapshot/samples/async-top-level-inspect-server/_expected/server/index.svelte.js b/packages/svelte/tests/snapshot/samples/async-top-level-inspect-server/_expected/server/index.svelte.js
index cff5f2d569..5c3afc75d7 100644
--- a/packages/svelte/tests/snapshot/samples/async-top-level-inspect-server/_expected/server/index.svelte.js
+++ b/packages/svelte/tests/snapshot/samples/async-top-level-inspect-server/_expected/server/index.svelte.js
@@ -3,7 +3,7 @@ import * as $ from 'svelte/internal/server';
 
 export default function Async_top_level_inspect_server($$renderer) {
 	var data;
-	var $$promises = $$renderer.run([async () => data = await Promise.resolve(42),,]);
+	var $$promises = $$renderer.run([async () => data = await Promise.resolve(42), () => void 0]);
 
 	$$renderer.push(`<p>`);
 	$$renderer.async([$$promises[1]], ($$renderer) => $$renderer.push(() => $.escape(data)));
diff --git a/packages/svelte/tests/snapshot/samples/dynamic-attributes-casing/_expected/client/main.svelte.js b/packages/svelte/tests/snapshot/samples/dynamic-attributes-casing/_expected/client/main.svelte.js
index d84b674f88..eafadfc2ea 100644
--- a/packages/svelte/tests/snapshot/samples/dynamic-attributes-casing/_expected/client/main.svelte.js
+++ b/packages/svelte/tests/snapshot/samples/dynamic-attributes-casing/_expected/client/main.svelte.js
@@ -32,7 +32,7 @@ export default function Main($$anchor) {
 			$.set_attribute(div_1, 'foobar', $0);
 			$.set_attribute(svg_1, 'viewBox', $1);
 		},
-		[y, y]
+		[() => y(), () => y()]
 	);
 
 	$.append($$anchor, fragment);
diff --git a/packages/svelte/tests/snapshot/samples/text-nodes-deriveds/_expected/client/index.svelte.js b/packages/svelte/tests/snapshot/samples/text-nodes-deriveds/_expected/client/index.svelte.js
index 464435cb0a..4148a546c8 100644
--- a/packages/svelte/tests/snapshot/samples/text-nodes-deriveds/_expected/client/index.svelte.js
+++ b/packages/svelte/tests/snapshot/samples/text-nodes-deriveds/_expected/client/index.svelte.js
@@ -19,6 +19,6 @@ export default function Text_nodes_deriveds($$anchor) {
 	var text = $.child(p);
 
 	$.reset(p);
-	$.template_effect(($0, $1) => $.set_text(text, `${$0 ?? ''}${$1 ?? ''}`), [text1, text2]);
+	$.template_effect(($0, $1) => $.set_text(text, `${$0 ?? ''}${$1 ?? ''}`), [() => text1(), () => text2()]);
 	$.append($$anchor, p);
 }
\ No newline at end of file
diff --git a/packages/svelte/types/index.d.ts b/packages/svelte/types/index.d.ts
index 9305513278..f2d0549430 100644
--- a/packages/svelte/types/index.d.ts
+++ b/packages/svelte/types/index.d.ts
@@ -1030,9 +1030,11 @@ declare module 'svelte/compiler' {
 		/**
 		 * If `true`, tells the compiler to generate a custom element constructor instead of a regular Svelte component.
 		 *
+		 * You can also pass a function that receives `{ filename }` and returns a boolean.
+		 *
 		 * @default false
 		 */
-		customElement?: boolean;
+		customElement?: boolean | ((options: { filename: string }) => boolean);
 		/**
 		 * If `true`, getters and setters will be created for the component's props. If `false`, they will only be created for readonly exported values (i.e. those declared with `const`, `class` and `function`). If compiling with `customElement: true` this option defaults to `true`.
 		 *
@@ -1058,8 +1060,10 @@ declare module 'svelte/compiler' {
 		 * - `'injected'`: styles will be included in the `head` when using `render(...)`, and injected into the document (if not already present) when the component mounts. For components compiled as custom elements, styles are injected to the shadow root.
 		 * - `'external'`: the CSS will only be returned in the `css` field of the compilation result. Most Svelte bundler plugins will set this to `'external'` and use the CSS that is statically generated for better performance, as it will result in smaller JavaScript bundles and the output can be served as cacheable `.css` files.
 		 * This is always `'injected'` when compiling with `customElement` mode.
+		 *
+		 * You can also pass a function that receives `{ filename }` and returns either `'injected'` or `'external'`.
 		 */
-		css?: 'injected' | 'external';
+		css?: 'injected' | 'external' | ((options: { filename: string }) => 'injected' | 'external');
 		/**
 		 * A function that takes a `{ hash, css, name, filename }` argument and returns the string that is used as a classname for scoped CSS.
 		 * It defaults to returning `svelte-${hash(filename ?? css)}`.
@@ -1103,7 +1107,7 @@ declare module 'svelte/compiler' {
 		 * which is likely not what you want. If you're using Vite, consider using [dynamicCompileOptions](https://github.com/sveltejs/vite-plugin-svelte/blob/main/docs/config.md#dynamiccompileoptions) instead.
 		 * @default undefined
 		 */
-		runes?: boolean | undefined;
+		runes?: boolean | undefined | ((options: { filename: string }) => boolean | undefined);
 		/**
 		 *  If `true`, exposes the Svelte major version in the browser by adding it to a `Set` stored in the global `window.__svelte.v`.
 		 *
@@ -3017,9 +3021,11 @@ declare module 'svelte/types/compiler/interfaces' {
 		/**
 		 * If `true`, tells the compiler to generate a custom element constructor instead of a regular Svelte component.
 		 *
+		 * You can also pass a function that receives `{ filename }` and returns a boolean.
+		 *
 		 * @default false
 		 */
-		customElement?: boolean;
+		customElement?: boolean | ((options: { filename: string }) => boolean);
 		/**
 		 * If `true`, getters and setters will be created for the component's props. If `false`, they will only be created for readonly exported values (i.e. those declared with `const`, `class` and `function`). If compiling with `customElement: true` this option defaults to `true`.
 		 *
@@ -3045,8 +3051,10 @@ declare module 'svelte/types/compiler/interfaces' {
 		 * - `'injected'`: styles will be included in the `head` when using `render(...)`, and injected into the document (if not already present) when the component mounts. For components compiled as custom elements, styles are injected to the shadow root.
 		 * - `'external'`: the CSS will only be returned in the `css` field of the compilation result. Most Svelte bundler plugins will set this to `'external'` and use the CSS that is statically generated for better performance, as it will result in smaller JavaScript bundles and the output can be served as cacheable `.css` files.
 		 * This is always `'injected'` when compiling with `customElement` mode.
+		 *
+		 * You can also pass a function that receives `{ filename }` and returns either `'injected'` or `'external'`.
 		 */
-		css?: 'injected' | 'external';
+		css?: 'injected' | 'external' | ((options: { filename: string }) => 'injected' | 'external');
 		/**
 		 * A function that takes a `{ hash, css, name, filename }` argument and returns the string that is used as a classname for scoped CSS.
 		 * It defaults to returning `svelte-${hash(filename ?? css)}`.
@@ -3090,7 +3098,7 @@ declare module 'svelte/types/compiler/interfaces' {
 		 * which is likely not what you want. If you're using Vite, consider using [dynamicCompileOptions](https://github.com/sveltejs/vite-plugin-svelte/blob/main/docs/config.md#dynamiccompileoptions) instead.
 		 * @default undefined
 		 */
-		runes?: boolean | undefined;
+		runes?: boolean | undefined | ((options: { filename: string }) => boolean | undefined);
 		/**
 		 *  If `true`, exposes the Svelte major version in the browser by adding it to a `Set` stored in the global `window.__svelte.v`.
 		 *