diff --git a/changes/2024-06-19T182645-0400.txt b/changes/2024-06-19T182645-0400.txt
new file mode 100644
index 000000000..744eb2950
--- /dev/null
+++ b/changes/2024-06-19T182645-0400.txt
@@ -0,0 +1,2 @@
+Fix a performance bug in read-only replay which was not using a cache
+for module data
diff --git a/src/Chainweb/Pact/Backend/RelationalCheckpointer.hs b/src/Chainweb/Pact/Backend/RelationalCheckpointer.hs
index 3dc9ee2c7..e7ffea546 100644
--- a/src/Chainweb/Pact/Backend/RelationalCheckpointer.hs
+++ b/src/Chainweb/Pact/Backend/RelationalCheckpointer.hs
@@ -153,11 +153,11 @@ doReadFrom logger v cid sql moduleCacheVar maybeParent doRead = do
         Nothing -> genesisHeight v cid
         Just parent -> succ . _blockHeight . _parentHeader $ parent
 
-  withMVar moduleCacheVar $ \sharedModuleCache -> do
+  modifyMVar moduleCacheVar $ \sharedModuleCache -> do
     bracket
       (beginSavepoint sql BatchSavepoint)
       (\_ -> abortSavepoint sql BatchSavepoint) $ \() -> do
-        getEndTxId "doReadFrom" sql maybeParent >>= traverse \startTxId -> do
+        h <- getEndTxId "doReadFrom" sql maybeParent >>= traverse \startTxId -> do
           newDbEnv <- newMVar $ BlockEnv
             (mkBlockHandlerEnv v cid currentHeight sql DoNotPersistIntraBlockWrites logger)
             (initBlockState defaultModuleCacheLimit startTxId)
@@ -184,7 +184,12 @@ doReadFrom logger v cid sql moduleCacheVar maybeParent doRead = do
               , _cpLookupProcessedTx = \hs ->
                 runBlockEnv newDbEnv (doLookupSuccessful currentHeight hs)
               }
-          doRead curBlockDbEnv
+          r <- doRead curBlockDbEnv
+          finalCache <- _bsModuleCache . _benvBlockState <$> readMVar newDbEnv
+          return (r, finalCache)
+        case h of
+          NoHistory -> return (sharedModuleCache, NoHistory)
+          Historical (r, finalCache) -> return (finalCache, Historical r)