diff --git a/src/index.ts b/src/index.ts
index 4fd27a2..4e7eeb4 100644
--- a/src/index.ts
+++ b/src/index.ts
@@ -3,8 +3,6 @@ import module, { type LoadHookContext } from 'node:module'
 const namespace = 'no-cache://'
 const namespaceLength = namespace.length
 
-const noCacheModules = new Set<string>()
-
 declare global {
   interface ImportAttributes {
     cache?: 'no'
@@ -23,11 +21,12 @@ export function init(): () => void {
 
   const hooks = module.registerHooks({
     resolve(specifier, context, nextResolve) {
+      const parentUUID = getParentUUID(context.parentURL)
       const fromNoCache =
         !module.isBuiltin(specifier) &&
         (specifier.startsWith(namespace) ||
           context.importAttributes?.cache === 'no' ||
-          (context.parentURL && noCacheModules.has(context.parentURL)))
+          parentUUID)
 
       if (!fromNoCache) {
         return nextResolve(specifier, context)
@@ -38,19 +37,12 @@ export function init(): () => void {
       }
 
       const resolved = nextResolve(specifier, context)
-      resolved.url = `${resolved.url}?${crypto.randomUUID()}`
-      noCacheModules.add(resolved.url)
-
+      resolved.url = appendUUID(resolved.url, parentUUID || crypto.randomUUID())
       return resolved
     },
 
     load(url, context, nextLoad) {
       cleanupImportAttributes(context)
-
-      if (url.startsWith(namespace)) {
-        url = url.slice(namespaceLength, -37 /* length of ? + uuid */)
-      }
-
       return nextLoad(url, context)
     },
   })
@@ -61,6 +53,17 @@ export function init(): () => void {
   })
 }
 
+function getParentUUID(parentURL: string | undefined) {
+  if (!parentURL) return
+  return new URL(parentURL).searchParams.get('no-cache') ?? undefined
+}
+
+function appendUUID(url: string, uuid: string): string {
+  const parsed = new URL(url)
+  parsed.searchParams.set('no-cache', uuid)
+  return parsed.toString()
+}
+
 function cleanupImportAttributes(context: LoadHookContext): void {
   if (!context.importAttributes?.cache) return
   const attrs = Object.assign(Object.create(null), context.importAttributes)
diff --git a/tests/fixtures/circular.js b/tests/fixtures/circular.js
new file mode 100644
index 0000000..78bc6a8
--- /dev/null
+++ b/tests/fixtures/circular.js
@@ -0,0 +1,2 @@
+import './mod.js'
+export const circular = 'circular'
diff --git a/tests/fixtures/mod.js b/tests/fixtures/mod.js
index 43205ea..8141d32 100644
--- a/tests/fixtures/mod.js
+++ b/tests/fixtures/mod.js
@@ -5,3 +5,4 @@ export * from './rand.js'
 export const cjs = require('./cjs.cjs')
 export const requireESM = require('./require-esm.js')
 export const url = import.meta.url
+export * from './circular.js'
diff --git a/tests/index.test.js b/tests/index.test.js
index 2d3e125..8a6592a 100644
--- a/tests/index.test.js
+++ b/tests/index.test.js
@@ -18,7 +18,7 @@ test('import attributes', async () => {
   const { uuid, url, cjs, requireESM } = await import('./fixtures/mod.js', {
     with: { cache: 'no' },
   })
-  assert.match(url, /\?[0-9a-f-]{36}$/)
+  assert.match(url, /\?no-cache=[0-9a-f-]{36}$/)
 
   const {
     uuid: uuid2,