diff --git a/.changeset/short-banks-yell.md b/.changeset/short-banks-yell.md
new file mode 100644
index 000000000000..34d5ba66d326
--- /dev/null
+++ b/.changeset/short-banks-yell.md
@@ -0,0 +1,5 @@
+---
+'svelte': patch
+---
+
+fix: don't preserve reactivity context across function boundaries
diff --git a/packages/svelte/src/compiler/phases/2-analyze/index.js b/packages/svelte/src/compiler/phases/2-analyze/index.js
index 47fe37c44df9..52be9973748e 100644
--- a/packages/svelte/src/compiler/phases/2-analyze/index.js
+++ b/packages/svelte/src/compiler/phases/2-analyze/index.js
@@ -306,7 +306,7 @@ export function analyze_module(source, options) {
 			fragment: null,
 			parent_element: null,
 			reactive_statement: null,
-			in_derived: false
+			derived_function_depth: -1
 		},
 		visitors
 	);
@@ -703,7 +703,7 @@ export function analyze_component(root, source, options) {
 				state_fields: new Map(),
 				function_depth: scope.function_depth,
 				reactive_statement: null,
-				in_derived: false
+				derived_function_depth: -1
 			};
 
 			walk(/** @type {AST.SvelteNode} */ (ast), state, visitors);
@@ -771,7 +771,7 @@ export function analyze_component(root, source, options) {
 				expression: null,
 				state_fields: new Map(),
 				function_depth: scope.function_depth,
-				in_derived: false
+				derived_function_depth: -1
 			};
 
 			walk(/** @type {AST.SvelteNode} */ (ast), state, visitors);
diff --git a/packages/svelte/src/compiler/phases/2-analyze/types.d.ts b/packages/svelte/src/compiler/phases/2-analyze/types.d.ts
index ae9c5911f64b..bad6c7d6131c 100644
--- a/packages/svelte/src/compiler/phases/2-analyze/types.d.ts
+++ b/packages/svelte/src/compiler/phases/2-analyze/types.d.ts
@@ -29,9 +29,9 @@ export interface AnalysisState {
 	reactive_statement: null | ReactiveStatement;
 
 	/**
-	 * True if we're directly inside a `$derived(...)` expression (but not `$derived.by(...)`)
+	 * Set when we're inside a `$derived(...)` expression (but not `$derived.by(...)`) or `@const`
 	 */
-	in_derived: boolean;
+	derived_function_depth: number;
 }
 
 export type Context<State extends AnalysisState = AnalysisState> = import('zimmerframe').Context<
diff --git a/packages/svelte/src/compiler/phases/2-analyze/visitors/AwaitExpression.js b/packages/svelte/src/compiler/phases/2-analyze/visitors/AwaitExpression.js
index 90186235708a..14757af4a3c8 100644
--- a/packages/svelte/src/compiler/phases/2-analyze/visitors/AwaitExpression.js
+++ b/packages/svelte/src/compiler/phases/2-analyze/visitors/AwaitExpression.js
@@ -15,7 +15,10 @@ export function AwaitExpression(node, context) {
 	//   b) awaits that precede other expressions in template or `$derived(...)`
 	if (
 		tla ||
-		(is_reactive_expression(context.path, context.state.in_derived) &&
+		(is_reactive_expression(
+			context.path,
+			context.state.derived_function_depth === context.state.function_depth
+		) &&
 			!is_last_evaluated_expression(context.path, node))
 	) {
 		context.state.analysis.pickled_awaits.add(node);
@@ -53,9 +56,7 @@ export function AwaitExpression(node, context) {
  * @param {boolean} in_derived
  */
 export function is_reactive_expression(path, in_derived) {
-	if (in_derived) {
-		return true;
-	}
+	if (in_derived) return true;
 
 	let i = path.length;
 
@@ -67,6 +68,7 @@ export function is_reactive_expression(path, in_derived) {
 			parent.type === 'FunctionExpression' ||
 			parent.type === 'FunctionDeclaration'
 		) {
+			// No reactive expression found between function and await
 			return false;
 		}
 
@@ -83,11 +85,16 @@ export function is_reactive_expression(path, in_derived) {
  * @param {AST.SvelteNode[]} path
  * @param {Expression | SpreadElement | Property} node
  */
-export function is_last_evaluated_expression(path, node) {
+function is_last_evaluated_expression(path, node) {
 	let i = path.length;
 
 	while (i--) {
-		const parent = /** @type {Expression | Property | SpreadElement} */ (path[i]);
+		const parent = path[i];
+
+		if (parent.type === 'ConstTag') {
+			// {@const ...} tags are treated as deriveds and its contents should all get the preserve-reactivity treatment
+			return false;
+		}
 
 		// @ts-expect-error we could probably use a neater/more robust mechanism
 		if (parent.metadata) {
diff --git a/packages/svelte/src/compiler/phases/2-analyze/visitors/CallExpression.js b/packages/svelte/src/compiler/phases/2-analyze/visitors/CallExpression.js
index 76d9cecd9ab1..4b66abe1d136 100644
--- a/packages/svelte/src/compiler/phases/2-analyze/visitors/CallExpression.js
+++ b/packages/svelte/src/compiler/phases/2-analyze/visitors/CallExpression.js
@@ -248,7 +248,7 @@ export function CallExpression(node, context) {
 		context.next({
 			...context.state,
 			function_depth: context.state.function_depth + 1,
-			in_derived: true,
+			derived_function_depth: context.state.function_depth + 1,
 			expression
 		});
 
diff --git a/packages/svelte/src/compiler/phases/2-analyze/visitors/ConstTag.js b/packages/svelte/src/compiler/phases/2-analyze/visitors/ConstTag.js
index 5849d828a3de..77ea6549054b 100644
--- a/packages/svelte/src/compiler/phases/2-analyze/visitors/ConstTag.js
+++ b/packages/svelte/src/compiler/phases/2-analyze/visitors/ConstTag.js
@@ -38,6 +38,8 @@ export function ConstTag(node, context) {
 	context.visit(declaration.init, {
 		...context.state,
 		expression: node.metadata.expression,
-		in_derived: true
+		// We're treating this like a $derived under the hood
+		function_depth: context.state.function_depth + 1,
+		derived_function_depth: context.state.function_depth + 1
 	});
 }
diff --git a/packages/svelte/src/compiler/phases/2-analyze/visitors/VariableDeclarator.js b/packages/svelte/src/compiler/phases/2-analyze/visitors/VariableDeclarator.js
index 7a85b4a93aa1..dfb1d54040fd 100644
--- a/packages/svelte/src/compiler/phases/2-analyze/visitors/VariableDeclarator.js
+++ b/packages/svelte/src/compiler/phases/2-analyze/visitors/VariableDeclarator.js
@@ -64,12 +64,6 @@ export function VariableDeclarator(node, context) {
 			}
 		}
 
-		if (rune === '$derived') {
-			context.visit(node.id);
-			context.visit(/** @type {Expression} */ (node.init), { ...context.state, in_derived: true });
-			return;
-		}
-
 		if (rune === '$props') {
 			if (node.id.type !== 'ObjectPattern' && node.id.type !== 'Identifier') {
 				e.props_invalid_identifier(node);
diff --git a/packages/svelte/tests/snapshot/samples/async-in-derived/_config.js b/packages/svelte/tests/snapshot/samples/async-in-derived/_config.js
new file mode 100644
index 000000000000..2e30bbeb1618
--- /dev/null
+++ b/packages/svelte/tests/snapshot/samples/async-in-derived/_config.js
@@ -0,0 +1,3 @@
+import { test } from '../../test';
+
+export default test({ compileOptions: { experimental: { async: true } } });
diff --git a/packages/svelte/tests/snapshot/samples/async-in-derived/_expected/client/index.svelte.js b/packages/svelte/tests/snapshot/samples/async-in-derived/_expected/client/index.svelte.js
new file mode 100644
index 000000000000..7a97850175a6
--- /dev/null
+++ b/packages/svelte/tests/snapshot/samples/async-in-derived/_expected/client/index.svelte.js
@@ -0,0 +1,52 @@
+import 'svelte/internal/disclose-version';
+import 'svelte/internal/flags/async';
+import * as $ from 'svelte/internal/client';
+
+export default function Async_in_derived($$anchor, $$props) {
+	$.push($$props, true);
+
+	$.async_body($$anchor, async ($$anchor) => {
+		let yes1 = (await $.save($.async_derived(async () => (await $.save(1))())))();
+		let yes2 = (await $.save($.async_derived(async () => foo((await $.save(1))()))))();
+
+		let no1 = $.derived(async () => {
+			return await 1;
+		});
+
+		let no2 = $.derived(() => async () => {
+			return await 1;
+		});
+
+		if ($.aborted()) return;
+
+		var fragment = $.comment();
+		var node = $.first_child(fragment);
+
+		{
+			var consequent = ($$anchor) => {
+				$.async_body($$anchor, async ($$anchor) => {
+					const yes1 = (await $.save($.async_derived(async () => (await $.save(1))())))();
+					const yes2 = (await $.save($.async_derived(async () => foo((await $.save(1))()))))();
+
+					const no1 = $.derived(() => (async () => {
+						return await 1;
+					})());
+
+					const no2 = $.derived(() => (async () => {
+						return await 1;
+					})());
+
+					if ($.aborted()) return;
+				});
+			};
+
+			$.if(node, ($$render) => {
+				if (true) $$render(consequent);
+			});
+		}
+
+		$.append($$anchor, fragment);
+	});
+
+	$.pop();
+}
\ No newline at end of file
diff --git a/packages/svelte/tests/snapshot/samples/async-in-derived/_expected/server/index.svelte.js b/packages/svelte/tests/snapshot/samples/async-in-derived/_expected/server/index.svelte.js
new file mode 100644
index 000000000000..69eca5a38390
--- /dev/null
+++ b/packages/svelte/tests/snapshot/samples/async-in-derived/_expected/server/index.svelte.js
@@ -0,0 +1,40 @@
+import 'svelte/internal/flags/async';
+import * as $ from 'svelte/internal/server';
+
+export default function Async_in_derived($$renderer, $$props) {
+	$$renderer.component(($$renderer) => {
+		$$renderer.async(async ($$renderer) => {
+			let yes1 = (await $.save(1))();
+			let yes2 = foo((await $.save(1))());
+
+			let no1 = (async () => {
+				return await 1;
+			})();
+
+			let no2 = async () => {
+				return await 1;
+			};
+
+			$$renderer.async(async ($$renderer) => {
+				if (true) {
+					$$renderer.push('<!--[-->');
+
+					const yes1 = (await $.save(1))();
+					const yes2 = foo((await $.save(1))());
+
+					const no1 = (async () => {
+						return await 1;
+					})();
+
+					const no2 = (async () => {
+						return await 1;
+					})();
+				} else {
+					$$renderer.push('<!--[!-->');
+				}
+			});
+
+			$$renderer.push(`<!--]-->`);
+		});
+	});
+}
\ No newline at end of file
diff --git a/packages/svelte/tests/snapshot/samples/async-in-derived/index.svelte b/packages/svelte/tests/snapshot/samples/async-in-derived/index.svelte
new file mode 100644
index 000000000000..bda88fd3ae21
--- /dev/null
+++ b/packages/svelte/tests/snapshot/samples/async-in-derived/index.svelte
@@ -0,0 +1,21 @@
+<script>
+	let yes1 = $derived(await 1);
+	let yes2 = $derived(foo(await 1));
+	let no1 = $derived.by(async () => {
+		return await 1;
+	});
+	let no2 = $derived(async () => {
+		return await 1;
+	});
+</script>
+
+{#if true}
+	{@const yes1 = await 1}
+	{@const yes2 = foo(await 1)}
+	{@const no1 = (async () => {
+		return await 1;
+	})()}
+	{@const no2 = (async () => {
+		return await 1;
+	})()}
+{/if}