diff --git a/include/backtrace.hpp b/include/backtrace.hpp
index 2c23a89a..e0d8947c 100644
--- a/include/backtrace.hpp
+++ b/include/backtrace.hpp
@@ -11,6 +11,10 @@
 
 #include "style.hpp"
 
+#define TRACE_SEPARATOR  "<-"
+#define NODE_SEPARATOR   "::"
+#define REPT_NODE_PREFIX "REPT~"
+
 struct Tracing {
 	uint64_t depth = 0;
 	bool collapse = false;
@@ -34,7 +38,7 @@ void trace_PrintBacktrace(std::vector<T> const &stack, M getName, N getLineNo) {
 		if (!tracing.collapse) {
 			fputs("   ", stderr); // Just three spaces; the fourth will be printed next
 		}
-		fprintf(stderr, " %s ", i == 0 ? "at" : "<-");
+		fprintf(stderr, " %s ", i == 0 ? "at" : TRACE_SEPARATOR);
 		style_Set(stderr, STYLE_CYAN, true);
 		fputs(getName(item), stderr);
 		style_Set(stderr, STYLE_CYAN, false);
@@ -62,7 +66,7 @@ void trace_PrintBacktrace(std::vector<T> const &stack, M getName, N getLineNo) {
 		style_Reset(stderr);
 
 		if (tracing.collapse) {
-			fputs(" <-", stderr);
+			fputs(" " TRACE_SEPARATOR, stderr);
 		} else {
 			fputs("   ", stderr); // Just three spaces; the fourth will be printed next
 		}
diff --git a/src/asm/fstack.cpp b/src/asm/fstack.cpp
index c0d8760c..2c614fce 100644
--- a/src/asm/fstack.cpp
+++ b/src/asm/fstack.cpp
@@ -56,16 +56,6 @@ static std::vector<std::string> includePaths = {""}; // -I
 static std::deque<std::string> preIncludeNames;      // -P
 static bool failedOnMissingInclude = false;
 
-static std::string reptChain(FileStackNode const &node) {
-	std::string chain;
-	std::vector<uint32_t> const &nodeIters = node.iters();
-	for (uint32_t i = nodeIters.size(); i--;) {
-		chain.append("::REPT~");
-		chain.append(std::to_string(nodeIters[i]));
-	}
-	return chain;
-}
-
 using TraceNode = std::pair<std::string, uint32_t>;
 
 static std::vector<TraceNode> backtrace(FileStackNode const &node, uint32_t curLineNo) {
@@ -89,7 +79,12 @@ static std::vector<TraceNode> backtrace(FileStackNode const &node, uint32_t curL
 	std::vector<TraceNode> traceNodes = backtrace(*node.parent, node.lineNo);
 	if (std::holds_alternative<std::vector<uint32_t>>(node.data)) {
 		assume(!traceNodes.empty()); // REPT nodes use their parent's name
-		traceNodes.emplace_back(traceNodes.back().first + reptChain(node), curLineNo);
+		std::string reptName = traceNodes.back().first;
+		if (std::vector<uint32_t> const &nodeIters = node.iters(); !nodeIters.empty()) {
+			reptName.append(NODE_SEPARATOR REPT_NODE_PREFIX);
+			reptName.append(std::to_string(nodeIters.front()));
+		}
+		traceNodes.emplace_back(reptName, curLineNo);
 	} else {
 		traceNodes.emplace_back(node.name(), curLineNo);
 	}
@@ -299,9 +294,13 @@ static void
 		}
 	}
 	if (macro.src->type == NODE_REPT) {
-		fileInfoName.append(reptChain(*macro.src));
+		std::vector<uint32_t> const &srcIters = macro.src->iters();
+		for (uint32_t i = srcIters.size(); i--;) {
+			fileInfoName.append(NODE_SEPARATOR REPT_NODE_PREFIX);
+			fileInfoName.append(std::to_string(srcIters[i]));
+		}
 	}
-	fileInfoName.append("::");
+	fileInfoName.append(NODE_SEPARATOR);
 	fileInfoName.append(macro.name);
 
 	auto fileInfo = std::make_shared<FileStackNode>(NODE_MACRO, fileInfoName, isQuiet);
diff --git a/src/link/fstack.cpp b/src/link/fstack.cpp
index 5fdd5638..50283adb 100644
--- a/src/link/fstack.cpp
+++ b/src/link/fstack.cpp
@@ -35,12 +35,12 @@ static std::vector<TraceNode> backtrace(FileStackNode const &node, uint32_t curL
 	std::vector<TraceNode> traceNodes = backtrace(*node.parent, node.lineNo);
 	if (std::holds_alternative<std::vector<uint32_t>>(node.data)) {
 		assume(!traceNodes.empty()); // REPT nodes use their parent's name
-		std::string reptChain = traceNodes.back().first;
-		for (uint32_t iter : node.iters()) {
-			reptChain.append("::REPT~");
-			reptChain.append(std::to_string(iter));
+		std::string reptName = traceNodes.back().first;
+		if (std::vector<uint32_t> const &nodeIters = node.iters(); !nodeIters.empty()) {
+			reptName.append(NODE_SEPARATOR REPT_NODE_PREFIX);
+			reptName.append(std::to_string(nodeIters.back()));
 		}
-		traceNodes.emplace_back(reptChain, curLineNo);
+		traceNodes.emplace_back(reptName, curLineNo);
 	} else {
 		traceNodes.emplace_back(node.name(), curLineNo);
 	}
diff --git a/test/asm/rept-line-no.err b/test/asm/rept-line-no.err
index 403a884a..8c0a8140 100644
--- a/test/asm/rept-line-no.err
+++ b/test/asm/rept-line-no.err
@@ -9,10 +9,10 @@ warning: Line 5 [-Wuser]
 warning: Line 8 [-Wuser]
     at rept-line-no.asm(8)
 warning: Line 12 [-Wuser]
-    at rept-line-no.asm::REPT~1::REPT~1::REPT~1(12) <- rept-line-no.asm::REPT~1(11) <- rept-line-no.asm(10)
+    at rept-line-no.asm::REPT~1::REPT~1(12) <- rept-line-no.asm::REPT~1(11) <- rept-line-no.asm(10)
 warning: Line 12 [-Wuser]
-    at rept-line-no.asm::REPT~1::REPT~1::REPT~2(12) <- rept-line-no.asm::REPT~1(11) <- rept-line-no.asm(10)
+    at rept-line-no.asm::REPT~1::REPT~2(12) <- rept-line-no.asm::REPT~1(11) <- rept-line-no.asm(10)
 warning: Line 12 [-Wuser]
-    at rept-line-no.asm::REPT~2::REPT~2::REPT~1(12) <- rept-line-no.asm::REPT~2(11) <- rept-line-no.asm(10)
+    at rept-line-no.asm::REPT~2::REPT~1(12) <- rept-line-no.asm::REPT~2(11) <- rept-line-no.asm(10)
 warning: Line 12 [-Wuser]
-    at rept-line-no.asm::REPT~2::REPT~2::REPT~2(12) <- rept-line-no.asm::REPT~2(11) <- rept-line-no.asm(10)
+    at rept-line-no.asm::REPT~2::REPT~2(12) <- rept-line-no.asm::REPT~2(11) <- rept-line-no.asm(10)
diff --git a/test/asm/rept-macro-fstack-trace.err b/test/asm/rept-macro-fstack-trace.err
index b74f135d..e978909e 100644
--- a/test/asm/rept-macro-fstack-trace.err
+++ b/test/asm/rept-macro-fstack-trace.err
@@ -1,5 +1,5 @@
 warning: round 1 [-Wuser]
-    at rept-macro-fstack-trace.asm::outer::REPT~1::inner::REPT~1::REPT~1::REPT~1(13)
+    at rept-macro-fstack-trace.asm::outer::REPT~1::inner::REPT~1::REPT~1(13)
     <- rept-macro-fstack-trace.asm::outer::REPT~1::inner::REPT~1(12)
     <- rept-macro-fstack-trace.asm::outer::REPT~1::inner(11)
     <- rept-macro-fstack-trace.asm::outer::REPT~1(13)
@@ -7,7 +7,7 @@ warning: round 1 [-Wuser]
     <- rept-macro-fstack-trace.asm::REPT~1(18)
     <- rept-macro-fstack-trace.asm(17)
 warning: round 2 [-Wuser]
-    at rept-macro-fstack-trace.asm::outer::REPT~1::inner::REPT~1::REPT~1::REPT~2(13)
+    at rept-macro-fstack-trace.asm::outer::REPT~1::inner::REPT~1::REPT~2(13)
     <- rept-macro-fstack-trace.asm::outer::REPT~1::inner::REPT~1(12)
     <- rept-macro-fstack-trace.asm::outer::REPT~1::inner(11)
     <- rept-macro-fstack-trace.asm::outer::REPT~1(13)
@@ -15,7 +15,7 @@ warning: round 2 [-Wuser]
     <- rept-macro-fstack-trace.asm::REPT~1(18)
     <- rept-macro-fstack-trace.asm(17)
 warning: round 3 [-Wuser]
-    at rept-macro-fstack-trace.asm::outer::REPT~1::inner::REPT~2::REPT~2::REPT~1(13)
+    at rept-macro-fstack-trace.asm::outer::REPT~1::inner::REPT~2::REPT~1(13)
     <- rept-macro-fstack-trace.asm::outer::REPT~1::inner::REPT~2(12)
     <- rept-macro-fstack-trace.asm::outer::REPT~1::inner(11)
     <- rept-macro-fstack-trace.asm::outer::REPT~1(13)
@@ -23,7 +23,7 @@ warning: round 3 [-Wuser]
     <- rept-macro-fstack-trace.asm::REPT~1(18)
     <- rept-macro-fstack-trace.asm(17)
 warning: round 4 [-Wuser]
-    at rept-macro-fstack-trace.asm::outer::REPT~1::inner::REPT~2::REPT~2::REPT~2(13)
+    at rept-macro-fstack-trace.asm::outer::REPT~1::inner::REPT~2::REPT~2(13)
     <- rept-macro-fstack-trace.asm::outer::REPT~1::inner::REPT~2(12)
     <- rept-macro-fstack-trace.asm::outer::REPT~1::inner(11)
     <- rept-macro-fstack-trace.asm::outer::REPT~1(13)
@@ -31,7 +31,7 @@ warning: round 4 [-Wuser]
     <- rept-macro-fstack-trace.asm::REPT~1(18)
     <- rept-macro-fstack-trace.asm(17)
 warning: round 5 [-Wuser]
-    at rept-macro-fstack-trace.asm::outer::REPT~1::inner::REPT~1::REPT~1::REPT~1(13)
+    at rept-macro-fstack-trace.asm::outer::REPT~1::inner::REPT~1::REPT~1(13)
     <- rept-macro-fstack-trace.asm::outer::REPT~1::inner::REPT~1(12)
     <- rept-macro-fstack-trace.asm::outer::REPT~1::inner(11)
     <- rept-macro-fstack-trace.asm::outer::REPT~2(13)
@@ -39,7 +39,7 @@ warning: round 5 [-Wuser]
     <- rept-macro-fstack-trace.asm::REPT~1(18)
     <- rept-macro-fstack-trace.asm(17)
 warning: round 6 [-Wuser]
-    at rept-macro-fstack-trace.asm::outer::REPT~1::inner::REPT~1::REPT~1::REPT~2(13)
+    at rept-macro-fstack-trace.asm::outer::REPT~1::inner::REPT~1::REPT~2(13)
     <- rept-macro-fstack-trace.asm::outer::REPT~1::inner::REPT~1(12)
     <- rept-macro-fstack-trace.asm::outer::REPT~1::inner(11)
     <- rept-macro-fstack-trace.asm::outer::REPT~2(13)
@@ -47,7 +47,7 @@ warning: round 6 [-Wuser]
     <- rept-macro-fstack-trace.asm::REPT~1(18)
     <- rept-macro-fstack-trace.asm(17)
 warning: round 7 [-Wuser]
-    at rept-macro-fstack-trace.asm::outer::REPT~1::inner::REPT~2::REPT~2::REPT~1(13)
+    at rept-macro-fstack-trace.asm::outer::REPT~1::inner::REPT~2::REPT~1(13)
     <- rept-macro-fstack-trace.asm::outer::REPT~1::inner::REPT~2(12)
     <- rept-macro-fstack-trace.asm::outer::REPT~1::inner(11)
     <- rept-macro-fstack-trace.asm::outer::REPT~2(13)
@@ -55,7 +55,7 @@ warning: round 7 [-Wuser]
     <- rept-macro-fstack-trace.asm::REPT~1(18)
     <- rept-macro-fstack-trace.asm(17)
 warning: round 8 [-Wuser]
-    at rept-macro-fstack-trace.asm::outer::REPT~1::inner::REPT~2::REPT~2::REPT~2(13)
+    at rept-macro-fstack-trace.asm::outer::REPT~1::inner::REPT~2::REPT~2(13)
     <- rept-macro-fstack-trace.asm::outer::REPT~1::inner::REPT~2(12)
     <- rept-macro-fstack-trace.asm::outer::REPT~1::inner(11)
     <- rept-macro-fstack-trace.asm::outer::REPT~2(13)
@@ -63,7 +63,7 @@ warning: round 8 [-Wuser]
     <- rept-macro-fstack-trace.asm::REPT~1(18)
     <- rept-macro-fstack-trace.asm(17)
 warning: round 9 [-Wuser]
-    at rept-macro-fstack-trace.asm::outer::REPT~3::inner::REPT~1::REPT~1::REPT~1(13)
+    at rept-macro-fstack-trace.asm::outer::REPT~3::inner::REPT~1::REPT~1(13)
     <- rept-macro-fstack-trace.asm::outer::REPT~3::inner::REPT~1(12)
     <- rept-macro-fstack-trace.asm::outer::REPT~3::inner(11)
     <- rept-macro-fstack-trace.asm::outer::REPT~3(13)
@@ -71,7 +71,7 @@ warning: round 9 [-Wuser]
     <- rept-macro-fstack-trace.asm::REPT~1(18)
     <- rept-macro-fstack-trace.asm(17)
 warning: round 10 [-Wuser]
-    at rept-macro-fstack-trace.asm::outer::REPT~3::inner::REPT~1::REPT~1::REPT~2(13)
+    at rept-macro-fstack-trace.asm::outer::REPT~3::inner::REPT~1::REPT~2(13)
     <- rept-macro-fstack-trace.asm::outer::REPT~3::inner::REPT~1(12)
     <- rept-macro-fstack-trace.asm::outer::REPT~3::inner(11)
     <- rept-macro-fstack-trace.asm::outer::REPT~3(13)
@@ -79,7 +79,7 @@ warning: round 10 [-Wuser]
     <- rept-macro-fstack-trace.asm::REPT~1(18)
     <- rept-macro-fstack-trace.asm(17)
 warning: round 11 [-Wuser]
-    at rept-macro-fstack-trace.asm::outer::REPT~3::inner::REPT~2::REPT~2::REPT~1(13)
+    at rept-macro-fstack-trace.asm::outer::REPT~3::inner::REPT~2::REPT~1(13)
     <- rept-macro-fstack-trace.asm::outer::REPT~3::inner::REPT~2(12)
     <- rept-macro-fstack-trace.asm::outer::REPT~3::inner(11)
     <- rept-macro-fstack-trace.asm::outer::REPT~3(13)
@@ -87,7 +87,7 @@ warning: round 11 [-Wuser]
     <- rept-macro-fstack-trace.asm::REPT~1(18)
     <- rept-macro-fstack-trace.asm(17)
 warning: round 12 [-Wuser]
-    at rept-macro-fstack-trace.asm::outer::REPT~3::inner::REPT~2::REPT~2::REPT~2(13)
+    at rept-macro-fstack-trace.asm::outer::REPT~3::inner::REPT~2::REPT~2(13)
     <- rept-macro-fstack-trace.asm::outer::REPT~3::inner::REPT~2(12)
     <- rept-macro-fstack-trace.asm::outer::REPT~3::inner(11)
     <- rept-macro-fstack-trace.asm::outer::REPT~3(13)
@@ -95,7 +95,7 @@ warning: round 12 [-Wuser]
     <- rept-macro-fstack-trace.asm::REPT~1(18)
     <- rept-macro-fstack-trace.asm(17)
 warning: round 13 [-Wuser]
-    at rept-macro-fstack-trace.asm::outer::REPT~3::inner::REPT~1::REPT~1::REPT~1(13)
+    at rept-macro-fstack-trace.asm::outer::REPT~3::inner::REPT~1::REPT~1(13)
     <- rept-macro-fstack-trace.asm::outer::REPT~3::inner::REPT~1(12)
     <- rept-macro-fstack-trace.asm::outer::REPT~3::inner(11)
     <- rept-macro-fstack-trace.asm::outer::REPT~4(13)
@@ -103,7 +103,7 @@ warning: round 13 [-Wuser]
     <- rept-macro-fstack-trace.asm::REPT~1(18)
     <- rept-macro-fstack-trace.asm(17)
 warning: round 14 [-Wuser]
-    at rept-macro-fstack-trace.asm::outer::REPT~3::inner::REPT~1::REPT~1::REPT~2(13)
+    at rept-macro-fstack-trace.asm::outer::REPT~3::inner::REPT~1::REPT~2(13)
     <- rept-macro-fstack-trace.asm::outer::REPT~3::inner::REPT~1(12)
     <- rept-macro-fstack-trace.asm::outer::REPT~3::inner(11)
     <- rept-macro-fstack-trace.asm::outer::REPT~4(13)
@@ -111,7 +111,7 @@ warning: round 14 [-Wuser]
     <- rept-macro-fstack-trace.asm::REPT~1(18)
     <- rept-macro-fstack-trace.asm(17)
 warning: round 15 [-Wuser]
-    at rept-macro-fstack-trace.asm::outer::REPT~3::inner::REPT~2::REPT~2::REPT~1(13)
+    at rept-macro-fstack-trace.asm::outer::REPT~3::inner::REPT~2::REPT~1(13)
     <- rept-macro-fstack-trace.asm::outer::REPT~3::inner::REPT~2(12)
     <- rept-macro-fstack-trace.asm::outer::REPT~3::inner(11)
     <- rept-macro-fstack-trace.asm::outer::REPT~4(13)
@@ -119,7 +119,7 @@ warning: round 15 [-Wuser]
     <- rept-macro-fstack-trace.asm::REPT~1(18)
     <- rept-macro-fstack-trace.asm(17)
 warning: round 16 [-Wuser]
-    at rept-macro-fstack-trace.asm::outer::REPT~3::inner::REPT~2::REPT~2::REPT~2(13)
+    at rept-macro-fstack-trace.asm::outer::REPT~3::inner::REPT~2::REPT~2(13)
     <- rept-macro-fstack-trace.asm::outer::REPT~3::inner::REPT~2(12)
     <- rept-macro-fstack-trace.asm::outer::REPT~3::inner(11)
     <- rept-macro-fstack-trace.asm::outer::REPT~4(13)
@@ -127,42 +127,42 @@ warning: round 16 [-Wuser]
     <- rept-macro-fstack-trace.asm::REPT~1(18)
     <- rept-macro-fstack-trace.asm(17)
 warning: round 17 [-Wuser]
-    at rept-macro-fstack-trace.asm::foo::REPT~1::REPT~1::REPT~1(24)
+    at rept-macro-fstack-trace.asm::foo::REPT~1::REPT~1(24)
     <- rept-macro-fstack-trace.asm::foo::REPT~1(23)
     <- rept-macro-fstack-trace.asm::foo(22)
-    <- rept-macro-fstack-trace.asm::REPT~1::REPT~1::bar::REPT~1::REPT~1::REPT~1(34)
+    <- rept-macro-fstack-trace.asm::REPT~1::REPT~1::bar::REPT~1::REPT~1(34)
     <- rept-macro-fstack-trace.asm::REPT~1::REPT~1::bar::REPT~1(33)
     <- rept-macro-fstack-trace.asm::REPT~1::REPT~1::bar(32)
-    <- rept-macro-fstack-trace.asm::REPT~1::REPT~1::REPT~1(38)
+    <- rept-macro-fstack-trace.asm::REPT~1::REPT~1(38)
     <- rept-macro-fstack-trace.asm::REPT~1(30)
     <- rept-macro-fstack-trace.asm(29)
 warning: round 18 [-Wuser]
-    at rept-macro-fstack-trace.asm::foo::REPT~1::REPT~1::REPT~1(24)
+    at rept-macro-fstack-trace.asm::foo::REPT~1::REPT~1(24)
     <- rept-macro-fstack-trace.asm::foo::REPT~1(23)
     <- rept-macro-fstack-trace.asm::foo(22)
-    <- rept-macro-fstack-trace.asm::REPT~1::REPT~1::bar::REPT~1::REPT~1::REPT~2(34)
+    <- rept-macro-fstack-trace.asm::REPT~1::REPT~1::bar::REPT~1::REPT~2(34)
     <- rept-macro-fstack-trace.asm::REPT~1::REPT~1::bar::REPT~1(33)
     <- rept-macro-fstack-trace.asm::REPT~1::REPT~1::bar(32)
-    <- rept-macro-fstack-trace.asm::REPT~1::REPT~1::REPT~1(38)
+    <- rept-macro-fstack-trace.asm::REPT~1::REPT~1(38)
     <- rept-macro-fstack-trace.asm::REPT~1(30)
     <- rept-macro-fstack-trace.asm(29)
 warning: round 19 [-Wuser]
-    at rept-macro-fstack-trace.asm::foo::REPT~1::REPT~1::REPT~1(24)
+    at rept-macro-fstack-trace.asm::foo::REPT~1::REPT~1(24)
     <- rept-macro-fstack-trace.asm::foo::REPT~1(23)
     <- rept-macro-fstack-trace.asm::foo(22)
-    <- rept-macro-fstack-trace.asm::REPT~1::REPT~1::bar::REPT~2::REPT~2::REPT~1(34)
+    <- rept-macro-fstack-trace.asm::REPT~1::REPT~1::bar::REPT~2::REPT~1(34)
     <- rept-macro-fstack-trace.asm::REPT~1::REPT~1::bar::REPT~2(33)
     <- rept-macro-fstack-trace.asm::REPT~1::REPT~1::bar(32)
-    <- rept-macro-fstack-trace.asm::REPT~1::REPT~1::REPT~1(38)
+    <- rept-macro-fstack-trace.asm::REPT~1::REPT~1(38)
     <- rept-macro-fstack-trace.asm::REPT~1(30)
     <- rept-macro-fstack-trace.asm(29)
 warning: round 20 [-Wuser]
-    at rept-macro-fstack-trace.asm::foo::REPT~1::REPT~1::REPT~1(24)
+    at rept-macro-fstack-trace.asm::foo::REPT~1::REPT~1(24)
     <- rept-macro-fstack-trace.asm::foo::REPT~1(23)
     <- rept-macro-fstack-trace.asm::foo(22)
-    <- rept-macro-fstack-trace.asm::REPT~1::REPT~1::bar::REPT~2::REPT~2::REPT~2(34)
+    <- rept-macro-fstack-trace.asm::REPT~1::REPT~1::bar::REPT~2::REPT~2(34)
     <- rept-macro-fstack-trace.asm::REPT~1::REPT~1::bar::REPT~2(33)
     <- rept-macro-fstack-trace.asm::REPT~1::REPT~1::bar(32)
-    <- rept-macro-fstack-trace.asm::REPT~1::REPT~1::REPT~1(38)
+    <- rept-macro-fstack-trace.asm::REPT~1::REPT~1(38)
     <- rept-macro-fstack-trace.asm::REPT~1(30)
     <- rept-macro-fstack-trace.asm(29)
diff --git a/test/asm/rept-trace.asm b/test/asm/rept-trace.asm
new file mode 100644
index 00000000..e482167a
--- /dev/null
+++ b/test/asm/rept-trace.asm
@@ -0,0 +1,23 @@
+section "test", rom0
+for v1, 4
+ if v1 == 3
+  for v2, 3
+   if v2 == 2
+    for v3, 2
+     if v3 == 1
+      rept 1
+       macro m
+        static_assert \1
+       endm
+      endr
+      rept 1
+       rept 2
+        m 0
+       endr
+      endr
+     endc
+    endr
+   endc
+  endr
+ endc
+endr
diff --git a/test/asm/rept-trace.err b/test/asm/rept-trace.err
new file mode 100644
index 00000000..591df309
--- /dev/null
+++ b/test/asm/rept-trace.err
@@ -0,0 +1,17 @@
+error: Assertion failed
+    at rept-trace.asm::REPT~4::REPT~3::REPT~2::REPT~1::m(10)
+    <- rept-trace.asm::REPT~4::REPT~3::REPT~2::REPT~1::REPT~1(15)
+    <- rept-trace.asm::REPT~4::REPT~3::REPT~2::REPT~1(14)
+    <- rept-trace.asm::REPT~4::REPT~3::REPT~2(13)
+    <- rept-trace.asm::REPT~4::REPT~3(6)
+    <- rept-trace.asm::REPT~4(4)
+    <- rept-trace.asm(2)
+error: Assertion failed
+    at rept-trace.asm::REPT~4::REPT~3::REPT~2::REPT~1::m(10)
+    <- rept-trace.asm::REPT~4::REPT~3::REPT~2::REPT~1::REPT~2(15)
+    <- rept-trace.asm::REPT~4::REPT~3::REPT~2::REPT~1(14)
+    <- rept-trace.asm::REPT~4::REPT~3::REPT~2(13)
+    <- rept-trace.asm::REPT~4::REPT~3(6)
+    <- rept-trace.asm::REPT~4(4)
+    <- rept-trace.asm(2)
+Assembly aborted with 2 errors!
diff --git a/test/asm/rept-trace.flags b/test/asm/rept-trace.flags
new file mode 100644
index 00000000..50f0633e
--- /dev/null
+++ b/test/asm/rept-trace.flags
@@ -0,0 +1 @@
+-Bno-collapse
diff --git a/test/link/rept-trace/a.asm b/test/link/rept-trace/a.asm
new file mode 100644
index 00000000..2ee8a611
--- /dev/null
+++ b/test/link/rept-trace/a.asm
@@ -0,0 +1,23 @@
+section "test", rom0
+for v1, 4
+ if v1 == 3
+  for v2, 3
+   if v2 == 2
+    for v3, 2
+     if v3 == 1
+      rept 1
+       macro m
+        assert \1
+       endm
+      endr
+      rept 1
+       rept 2
+        m @
+       endr
+      endr
+     endc
+    endr
+   endc
+  endr
+ endc
+endr
diff --git a/test/link/rept-trace/out.err b/test/link/rept-trace/out.err
new file mode 100644
index 00000000..74715269
--- /dev/null
+++ b/test/link/rept-trace/out.err
@@ -0,0 +1,17 @@
+error: assert failure
+    at rept-trace/a.asm::REPT~4::REPT~3::REPT~2::REPT~1::m(10)
+    <- rept-trace/a.asm::REPT~4::REPT~3::REPT~2::REPT~1::REPT~1(15)
+    <- rept-trace/a.asm::REPT~4::REPT~3::REPT~2::REPT~1(14)
+    <- rept-trace/a.asm::REPT~4::REPT~3::REPT~2(13)
+    <- rept-trace/a.asm::REPT~4::REPT~3(6)
+    <- rept-trace/a.asm::REPT~4(4)
+    <- rept-trace/a.asm(2)
+error: assert failure
+    at rept-trace/a.asm::REPT~4::REPT~3::REPT~2::REPT~1::m(10)
+    <- rept-trace/a.asm::REPT~4::REPT~3::REPT~2::REPT~1::REPT~2(15)
+    <- rept-trace/a.asm::REPT~4::REPT~3::REPT~2::REPT~1(14)
+    <- rept-trace/a.asm::REPT~4::REPT~3::REPT~2(13)
+    <- rept-trace/a.asm::REPT~4::REPT~3(6)
+    <- rept-trace/a.asm::REPT~4(4)
+    <- rept-trace/a.asm(2)
+Linking failed with 2 errors
diff --git a/test/link/test.sh b/test/link/test.sh
index e9247f16..63a4d2e3 100755
--- a/test/link/test.sh
+++ b/test/link/test.sh
@@ -266,13 +266,19 @@ evaluateTest
 test="pipeline"
 startTest
 continueTest
-("$RGBASM" -Weverything -Bcollapse -o - - | \
- "$RGBLINK" -Weverything -Bcollapse -o - - | \
- "$RGBFIX" -Weverything -v -p 0xff -) < "$test"/a.asm > "$gbtemp"
+("$RGBASM" -o - - | "$RGBLINK" -o - - | "$RGBFIX" -v -p 0xff -) < "$test"/a.asm > "$gbtemp"
 # This test does not trim its output with 'dd' because it needs to verify the correct output size
 tryCmp "$test"/out.gb "$gbtemp"
 evaluateTest
 
+test="rept-trace"
+startTest
+"$RGBASM" -o "$otemp" "$test"/a.asm
+continueTest
+rgblinkQuiet -Bno-collapse -o "$gbtemp" "$otemp" 2>"$outtemp"
+tryDiff "$test"/out.err "$outtemp"
+evaluateTest
+
 test="same-consts"
 startTest
 "$RGBASM" -o "$otemp" "$test"/a.asm