diff --git a/compiler/mono/src/borrow.rs b/compiler/mono/src/borrow.rs
index 7c8aabdb00..9b9e46ef8f 100644
--- a/compiler/mono/src/borrow.rs
+++ b/compiler/mono/src/borrow.rs
@@ -23,17 +23,19 @@ pub fn infer_borrow<'a>(
     // intern the layouts
     let mut declaration_to_index = MutMap::with_capacity_and_hasher(procs.len(), default_hasher());
 
-    let mut i = 0;
-    for key in procs.keys() {
-        declaration_to_index.insert(*key, DeclarationId(i));
+    let mut param_map = {
+        let mut i = 0;
+        for key in procs.keys() {
+            declaration_to_index.insert(*key, ParamOffset(i));
 
-        i += key.1.arguments.len();
-    }
+            i += key.1.arguments.len();
+        }
 
-    let mut param_map = ParamMap {
-        declaration_to_index,
-        join_points: MutMap::default(),
-        declarations: bumpalo::vec![in arena; Param::EMPTY; i],
+        ParamMap {
+            declaration_to_index,
+            join_points: MutMap::default(),
+            declarations: bumpalo::vec![in arena; Param::EMPTY; i],
+        }
     };
 
     for (key, proc) in procs {
@@ -48,28 +50,110 @@ pub fn infer_borrow<'a>(
         arena,
     };
 
-    // This is a fixed-point analysis
-    //
-    // all functions initiall own all their parameters
-    // through a series of checks and heuristics, some arguments are set to borrowed
-    // when that doesn't lead to conflicts the change is kept, otherwise it may be reverted
-    //
-    // when the signatures no longer change, the analysis stops and returns the signatures
-    loop {
-        // sort the symbols (roughly) in definition order.
-        // TODO in the future I think we need to do this properly, and group
-        // mutually recursive functions (or just make all their arguments owned)
+    // next we first partition the functions into strongly connected components, then do a
+    // topological sort on these components, finally run the fix-point borrow analysis on each
+    // component (in top-sorted order, from primitives (std-lib) to main)
 
-        for (key, proc) in procs {
-            env.collect_proc(&mut param_map, proc, key.1);
+    let successor_map = &make_successor_mapping(arena, procs);
+    let successors = move |key: &Symbol| successor_map[key].iter().copied();
+
+    let mut symbols = Vec::with_capacity_in(procs.len(), arena);
+    symbols.extend(procs.keys().map(|x| x.0));
+
+    let sccs = ven_graph::strongly_connected_components(&symbols, successors);
+
+    let mut symbol_to_component = MutMap::default();
+    for (i, symbols) in sccs.iter().enumerate() {
+        for symbol in symbols {
+            symbol_to_component.insert(*symbol, i);
+        }
+    }
+
+    let mut component_to_successors = Vec::with_capacity_in(sccs.len(), arena);
+    for (i, symbols) in sccs.iter().enumerate() {
+        // guess: every function has ~1 successor
+        let mut succs = Vec::with_capacity_in(symbols.len(), arena);
+
+        for symbol in symbols {
+            for s in successors(symbol) {
+                let c = symbol_to_component[&s];
+
+                // don't insert self to prevent cycles
+                if c != i {
+                    succs.push(c);
+                }
+            }
         }
 
-        if !env.modified {
-            // if there were no modifications, we're done
-            break;
-        } else {
-            // otherwise see if there are changes after another iteration
-            env.modified = false;
+        succs.sort_unstable();
+        succs.dedup();
+
+        component_to_successors.push(succs);
+    }
+
+    let mut components = Vec::with_capacity_in(component_to_successors.len(), arena);
+    components.extend(0..component_to_successors.len());
+
+    let mut groups = Vec::new_in(arena);
+
+    let component_to_successors = &component_to_successors;
+    match ven_graph::topological_sort_into_groups(&components, |c: &usize| {
+        component_to_successors[*c].iter().copied()
+    }) {
+        Ok(component_groups) => {
+            let mut component_to_group = bumpalo::vec![in arena; usize::MAX; components.len()];
+
+            // for each component, store which group it is in
+            for (group_index, component_group) in component_groups.iter().enumerate() {
+                for component in component_group {
+                    component_to_group[*component] = group_index;
+                }
+            }
+
+            // prepare groups
+            groups.reserve(component_groups.len());
+            for _ in 0..component_groups.len() {
+                groups.push(Vec::new_in(arena));
+            }
+
+            for (key, proc) in procs {
+                let symbol = key.0;
+                let offset = param_map.declaration_to_index[key];
+
+                // the component this symbol is a part of
+                let component = symbol_to_component[&symbol];
+
+                // now find the group that this component belongs to
+                let group = component_to_group[component];
+
+                groups[group].push((proc, offset));
+            }
+        }
+        Err((_groups, _remainder)) => {
+            unreachable!("because we find strongly-connected components first");
+        }
+    }
+
+    for group in groups.into_iter().rev() {
+        // This is a fixed-point analysis
+        //
+        // all functions initiall own all their parameters
+        // through a series of checks and heuristics, some arguments are set to borrowed
+        // when that doesn't lead to conflicts the change is kept, otherwise it may be reverted
+        //
+        // when the signatures no longer change, the analysis stops and returns the signatures
+        loop {
+            for (proc, param_offset) in group.iter() {
+                env.collect_proc(&mut param_map, proc, *param_offset);
+            }
+
+            if !env.modified {
+                // if there were no modifications, we're done
+                break;
+            } else {
+                // otherwise see if there are changes after another iteration
+                env.modified = false;
+            }
         }
     }
 
@@ -77,10 +161,10 @@ pub fn infer_borrow<'a>(
 }
 
 #[derive(Debug, PartialEq, Eq, Hash, Clone, Copy)]
-pub struct DeclarationId(usize);
+pub struct ParamOffset(usize);
 
-impl From<DeclarationId> for usize {
-    fn from(id: DeclarationId) -> Self {
+impl From<ParamOffset> for usize {
+    fn from(id: ParamOffset) -> Self {
         id.0 as usize
     }
 }
@@ -88,7 +172,7 @@ impl From<DeclarationId> for usize {
 #[derive(Debug, Clone)]
 pub struct ParamMap<'a> {
     /// Map a (Symbol, ProcLayout) pair to the starting index in the `declarations` array
-    declaration_to_index: MutMap<(Symbol, ProcLayout<'a>), DeclarationId>,
+    declaration_to_index: MutMap<(Symbol, ProcLayout<'a>), ParamOffset>,
     /// the parameters of all functions in a single flat array.
     ///
     /// - the map above gives the index of the first parameter for the function
@@ -294,10 +378,11 @@ impl<'a> BorrowInfState<'a> {
         &mut self,
         param_map: &mut ParamMap<'a>,
         symbol: Symbol,
-        layout: ProcLayout<'a>,
+        start: ParamOffset,
+        length: usize,
     ) {
-        let index: usize = param_map.declaration_to_index[&(symbol, layout)].into();
-        let ps = &mut param_map.declarations[index..][..layout.arguments.len()];
+        let index: usize = start.into();
+        let ps = &mut param_map.declarations[index..][..length];
 
         for p in ps.iter_mut() {
             if !p.borrow {
@@ -762,7 +847,7 @@ impl<'a> BorrowInfState<'a> {
         &mut self,
         param_map: &mut ParamMap<'a>,
         proc: &Proc<'a>,
-        layout: ProcLayout<'a>,
+        param_offset: ParamOffset,
     ) {
         let old = self.param_set.clone();
 
@@ -774,7 +859,7 @@ impl<'a> BorrowInfState<'a> {
         self.owned.entry(proc.name).or_default();
 
         self.collect_stmt(param_map, &proc.body);
-        self.update_param_map_declaration(param_map, proc.name, layout);
+        self.update_param_map_declaration(param_map, proc.name, param_offset, proc.args.len());
 
         self.param_set = old;
     }
@@ -868,3 +953,100 @@ pub fn lowlevel_borrow_signature(arena: &Bump, op: LowLevel) -> &[bool] {
         ExpectTrue => arena.alloc_slice_copy(&[irrelevant]),
     }
 }
+
+fn make_successor_mapping<'a>(
+    arena: &'a Bump,
+    procs: &MutMap<(Symbol, ProcLayout<'_>), Proc<'a>>,
+) -> MutMap<Symbol, Vec<'a, Symbol>> {
+    let mut result = MutMap::with_capacity_and_hasher(procs.len(), default_hasher());
+
+    for (key, proc) in procs {
+        let mut call_info = CallInfo {
+            keys: Vec::new_in(arena),
+        };
+        call_info_stmt(arena, &proc.body, &mut call_info);
+
+        let mut keys = call_info.keys;
+        keys.sort_unstable();
+        keys.dedup();
+
+        result.insert(key.0, keys);
+    }
+
+    result
+}
+
+struct CallInfo<'a> {
+    // keys: MutSet<(Symbol, ProcLayout<'a>)>,
+    keys: Vec<'a, Symbol>,
+}
+
+fn call_info_call<'a>(call: &crate::ir::Call<'a>, info: &mut CallInfo<'a>) {
+    use crate::ir::CallType::*;
+
+    match call.call_type {
+        ByName {
+            name,
+            ret_layout,
+            arg_layouts,
+            ..
+        } => {
+            let proc_layout = crate::ir::ProcLayout {
+                arguments: arg_layouts,
+                result: ret_layout,
+            };
+
+            //let key = (name, proc_layout);
+            // info.keys.insert(key);
+            info.keys.push(name);
+        }
+        Foreign { .. } => {}
+        LowLevel { .. } => {}
+        HigherOrderLowLevel { .. } => {}
+    }
+}
+
+fn call_info_stmt<'a>(arena: &'a Bump, stmt: &Stmt<'a>, info: &mut CallInfo<'a>) {
+    use Stmt::*;
+
+    let mut stack = bumpalo::vec![ in arena; stmt ];
+
+    while let Some(stmt) = stack.pop() {
+        match stmt {
+            Join {
+                remainder: v,
+                body: b,
+                ..
+            } => {
+                stack.push(v);
+                stack.push(b);
+            }
+            Let(_, expr, _, cont) => {
+                if let Expr::Call(call) = expr {
+                    call_info_call(call, info);
+                }
+                stack.push(cont);
+            }
+            Invoke {
+                call, pass, fail, ..
+            } => {
+                call_info_call(call, info);
+                stack.push(pass);
+                stack.push(fail);
+            }
+            Switch {
+                branches,
+                default_branch,
+                ..
+            } => {
+                stack.extend(branches.iter().map(|b| &b.2));
+                stack.push(default_branch.1);
+            }
+            Refcounting(_, _) => unreachable!("these have not been introduced yet"),
+
+            Ret(_) | Resume(_) | Jump(_, _) | RuntimeError(_) => {
+                // these are terminal, do nothing
+            }
+        }
+    }
+}