diff --git a/internal/wasm/host.go b/internal/wasm/host.go
index bb9c40f5..bca686d1 100644
--- a/internal/wasm/host.go
+++ b/internal/wasm/host.go
@@ -72,7 +72,7 @@ func NewHostModule(
 	// compilation of host modules is not costly as it's merely small trampolines vs the real-world native Wasm binary.
 	// TODO: refactor engines so that we can properly cache compiled machine codes for host modules.
 	m.AssignModuleID([]byte(fmt.Sprintf("@@@@@@@@%p", m)), // @@@@@@@@ = any 8 bytes different from Wasm header.
-		false, false)
+		nil, false)
 	return
 }
 
diff --git a/internal/wasm/module.go b/internal/wasm/module.go
index ba2c032a..7c363b2f 100644
--- a/internal/wasm/module.go
+++ b/internal/wasm/module.go
@@ -3,6 +3,7 @@ package wasm
 import (
 	"bytes"
 	"crypto/sha256"
+	"encoding/binary"
 	"errors"
 	"fmt"
 	"io"
@@ -11,6 +12,7 @@ import (
 	"sync"
 
 	"github.com/tetratelabs/wazero/api"
+	"github.com/tetratelabs/wazero/experimental"
 	"github.com/tetratelabs/wazero/internal/ieee754"
 	"github.com/tetratelabs/wazero/internal/leb128"
 	"github.com/tetratelabs/wazero/internal/wasmdebug"
@@ -198,13 +200,20 @@ const (
 
 // AssignModuleID calculates a sha256 checksum on `wasm` and other args, and set Module.ID to the result.
 // See the doc on Module.ID on what it's used for.
-func (m *Module) AssignModuleID(wasm []byte, withListener, withEnsureTermination bool) {
+func (m *Module) AssignModuleID(wasm []byte, listeners []experimental.FunctionListener, withEnsureTermination bool) {
 	h := sha256.New()
 	h.Write(wasm)
-	// Use the pre-allocated space on m.ID to append the booleans to sha256 hash.
-	m.ID[0] = boolToByte(withListener)
-	m.ID[1] = boolToByte(withEnsureTermination)
-	h.Write(m.ID[:2])
+	// Use the pre-allocated space backed by m.ID below.
+
+	// Write the existence of listeners to the checksum per function.
+	for i, l := range listeners {
+		binary.LittleEndian.PutUint32(m.ID[:], uint32(i))
+		m.ID[4] = boolToByte(l != nil)
+		h.Write(m.ID[:5])
+	}
+	// Write the flag of ensureTermination to the checksum.
+	m.ID[0] = boolToByte(withEnsureTermination)
+	h.Write(m.ID[:1])
 	// Get checksum by passing the slice underlying m.ID.
 	h.Sum(m.ID[:0])
 }
diff --git a/internal/wasm/module_test.go b/internal/wasm/module_test.go
index 77eb830d..a3f5dab4 100644
--- a/internal/wasm/module_test.go
+++ b/internal/wasm/module_test.go
@@ -1,11 +1,13 @@
 package wasm
 
 import (
+	"context"
 	"fmt"
 	"math"
 	"testing"
 
 	"github.com/tetratelabs/wazero/api"
+	"github.com/tetratelabs/wazero/experimental"
 	"github.com/tetratelabs/wazero/internal/leb128"
 	"github.com/tetratelabs/wazero/internal/testing/require"
 	"github.com/tetratelabs/wazero/internal/u64"
@@ -1010,30 +1012,88 @@ func TestModule_declaredFunctionIndexes(t *testing.T) {
 }
 
 func TestModule_AssignModuleID(t *testing.T) {
-	getID := func(bin []byte, withListener, withEnsureTermination bool) ModuleID {
+	getID := func(bin []byte, lsns []experimental.FunctionListener, withEnsureTermination bool) ModuleID {
 		m := Module{}
-		m.AssignModuleID(bin, withListener, withEnsureTermination)
+		m.AssignModuleID(bin, lsns, withEnsureTermination)
 		return m.ID
 	}
 
+	ml := &mockListener{}
+
 	// Ensures that different args always produce the different IDs.
 	exists := map[ModuleID]struct{}{}
-	for _, tc := range []struct {
-		bin                                 []byte
-		withListener, withEnsureTermination bool
+	for i, tc := range []struct {
+		bin                   []byte
+		withEnsureTermination bool
+		listeners             []experimental.FunctionListener
 	}{
-		{bin: []byte{1, 2, 3}, withListener: false, withEnsureTermination: false},
-		{bin: []byte{1, 2, 3}, withListener: false, withEnsureTermination: true},
-		{bin: []byte{1, 2, 3}, withListener: true, withEnsureTermination: false},
-		{bin: []byte{1, 2, 3}, withListener: true, withEnsureTermination: true},
-		{bin: []byte{1, 2, 3, 4}, withListener: false, withEnsureTermination: false},
-		{bin: []byte{1, 2, 3, 4}, withListener: false, withEnsureTermination: true},
-		{bin: []byte{1, 2, 3, 4}, withListener: true, withEnsureTermination: false},
-		{bin: []byte{1, 2, 3, 4}, withListener: true, withEnsureTermination: true},
+		{bin: []byte{1, 2, 3}, withEnsureTermination: false},
+		{bin: []byte{1, 2, 3}, withEnsureTermination: true},
+		{
+			bin:                   []byte{1, 2, 3},
+			listeners:             []experimental.FunctionListener{ml},
+			withEnsureTermination: false,
+		},
+		{
+			bin:                   []byte{1, 2, 3},
+			listeners:             []experimental.FunctionListener{ml},
+			withEnsureTermination: true,
+		},
+		{
+			bin:                   []byte{1, 2, 3},
+			listeners:             []experimental.FunctionListener{nil, ml},
+			withEnsureTermination: true,
+		},
+		{
+			bin:                   []byte{1, 2, 3},
+			listeners:             []experimental.FunctionListener{ml, ml},
+			withEnsureTermination: true,
+		},
+		{bin: []byte{1, 2, 3, 4}, withEnsureTermination: false},
+		{bin: []byte{1, 2, 3, 4}, withEnsureTermination: true},
+		{
+			bin:                   []byte{1, 2, 3, 4},
+			listeners:             []experimental.FunctionListener{ml},
+			withEnsureTermination: false,
+		},
+		{
+			bin:                   []byte{1, 2, 3, 4},
+			listeners:             []experimental.FunctionListener{ml},
+			withEnsureTermination: true,
+		},
+		{
+			bin:                   []byte{1, 2, 3, 4},
+			listeners:             []experimental.FunctionListener{nil},
+			withEnsureTermination: true,
+		},
+		{
+			bin:                   []byte{1, 2, 3, 4},
+			listeners:             []experimental.FunctionListener{nil, ml},
+			withEnsureTermination: true,
+		},
+		{
+			bin:                   []byte{1, 2, 3, 4},
+			listeners:             []experimental.FunctionListener{ml, ml},
+			withEnsureTermination: true,
+		},
+		{
+			bin:                   []byte{1, 2, 3, 4},
+			listeners:             []experimental.FunctionListener{ml, ml},
+			withEnsureTermination: false,
+		},
 	} {
-		id := getID(tc.bin, tc.withListener, tc.withEnsureTermination)
+		id := getID(tc.bin, tc.listeners, tc.withEnsureTermination)
 		_, exist := exists[id]
-		require.False(t, exist)
+		require.False(t, exist, i)
 		exists[id] = struct{}{}
 	}
 }
+
+type mockListener struct{}
+
+func (m mockListener) Before(context.Context, api.Module, api.FunctionDefinition, []uint64, experimental.StackIterator) {
+}
+
+func (m mockListener) After(context.Context, api.Module, api.FunctionDefinition, []uint64) {}
+
+func (m mockListener) Abort(context.Context, api.Module, api.FunctionDefinition, error) {}
diff --git a/runtime.go b/runtime.go
index c416be71..220324ed 100644
--- a/runtime.go
+++ b/runtime.go
@@ -233,7 +233,7 @@ func (r *runtime) CompileModule(ctx context.Context, binary []byte) (CompiledMod
 	if err != nil {
 		return nil, err
 	}
-	internal.AssignModuleID(binary, len(listeners) > 0, r.ensureTermination)
+	internal.AssignModuleID(binary, listeners, r.ensureTermination)
 	if err = r.store.Engine.CompileModule(ctx, internal, listeners, r.ensureTermination); err != nil {
 		return nil, err
 	}