diff --git a/lib/index.js b/lib/index.js
index 06f07e1..5ef2fa0 100644
--- a/lib/index.js
+++ b/lib/index.js
@@ -216,7 +216,17 @@ export function MarkdownHooks(options) {
     function () {
       return createProcessor(options)
     },
-    [options.rehypePlugins, options.remarkPlugins, options.remarkRehypeOptions]
+    [
+      options.allowElement,
+      options.allowedElements,
+      options.disallowedElements,
+      options.rehypePlugins,
+      options.remarkPlugins,
+      options.remarkRehypeOptions,
+      options.skipHtml,
+      options.unwrapDisallowed,
+      options.urlTransform
+    ]
   )
   const [error, setError] = useState(
     /** @type {Error | undefined} */ (undefined)
@@ -271,6 +281,7 @@ function createProcessor(options) {
     .use(remarkPlugins)
     .use(remarkRehype, remarkRehypeOptions)
     .use(rehypePlugins)
+    .use(rehypeTransform, options)
 
   return processor
 }
@@ -301,60 +312,25 @@ function createFile(options) {
 }
 
 /**
- * Process the result from unified some more.
+ * Add the transforms that must run once for each processed tree.
  *
- * @param {Nodes} tree
- *   Tree.
  * @param {Readonly<Options>} options
  *   Props.
- * @returns {ReactElement}
- *   React element.
+ * @returns {(tree: Root) => undefined}
+ *   Transform.
  */
-function post(tree, options) {
+function rehypeTransform(options) {
   const allowedElements = options.allowedElements
   const allowElement = options.allowElement
-  const components = options.components
   const disallowedElements = options.disallowedElements
   const skipHtml = options.skipHtml
   const unwrapDisallowed = options.unwrapDisallowed
   const urlTransform = options.urlTransform || defaultUrlTransform
 
-  for (const deprecation of deprecations) {
-    if (Object.hasOwn(options, deprecation.from)) {
-      unreachable(
-        'Unexpected `' +
-          deprecation.from +
-          '` prop, ' +
-          (deprecation.to
-            ? 'use `' + deprecation.to + '` instead'
-            : 'remove it') +
-          ' (see <' +
-          changelog +
-          '#' +
-          deprecation.id +
-          '> for more info)'
-      )
-    }
-  }
-
-  if (allowedElements && disallowedElements) {
-    unreachable(
-      'Unexpected combined `allowedElements` and `disallowedElements`, expected one or the other'
-    )
+  return function (tree) {
+    visit(tree, transform)
   }
 
-  visit(tree, transform)
-
-  return toJsxRuntime(tree, {
-    Fragment,
-    components,
-    ignoreInvalidStyle: true,
-    jsx,
-    jsxs,
-    passKeys: true,
-    passNode: true
-  })
-
   /** @type {BuildVisitor<Root>} */
   function transform(node, index, parent) {
     if (node.type === 'raw' && parent && typeof index === 'number') {
@@ -383,9 +359,7 @@ function post(tree, options) {
           }
         }
       }
-    }
 
-    if (node.type === 'element') {
       let remove = allowedElements
         ? !allowedElements.includes(node.tagName)
         : disallowedElements
@@ -409,6 +383,56 @@ function post(tree, options) {
   }
 }
 
+/**
+ * Process the result from unified some more.
+ *
+ * @param {Nodes} tree
+ *   Tree.
+ * @param {Readonly<Options>} options
+ *   Props.
+ * @returns {ReactElement}
+ *   React element.
+ */
+function post(tree, options) {
+  const allowedElements = options.allowedElements
+  const components = options.components
+  const disallowedElements = options.disallowedElements
+
+  for (const deprecation of deprecations) {
+    if (Object.hasOwn(options, deprecation.from)) {
+      unreachable(
+        'Unexpected `' +
+          deprecation.from +
+          '` prop, ' +
+          (deprecation.to
+            ? 'use `' + deprecation.to + '` instead'
+            : 'remove it') +
+          ' (see <' +
+          changelog +
+          '#' +
+          deprecation.id +
+          '> for more info)'
+      )
+    }
+  }
+
+  if (allowedElements && disallowedElements) {
+    unreachable(
+      'Unexpected combined `allowedElements` and `disallowedElements`, expected one or the other'
+    )
+  }
+
+  return toJsxRuntime(tree, {
+    Fragment,
+    components,
+    ignoreInvalidStyle: true,
+    jsx,
+    jsxs,
+    passKeys: true,
+    passNode: true
+  })
+}
+
 /**
  * Make a URL safe.
  *
diff --git a/test.jsx b/test.jsx
index 1b254db..1128b0a 100644
--- a/test.jsx
+++ b/test.jsx
@@ -1215,6 +1215,39 @@ test('MarkdownHooks', async function (t) {
 
     assert.equal(result.container.innerHTML, '<p>b</p>')
   })
+
+  await t.test(
+    'should not reapply transforms to cached trees',
+    async function () {
+      /**
+       * @param {string} url
+       * @returns {string}
+       */
+      function urlTransform(url) {
+        return '/proxy' + url
+      }
+
+      const result = render(
+        <MarkdownHooks children={'[a](/a)'} urlTransform={urlTransform} />
+      )
+
+      await waitFor(function () {
+        assert.equal(
+          result.container.innerHTML,
+          '<p><a href="/proxy/a">a</a></p>'
+        )
+      })
+
+      result.rerender(
+        <MarkdownHooks children={'[a](/a)'} urlTransform={urlTransform} />
+      )
+
+      assert.equal(
+        result.container.innerHTML,
+        '<p><a href="/proxy/a">a</a></p>'
+      )
+    }
+  )
 })
 
 /**