diff --git a/CHANGES.md b/CHANGES.md
index 031b07d63f18..61cc72584bfb 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -48,6 +48,9 @@ Unreleased
   on UNIX-like systems as a unrelated `gmake` binary might exist on Windows.
   (#3853, @kit-ty-kate)
 
+- `dune subst` now accepts common command-line arguments such as
+  `--debug-backtraces` (#3878, @ejgallego)
+
 2.7.1 (2/09/2020)
 -----------------
 
diff --git a/bin/subst.ml b/bin/subst.ml
index dd473f9adba0..355cd99a96ae 100644
--- a/bin/subst.ml
+++ b/bin/subst.ml
@@ -58,14 +58,10 @@ let man =
 let info = Term.info "subst" ~doc ~man
 
 let term =
-  let+ () = Common.build_info in
-  let config : Config.t =
-    { Config.default with display = Quiet; concurrency = Fixed 1 }
-  in
-  Path.set_root (Path.External.cwd ());
-  Path.Build.set_build_dir (Path.Build.Kind.of_string Common.default_build_dir);
-  Config.init config;
-  Log.init_disabled ();
+  let+ () = Common.build_info
+  and+ common = Common.term in
+  Common.set_common common ~targets:[];
+  let config = Common.config common in
   Dune_engine.Scheduler.go ~config Watermarks.subst
 
 let command = (term, info)