diff --git a/sqlx-core/src/pool/inner.rs b/sqlx-core/src/pool/inner.rs
index 11f765f618..bbf6ed8168 100644
--- a/sqlx-core/src/pool/inner.rs
+++ b/sqlx-core/src/pool/inner.rs
@@ -12,14 +12,14 @@ use std::cmp;
 use std::mem;
 use std::ptr;
 use std::sync::atomic::{AtomicBool, AtomicU32, Ordering};
-use std::sync::Arc;
+use std::sync::{Arc, Weak};
 use std::task::Context;
 use std::time::Instant;
 
 pub(crate) struct SharedPool<DB: Database> {
     pub(super) connect_options: <DB::Connection as Connection>::Options,
     pub(super) idle_conns: ArrayQueue<Idle<DB>>,
-    waiters: SegQueue<Arc<Waiter>>,
+    waiters: SegQueue<Weak<Waiter>>,
     pub(super) size: AtomicU32,
     is_closed: AtomicBool,
     pub(super) options: PoolOptions<DB>,
@@ -42,7 +42,9 @@ impl<DB: Database> SharedPool<DB> {
     pub(super) async fn close(&self) {
         self.is_closed.store(true, Ordering::Release);
         while let Some(waker) = self.waiters.pop() {
-            waker.wake();
+            if let Some(waker) = waker.upgrade() {
+                waker.wake();
+            }
         }
 
         // ensure we wait until the pool is actually closed
@@ -92,8 +94,11 @@ impl<DB: Database> SharedPool<DB> {
             panic!("BUG: connection queue overflow in release()");
         }
 
-        if let Some(waker) = self.waiters.pop() {
-            waker.wake();
+        while let Some(waker) = self.waiters.pop() {
+            if let Some(waker) = waker.upgrade() {
+                waker.wake();
+                break;
+            }
         }
     }
 
@@ -137,7 +142,7 @@ impl<DB: Database> SharedPool<DB> {
             future::poll_fn(|cx| -> Poll<()> {
                 let waiter = waiter.get_or_insert_with(|| {
                     let waiter = Waiter::new(cx);
-                    self.waiters.push(waiter.clone());
+                    self.waiters.push(Arc::downgrade(&waiter));
                     waiter
                 });
 
@@ -358,7 +363,7 @@ fn spawn_reaper<DB: Database>(pool: &Arc<SharedPool<DB>>) {
 /// (where the pool thinks it has more connections than it does).
 pub(in crate::pool) struct DecrementSizeGuard<'a> {
     size: &'a AtomicU32,
-    waiters: &'a SegQueue<Arc<Waiter>>,
+    waiters: &'a SegQueue<Weak<Waiter>>,
     dropped: bool,
 }
 
@@ -387,7 +392,9 @@ impl Drop for DecrementSizeGuard<'_> {
         self.dropped = true;
         self.size.fetch_sub(1, Ordering::SeqCst);
         if let Some(waker) = self.waiters.pop() {
-            waker.wake();
+            if let Some(waker) = waker.upgrade() {
+                waker.wake();
+            }
         }
     }
 }