diff --git a/src/lib/libdylink.js b/src/lib/libdylink.js
index f4fe51f2fc3d9..08cb02afd3594 100644
--- a/src/lib/libdylink.js
+++ b/src/lib/libdylink.js
@@ -280,7 +280,8 @@ var LibraryDylink = {
   // Applies relocations to exported things.
   $relocateExports__internal: true,
   $relocateExports__deps: ['$isImmutableGlobal'],
-  $relocateExports: (exports, memoryBase = 0) => {
+  $relocateExports__docs: '/** @param {Set<string>=} mutableGlobals */',
+  $relocateExports: (exports, memoryBase, mutableGlobals) => {
 #if DYLINK_DEBUG
     dbg(`relocateExports memoryBase=${memoryBase} count=${Object.keys(exports).length}`);
 #endif
@@ -293,8 +294,16 @@ var LibraryDylink = {
       }
 #endif
       // Detect immutable wasm global exports. These represent data addresses
-      // which are relative to `memoryBase`
-      if (isImmutableGlobal(value)) {
+      // which are relative to `memoryBase`.
+#if SHRINK_LEVEL < 2
+      // `mutableGlobals`, when known, saves probing each global.
+      var immutable = mutableGlobals
+        ? value instanceof WebAssembly.Global && !mutableGlobals.has(name)
+        : isImmutableGlobal(value);
+#else
+      var immutable = isImmutableGlobal(value);
+#endif
+      if (immutable) {
         return new WebAssembly.Global({'value': '{{{ POINTER_WASM_TYPE }}}'}, value.value + {{{ to64('memoryBase') }}});
       }
 
@@ -476,7 +485,91 @@ var LibraryDylink = {
       if (condition) throw new Error(message);
     }
 
-    if (binary instanceof WebAssembly.Module) {
+#if SHRINK_LEVEL < 2
+    // Returns the names of the exported globals that are mutable, read from
+    // the import, global and export sections that follow the dylink section.
+    // This saves relocateExports from probing each exported global with
+    // isImmutableGlobal, which throws for every immutable one.  Returns
+    // undefined if it finds something it doesn't handle.
+    function getMutableGlobals() {
+      // The mutability of each global, imported globals first.
+      var mutable = [];
+      var result = new Set();
+
+      function skipString() {
+        var len = getLEB();
+        offset += len;
+      }
+
+      function skipValType() {
+        // (ref null? heaptype) has a heap type immediate.
+        var type = getU8();
+        if (type === 0x63 || type === 0x64) getLEB();
+      }
+
+      function skipLimits() {
+        var flags = getU8();
+        getLEB(); // min
+        if (flags & 1) getLEB(); // max
+        if (flags & 8) getLEB(); // page size (custom-page-sizes)
+      }
+
+      while (offset < binary.length) {
+        var id = getU8();
+        var size = getLEB();
+        var sectionEnd = offset + size;
+        if (id === 2) { // import
+          for (var count = getLEB(); count--;) {
+            skipString();
+            skipString();
+            var kind = getU8();
+            if (kind === 0) getLEB(); // function
+            else if (kind === 1) { skipValType(); skipLimits(); } // table
+            else if (kind === 2) skipLimits(); // memory
+            else if (kind === 3) { skipValType(); mutable.push(getU8() & 1); } // global
+            else if (kind === 4) { getU8(); getLEB(); } // tag
+            else return;
+          }
+        } else if (id === 6) { // global
+          for (var count = getLEB(); count--;) {
+            skipValType();
+            mutable.push(getU8() & 1);
+            // Skip the constant init expression.
+            for (var op; (op = getU8()) !== 0x0b;) {
+              if (op === 0x43) offset += 4; // f32.const
+              else if (op === 0x44) offset += 8; // f64.const
+              // i32.const, i64.const, global.get, ref.null, ref.func
+              else if (op === 0x41 || op === 0x42 || op === 0x23 || op === 0xd0 || op === 0xd2) getLEB();
+              // Anything but the extended-const add, sub and mul instructions
+              else if (!(op >= 0x6a && op <= 0x6c || op >= 0x7c && op <= 0x7e)) return;
+            }
+          }
+        } else if (id === 7) { // export
+          for (var count = getLEB(); count--;) {
+            var nameStart = offset;
+            skipString();
+            var kind = getU8();
+            var index = getLEB();
+            if (kind === 3 && mutable[index]) {
+              var saved = offset;
+              offset = nameStart;
+              result.add(getString());
+              offset = saved;
+            }
+          }
+          // The export section is the last one we need.
+          return offset === sectionEnd ? result : undefined;
+        } else {
+          offset = sectionEnd;
+        }
+        if (offset !== sectionEnd) return;
+      }
+      return result;
+    }
+#endif // SHRINK_LEVEL < 2
+
+    var isModule = binary instanceof WebAssembly.Module;
+    if (isModule) {
       var dylinkSection = WebAssembly.Module.customSections(binary, 'dylink.0');
       failIf(!dylinkSection.length, 'need dylink section');
       binary = new Uint8Array(dylinkSection[0]);
@@ -562,6 +655,11 @@ var LibraryDylink = {
     dbg('dylink needed:', customSection.neededDynlibs);
 #endif
 
+#if SHRINK_LEVEL < 2
+    if (!isModule) {
+      customSection.mutableGlobals = getMutableGlobals();
+    }
+#endif
     return customSection;
   },
 
@@ -885,7 +983,7 @@ var LibraryDylink = {
 #endif
       // add new entries to functionsInTableMap
       updateTableMap(tableBase, metadata.tableSize);
-      moduleExports = relocateExports(instance.exports, memoryBase);
+      moduleExports = relocateExports(instance.exports, memoryBase, metadata.mutableGlobals);
       updateGOT(moduleExports);
 #if ASYNCIFY
       moduleExports = Asyncify.instrumentWasmExports(moduleExports);
diff --git a/test/codesize/test_codesize_hello_dylink.json b/test/codesize/test_codesize_hello_dylink.json
index 15ca5b6de0401..bfa1e7bc269db 100644
--- a/test/codesize/test_codesize_hello_dylink.json
+++ b/test/codesize/test_codesize_hello_dylink.json
@@ -1,10 +1,10 @@
 {
-  "a.out.js": 26229,
-  "a.out.js.gz": 11137,
+  "a.out.js": 27061,
+  "a.out.js.gz": 11491,
   "a.out.nodebug.wasm": 16986,
   "a.out.nodebug.wasm.gz": 8667,
-  "total": 43215,
-  "total_gz": 19804,
+  "total": 44047,
+  "total_gz": 20158,
   "sent": [
     "__syscall_stat64",
     "emscripten_resize_heap",
diff --git a/test/codesize/test_codesize_hello_dylink_all.json b/test/codesize/test_codesize_hello_dylink_all.json
index 4d4e9e1e31f10..4977599c47c1a 100644
--- a/test/codesize/test_codesize_hello_dylink_all.json
+++ b/test/codesize/test_codesize_hello_dylink_all.json
@@ -1,7 +1,7 @@
 {
-  "a.out.js": 272704,
+  "a.out.js": 273543,
   "a.out.nodebug.wasm": 589443,
-  "total": 862147,
+  "total": 862986,
   "sent": [
     "IMG_Init",
     "IMG_Load",
diff --git a/test/test_other.py b/test/test_other.py
index f4162deb73fad..935b5c2e824c1 100644
--- a/test/test_other.py
+++ b/test/test_other.py
@@ -7314,6 +7314,69 @@ def test_dlopen_constructors(self):
     # Repeat the test without NO_AUTOLOAD_DYLIBS
     self.do_runf('main.c', 'done\n', cflags=['-g', '-sMAIN_MODULE=2', 'libside.wasm'])
 
+  @parameterized({
+    '': ([], True),
+    # At -Oz the loader skips parsing the binary and probes each global instead.
+    'Oz': (['-Oz'], False),
+  })
+  def test_dlopen_exported_globals(self, args, expect_parsed):
+    # A side module's data symbols are exported as immutable globals that must
+    # be relocated by the module's memory base, while an exported mutable
+    # global must be passed through as is.
+    create_file('side.c', r'''
+      __asm__(
+        ".section .data.side_global,\"\",@\n"
+        ".globl side_global\n"
+        ".globaltype side_global, i32\n"
+        "side_global:\n"
+      );
+
+      int side_data = 42;
+      int* side_data_addr() { return &side_data; }
+
+      int get_side_global() {
+        int val;
+        __asm__ volatile("global.get side_global\n"
+                         "local.set %0\n" : "=r" (val));
+        return val;
+      }
+      ''')
+    create_file('main.c', r'''
+      #include <assert.h>
+      #include <dlfcn.h>
+      #include <stdio.h>
+      #include <emscripten.h>
+
+      int main() {
+        void* h = dlopen("libside.wasm", RTLD_NOW);
+        assert(h);
+        int* side_data = dlsym(h, "side_data");
+        int* (*side_data_addr)() = dlsym(h, "side_data_addr");
+        int (*get_side_global)() = dlsym(h, "get_side_global");
+        assert(side_data && side_data == side_data_addr());
+        assert(*side_data == 42);
+        EM_ASM({
+          // Unless optimizing for size, the loader read the mutable globals
+          // from the binary, rather than falling back to probing each one.
+          var metadata = getDylinkMetadata(new Uint8Array(require('fs').readFileSync('libside.wasm')));
+          if ($1) {
+            if (!metadata.mutableGlobals) throw new Error('mutableGlobals not parsed');
+            if (metadata.mutableGlobals.size != 1 || !metadata.mutableGlobals.has('side_global')) throw new Error('wrong mutableGlobals');
+          } else if (metadata.mutableGlobals) {
+            throw new Error('mutableGlobals unexpectedly parsed');
+          }
+
+          var g = LDSO.loadedLibsByHandle[$0].exports['side_global'];
+          if (!(g instanceof WebAssembly.Global)) throw new Error('side_global is not a Global');
+          g.value = 7;
+        }, h, EXPECT_PARSED);
+        assert(get_side_global() == 7);
+        printf("done\n");
+        return 0;
+      }''')
+    self.run_process([EMCC, 'side.c', '-sSIDE_MODULE', '-o', 'libside.wasm'] + args)
+    self.do_runf('main.c', 'done\n', cflags=['-sMAIN_MODULE=2', f'-DEXPECT_PARSED={int(expect_parsed)}'] + args)
+
   @requires_node
   def test_dlopen_binary_not_retained(self):
     # The bytes of a side module should not be kept alive once it has been