diff --git a/Source/Core/Core/PowerPC/Jit64/Jit.cpp b/Source/Core/Core/PowerPC/Jit64/Jit.cpp
index 313b840132..5ef45f76d0 100644
--- a/Source/Core/Core/PowerPC/Jit64/Jit.cpp
+++ b/Source/Core/Core/PowerPC/Jit64/Jit.cpp
@@ -490,6 +490,21 @@ void Jit64::FakeBLCall(u32 after)
   SetJumpTarget(skip_exit);
 }
 
+void Jit64::EmitUpdateMembase()
+{
+  MOV(64, R(RMEM), PPCSTATE(mem_ptr));
+}
+
+void Jit64::EmitStoreMembase(const OpArg& msr, X64Reg scratch_reg)
+{
+  auto& memory = m_system.GetMemory();
+  MOV(64, R(RMEM), ImmPtr(memory.GetLogicalBase()));
+  MOV(64, R(scratch_reg), ImmPtr(memory.GetPhysicalBase()));
+  TEST(32, msr, Imm32(1 << (31 - 27)));
+  CMOVcc(64, RMEM, R(scratch_reg), CC_Z);
+  MOV(64, PPCSTATE(mem_ptr), R(RMEM));
+}
+
 void Jit64::WriteExit(u32 destination, bool bl, u32 after)
 {
   if (!m_enable_blr_optimization)
@@ -599,6 +614,7 @@ void Jit64::WriteRfiExitDestInRSCRATCH()
   ABI_PushRegistersAndAdjustStack({}, 0);
   ABI_CallFunctionP(PowerPC::CheckExceptionsFromJIT, &m_system.GetPowerPC());
   ABI_PopRegistersAndAdjustStack({}, 0);
+  EmitUpdateMembase();
   SUB(32, PPCSTATE(downcount), Imm32(js.downcountAmount));
   JMP(asm_routines.dispatcher, Jump::Near);
 }
@@ -620,6 +636,7 @@ void Jit64::WriteExceptionExit()
   ABI_PushRegistersAndAdjustStack({}, 0);
   ABI_CallFunctionP(PowerPC::CheckExceptionsFromJIT, &m_system.GetPowerPC());
   ABI_PopRegistersAndAdjustStack({}, 0);
+  EmitUpdateMembase();
   SUB(32, PPCSTATE(downcount), Imm32(js.downcountAmount));
   JMP(asm_routines.dispatcher, Jump::Near);
 }
@@ -632,6 +649,7 @@ void Jit64::WriteExternalExceptionExit()
   ABI_PushRegistersAndAdjustStack({}, 0);
   ABI_CallFunctionP(PowerPC::CheckExternalExceptionsFromJIT, &m_system.GetPowerPC());
   ABI_PopRegistersAndAdjustStack({}, 0);
+  EmitUpdateMembase();
   SUB(32, PPCSTATE(downcount), Imm32(js.downcountAmount));
   JMP(asm_routines.dispatcher, Jump::Near);
 }
@@ -639,6 +657,7 @@ void Jit64::WriteExternalExceptionExit()
 void Jit64::Run()
 {
   ProtectStack();
+  m_system.GetJitInterface().UpdateMembase();
 
   CompiledCode pExecAddr = (CompiledCode)asm_routines.enter_code;
   pExecAddr();
@@ -649,6 +668,7 @@ void Jit64::Run()
 void Jit64::SingleStep()
 {
   ProtectStack();
+  m_system.GetJitInterface().UpdateMembase();
 
   CompiledCode pExecAddr = (CompiledCode)asm_routines.enter_code;
   pExecAddr();
@@ -745,6 +765,7 @@ void Jit64::Jit(u32 em_address, bool clear_cache_and_retry_on_failure)
     m_ppc_state.npc = nextPC;
     m_ppc_state.Exceptions |= EXCEPTION_ISI;
     m_system.GetPowerPC().CheckExceptions();
+    m_system.GetJitInterface().UpdateMembase();
     WARN_LOG_FMT(POWERPC, "ISI exception at {:#010x}", nextPC);
     return;
   }
diff --git a/Source/Core/Core/PowerPC/Jit64/Jit.h b/Source/Core/Core/PowerPC/Jit64/Jit.h
index 964cf01aa2..7f1d107c62 100644
--- a/Source/Core/Core/PowerPC/Jit64/Jit.h
+++ b/Source/Core/Core/PowerPC/Jit64/Jit.h
@@ -87,6 +87,8 @@ public:
 
   // Utilities for use by opcodes
 
+  void EmitUpdateMembase();
+  void EmitStoreMembase(const Gen::OpArg& msr, Gen::X64Reg scratch_reg);
   void FakeBLCall(u32 after);
   void WriteExit(u32 destination, bool bl = false, u32 after = 0);
   void JustWriteExit(u32 destination, bool bl, u32 after);
diff --git a/Source/Core/Core/PowerPC/Jit64/JitAsm.cpp b/Source/Core/Core/PowerPC/Jit64/JitAsm.cpp
index 596e8cd724..6237b1b787 100644
--- a/Source/Core/Core/PowerPC/Jit64/JitAsm.cpp
+++ b/Source/Core/Core/PowerPC/Jit64/JitAsm.cpp
@@ -65,6 +65,11 @@ void Jit64AsmRoutineManager::Generate()
   ABI_CallFunction(CoreTiming::GlobalAdvance);
   ABI_PopRegistersAndAdjustStack({}, 0);
 
+  // When we've just entered the jit we need to update the membase
+  // GlobalAdvance also checks exceptions after which we need to
+  // update the membase so it makes sense to do this here.
+  m_jit.EmitUpdateMembase();
+
   // skip the sync and compare first time
   FixupBranch skipToRealDispatch = J(enable_debugging ? Jump::Near : Jump::Short);
 
@@ -104,8 +109,6 @@ void Jit64AsmRoutineManager::Generate()
 
   dispatcher_no_check = GetCodePtr();
 
-  auto& memory = system.GetMemory();
-
   // The following is a translation of JitBaseBlockCache::Dispatch into assembly.
   const bool assembly_dispatcher = true;
   if (assembly_dispatcher)
@@ -165,13 +168,6 @@ void Jit64AsmRoutineManager::Generate()
     FixupBranch state_mismatch = J_CC(CC_NE);
 
     // Success; branch to the block we found.
-    // Switch to the correct memory base, in case MSR.DR has changed.
-    TEST(32, PPCSTATE(msr), Imm32(1 << (31 - 27)));
-    FixupBranch physmem = J_CC(CC_Z);
-    MOV(64, R(RMEM), ImmPtr(memory.GetLogicalBase()));
-    JMPptr(MDisp(RSCRATCH, static_cast<s32>(offsetof(JitBlockData, normalEntry))));
-    SetJumpTarget(physmem);
-    MOV(64, R(RMEM), ImmPtr(memory.GetPhysicalBase()));
     JMPptr(MDisp(RSCRATCH, static_cast<s32>(offsetof(JitBlockData, normalEntry))));
 
     SetJumpTarget(not_found);
@@ -189,13 +185,7 @@ void Jit64AsmRoutineManager::Generate()
   TEST(64, R(ABI_RETURN), R(ABI_RETURN));
   FixupBranch no_block_available = J_CC(CC_Z);
 
-  // Switch to the correct memory base, in case MSR.DR has changed.
-  TEST(32, PPCSTATE(msr), Imm32(1 << (31 - 27)));
-  FixupBranch physmem = J_CC(CC_Z);
-  MOV(64, R(RMEM), ImmPtr(memory.GetLogicalBase()));
-  JMPptr(R(ABI_RETURN));
-  SetJumpTarget(physmem);
-  MOV(64, R(RMEM), ImmPtr(memory.GetPhysicalBase()));
+  // Jump to the block
   JMPptr(R(ABI_RETURN));
 
   SetJumpTarget(no_block_available);
diff --git a/Source/Core/Core/PowerPC/Jit64/Jit_Branch.cpp b/Source/Core/Core/PowerPC/Jit64/Jit_Branch.cpp
index d48b9efc5c..5a24cc2108 100644
--- a/Source/Core/Core/PowerPC/Jit64/Jit_Branch.cpp
+++ b/Source/Core/Core/PowerPC/Jit64/Jit_Branch.cpp
@@ -12,6 +12,7 @@
 #include "Core/PowerPC/Jit64Common/Jit64PowerPCState.h"
 #include "Core/PowerPC/PPCAnalyst.h"
 #include "Core/PowerPC/PowerPC.h"
+#include "Core/System.h"
 
 // The branches are known good, or at least reasonably good.
 // No need for a disable-mechanism.
@@ -54,6 +55,9 @@ void Jit64::rfi(UGeckoInstruction inst)
   MOV(32, R(RSCRATCH), PPCSTATE_SRR1);
   AND(32, R(RSCRATCH), Imm32(mask & clearMSR13));
   OR(32, PPCSTATE(msr), R(RSCRATCH));
+
+  EmitStoreMembase(R(RSCRATCH), RSCRATCH2);
+
   // NPC = SRR0;
   MOV(32, R(RSCRATCH), PPCSTATE_SRR0);
   WriteRfiExitDestInRSCRATCH();
diff --git a/Source/Core/Core/PowerPC/Jit64/Jit_SystemRegisters.cpp b/Source/Core/Core/PowerPC/Jit64/Jit_SystemRegisters.cpp
index e06c77b915..5992fe9f28 100644
--- a/Source/Core/Core/PowerPC/Jit64/Jit_SystemRegisters.cpp
+++ b/Source/Core/Core/PowerPC/Jit64/Jit_SystemRegisters.cpp
@@ -438,7 +438,10 @@ void Jit64::mtmsr(UGeckoInstruction inst)
     RCOpArg Rs = gpr.BindOrImm(inst.RS, RCMode::Read);
     RegCache::Realize(Rs);
     MOV(32, PPCSTATE(msr), Rs);
+
+    EmitStoreMembase(PPCSTATE(msr), RSCRATCH2);
   }
+
   gpr.Flush();
   fpr.Flush();
 
diff --git a/Source/Core/Core/PowerPC/JitArm64/Jit.cpp b/Source/Core/Core/PowerPC/JitArm64/Jit.cpp
index ef7737d69c..caf40987e4 100644
--- a/Source/Core/Core/PowerPC/JitArm64/Jit.cpp
+++ b/Source/Core/Core/PowerPC/JitArm64/Jit.cpp
@@ -127,8 +127,11 @@ bool JitArm64::HandleFault(uintptr_t access_address, SContext* ctx)
       {
         ERROR_LOG_FMT(DYNA_REC,
                       "JitArm64 address calculation overflowed. This should never happen! "
-                      "PC {:#018x}, access address {:#018x}, memory base {:#018x}, MSR.DR {}",
-                      ctx->CTX_PC, access_address, memory_base, m_ppc_state.msr.DR);
+                      "PC {:#018x}, access address {:#018x}, memory base {:#018x}, MSR.DR {}, "
+                      "mem_ptr {}, pbase {}, lbase {}",
+                      ctx->CTX_PC, access_address, memory_base, m_ppc_state.msr.DR,
+                      fmt::ptr(m_ppc_state.mem_ptr), fmt::ptr(memory.GetPhysicalBase()),
+                      fmt::ptr(memory.GetLogicalBase()));
       }
       else
       {
@@ -353,6 +356,24 @@ void JitArm64::IntializeSpeculativeConstants()
   }
 }
 
+void JitArm64::EmitUpdateMembase()
+{
+  LDR(IndexType::Unsigned, MEM_REG, PPC_REG, PPCSTATE_OFF(mem_ptr));
+}
+
+void JitArm64::EmitStoreMembase(const ARM64Reg& msr)
+{
+  auto& memory = m_system.GetMemory();
+  ARM64Reg WD = gpr.GetReg();
+  ARM64Reg XD = EncodeRegTo64(WD);
+  MOVP2R(MEM_REG, jo.fastmem_arena ? memory.GetLogicalBase() : memory.GetLogicalPageMappingsBase());
+  MOVP2R(XD, jo.fastmem_arena ? memory.GetPhysicalBase() : memory.GetPhysicalPageMappingsBase());
+  TST(msr, LogicalImm(1 << (31 - 27), 32));
+  CSEL(MEM_REG, MEM_REG, XD, CCFlags::CC_NEQ);
+  STR(IndexType::Unsigned, MEM_REG, PPC_REG, PPCSTATE_OFF(mem_ptr));
+  gpr.Unlock(WD);
+}
+
 void JitArm64::WriteExit(u32 destination, bool LK, u32 exit_address_after_return)
 {
   Cleanup();
@@ -523,6 +544,7 @@ void JitArm64::WriteExceptionExit(ARM64Reg dest, bool only_external, bool always
   else
     MOVP2R(EncodeRegTo64(DISPATCHER_PC), &PowerPC::CheckExceptionsFromJIT);
   BLR(EncodeRegTo64(DISPATCHER_PC));
+  EmitUpdateMembase();
 
   LDR(IndexType::Unsigned, DISPATCHER_PC, PPC_REG, PPCSTATE_OFF(npc));
 
@@ -636,6 +658,7 @@ void JitArm64::EndTimeProfile(JitBlock* b)
 void JitArm64::Run()
 {
   ProtectStack();
+  m_system.GetJitInterface().UpdateMembase();
 
   CompiledCode pExecAddr = (CompiledCode)enter_code;
   pExecAddr();
@@ -646,6 +669,7 @@ void JitArm64::Run()
 void JitArm64::SingleStep()
 {
   ProtectStack();
+  m_system.GetJitInterface().UpdateMembase();
 
   CompiledCode pExecAddr = (CompiledCode)enter_code;
   pExecAddr();
@@ -747,6 +771,7 @@ void JitArm64::Jit(u32 em_address, bool clear_cache_and_retry_on_failure)
     m_ppc_state.npc = nextPC;
     m_ppc_state.Exceptions |= EXCEPTION_ISI;
     m_system.GetPowerPC().CheckExceptions();
+    m_system.GetJitInterface().UpdateMembase();
     WARN_LOG_FMT(POWERPC, "ISI exception at {:#010x}", nextPC);
     return;
   }
diff --git a/Source/Core/Core/PowerPC/JitArm64/Jit.h b/Source/Core/Core/PowerPC/JitArm64/Jit.h
index c323ee04d9..df71e70a93 100644
--- a/Source/Core/Core/PowerPC/JitArm64/Jit.h
+++ b/Source/Core/Core/PowerPC/JitArm64/Jit.h
@@ -311,6 +311,9 @@ protected:
   void BeginTimeProfile(JitBlock* b);
   void EndTimeProfile(JitBlock* b);
 
+  void EmitUpdateMembase();
+  void EmitStoreMembase(const Arm64Gen::ARM64Reg& msr);
+
   // Exits
   void WriteExit(u32 destination, bool LK = false, u32 exit_address_after_return = 0);
   void WriteExit(Arm64Gen::ARM64Reg dest, bool LK = false, u32 exit_address_after_return = 0);
diff --git a/Source/Core/Core/PowerPC/JitArm64/JitArm64_Branch.cpp b/Source/Core/Core/PowerPC/JitArm64/JitArm64_Branch.cpp
index b2a2d723bd..edb31f7d64 100644
--- a/Source/Core/Core/PowerPC/JitArm64/JitArm64_Branch.cpp
+++ b/Source/Core/Core/PowerPC/JitArm64/JitArm64_Branch.cpp
@@ -11,6 +11,7 @@
 #include "Core/PowerPC/JitArm64/JitArm64_RegCache.h"
 #include "Core/PowerPC/PPCTables.h"
 #include "Core/PowerPC/PowerPC.h"
+#include "Core/System.h"
 
 using namespace Arm64Gen;
 
@@ -64,6 +65,8 @@ void JitArm64::rfi(UGeckoInstruction inst)
 
   STR(IndexType::Unsigned, WA, PPC_REG, PPCSTATE_OFF(msr));  // STR rB in to rA
 
+  EmitStoreMembase(WA);
+
   LDR(IndexType::Unsigned, WA, PPC_REG, PPCSTATE_OFF_SPR(SPR_SRR0));
   gpr.Unlock(WB, WC);
 
diff --git a/Source/Core/Core/PowerPC/JitArm64/JitArm64_SystemRegisters.cpp b/Source/Core/Core/PowerPC/JitArm64/JitArm64_SystemRegisters.cpp
index 6093ae2481..3df2fea5fa 100644
--- a/Source/Core/Core/PowerPC/JitArm64/JitArm64_SystemRegisters.cpp
+++ b/Source/Core/Core/PowerPC/JitArm64/JitArm64_SystemRegisters.cpp
@@ -94,6 +94,8 @@ void JitArm64::mtmsr(UGeckoInstruction inst)
   gpr.BindToRegister(inst.RS, true);
   STR(IndexType::Unsigned, gpr.R(inst.RS), PPC_REG, PPCSTATE_OFF(msr));
 
+  EmitStoreMembase(gpr.R(inst.RS));
+
   gpr.Flush(FlushMode::All, ARM64Reg::INVALID_REG);
   fpr.Flush(FlushMode::All, ARM64Reg::INVALID_REG);
 
diff --git a/Source/Core/Core/PowerPC/JitArm64/JitAsm.cpp b/Source/Core/Core/PowerPC/JitArm64/JitAsm.cpp
index 03b3c7487d..97be9d0634 100644
--- a/Source/Core/Core/PowerPC/JitArm64/JitAsm.cpp
+++ b/Source/Core/Core/PowerPC/JitArm64/JitAsm.cpp
@@ -95,26 +95,13 @@ void JitArm64::GenerateAsm()
 
   bool assembly_dispatcher = true;
 
-  auto& memory = m_system.GetMemory();
-
   if (assembly_dispatcher)
   {
-    // set the mem_base based on MSR flags
-    LDR(IndexType::Unsigned, ARM64Reg::W28, PPC_REG, PPCSTATE_OFF(msr));
-    FixupBranch physmem = TBNZ(ARM64Reg::W28, 31 - 27);
-    MOVP2R(MEM_REG,
-           jo.fastmem_arena ? memory.GetPhysicalBase() : memory.GetPhysicalPageMappingsBase());
-    FixupBranch membaseend = B();
-    SetJumpTarget(physmem);
-    MOVP2R(MEM_REG,
-           jo.fastmem_arena ? memory.GetLogicalBase() : memory.GetLogicalPageMappingsBase());
-    SetJumpTarget(membaseend);
-
     if (GetBlockCache()->GetFastBlockMap())
     {
       // Check if there is a block
       ARM64Reg pc_masked = ARM64Reg::X25;
-      ARM64Reg cache_base = ARM64Reg::X27;
+      ARM64Reg cache_base = ARM64Reg::X24;
       ARM64Reg block = ARM64Reg::X30;
       LSL(pc_masked, DISPATCHER_PC, 1);
       MOVP2R(cache_base, GetBlockCache()->GetFastBlockMap());
@@ -122,7 +109,7 @@ void JitArm64::GenerateAsm()
       FixupBranch not_found = CBZ(block);
 
       // b.msrBits != msr
-      ARM64Reg msr = ARM64Reg::W25;
+      ARM64Reg msr = ARM64Reg::W27;
       ARM64Reg msr2 = ARM64Reg::W24;
       LDR(IndexType::Unsigned, msr, PPC_REG, PPCSTATE_OFF(msr));
       AND(msr, msr, LogicalImm(JitBaseBlockCache::JIT_CACHE_MSR_MASK, 32));
@@ -181,14 +168,6 @@ void JitArm64::GenerateAsm()
 
   FixupBranch no_block_available = CBZ(ARM64Reg::X0);
 
-  // set the mem_base based on MSR flags and jump to next block.
-  LDR(IndexType::Unsigned, ARM64Reg::W28, PPC_REG, PPCSTATE_OFF(msr));
-  FixupBranch physmem = TBNZ(ARM64Reg::W28, 31 - 27);
-  MOVP2R(MEM_REG,
-         jo.fastmem_arena ? memory.GetPhysicalBase() : memory.GetPhysicalPageMappingsBase());
-  BR(ARM64Reg::X0);
-  SetJumpTarget(physmem);
-  MOVP2R(MEM_REG, jo.fastmem_arena ? memory.GetLogicalBase() : memory.GetLogicalPageMappingsBase());
   BR(ARM64Reg::X0);
 
   // Call JIT
@@ -217,6 +196,11 @@ void JitArm64::GenerateAsm()
   MOVP2R(ARM64Reg::X8, &CoreTiming::GlobalAdvance);
   BLR(ARM64Reg::X8);
 
+  // When we've just entered the jit we need to update the membase
+  // GlobalAdvance also checks exceptions after which we need to
+  // update the membase so it makes sense to do this here.
+  EmitUpdateMembase();
+
   // Load the PC back into DISPATCHER_PC (the exception handler might have changed it)
   LDR(IndexType::Unsigned, DISPATCHER_PC, PPC_REG, PPCSTATE_OFF(pc));
 
diff --git a/Source/Core/Core/PowerPC/JitInterface.cpp b/Source/Core/Core/PowerPC/JitInterface.cpp
index 5e369067f6..851de5487b 100644
--- a/Source/Core/Core/PowerPC/JitInterface.cpp
+++ b/Source/Core/Core/PowerPC/JitInterface.cpp
@@ -98,6 +98,25 @@ void JitInterface::SetProfilingState(ProfilingState state)
   m_jit->jo.profile_blocks = state == ProfilingState::Enabled;
 }
 
+void JitInterface::UpdateMembase()
+{
+  if (!m_jit)
+    return;
+
+  auto& ppc_state = m_system.GetPPCState();
+  auto& memory = m_system.GetMemory();
+  if (ppc_state.msr.DR)
+  {
+    ppc_state.mem_ptr =
+        m_jit->jo.fastmem_arena ? memory.GetLogicalBase() : memory.GetLogicalPageMappingsBase();
+  }
+  else
+  {
+    ppc_state.mem_ptr =
+        m_jit->jo.fastmem_arena ? memory.GetPhysicalBase() : memory.GetPhysicalPageMappingsBase();
+  }
+}
+
 void JitInterface::WriteProfileResults(const std::string& filename) const
 {
   Profiler::ProfileStats prof_stats;
diff --git a/Source/Core/Core/PowerPC/JitInterface.h b/Source/Core/Core/PowerPC/JitInterface.h
index 00c4680d47..f1d88b2ab0 100644
--- a/Source/Core/Core/PowerPC/JitInterface.h
+++ b/Source/Core/Core/PowerPC/JitInterface.h
@@ -61,6 +61,7 @@ public:
     u32 entry_address;
   };
 
+  void UpdateMembase();
   void SetProfilingState(ProfilingState state);
   void WriteProfileResults(const std::string& filename) const;
   void GetProfileResults(Profiler::ProfileStats* prof_stats) const;
diff --git a/Source/Core/Core/PowerPC/PowerPC.cpp b/Source/Core/Core/PowerPC/PowerPC.cpp
index 30c9cb2b14..f52dc7d517 100644
--- a/Source/Core/Core/PowerPC/PowerPC.cpp
+++ b/Source/Core/Core/PowerPC/PowerPC.cpp
@@ -569,7 +569,10 @@ void PowerPCManager::CheckExceptions()
   else
   {
     CheckExternalExceptions();
+    return;
   }
+
+  m_system.GetJitInterface().UpdateMembase();
 }
 
 void PowerPCManager::CheckExternalExceptions()
@@ -623,6 +626,8 @@ void PowerPCManager::CheckExternalExceptions()
                     exceptions);
     }
   }
+
+  m_system.GetJitInterface().UpdateMembase();
 }
 
 void PowerPCManager::CheckBreakPoints()
diff --git a/Source/Core/Core/PowerPC/PowerPC.h b/Source/Core/Core/PowerPC/PowerPC.h
index 42545f2c1f..0e30f5963a 100644
--- a/Source/Core/Core/PowerPC/PowerPC.h
+++ b/Source/Core/Core/PowerPC/PowerPC.h
@@ -169,6 +169,7 @@ struct PowerPCState
 
   // Storage for the stack pointer of the BLR optimization.
   u8* stored_stack_pointer = nullptr;
+  u8* mem_ptr = nullptr;
 
   std::array<std::array<TLBEntry, TLB_SIZE / TLB_WAYS>, NUM_TLBS> tlb;