diff --git a/lib/evmone/baseline.cpp b/lib/evmone/baseline.cpp
index 47a7ed4332..9906ef6367 100644
--- a/lib/evmone/baseline.cpp
+++ b/lib/evmone/baseline.cpp
@@ -104,20 +104,28 @@ inline evmc_status_code check_requirements(const char* const* instruction_names,
 template <bool TracingEnabled>
 evmc_result execute(const VM& vm, ExecutionState& state, const CodeAnalysis& analysis) noexcept
 {
+    // state.code = {analysis.padded_code.get(), analysis.code_size};
+
+    const auto* const code = analysis.padded_code.get();
+
     auto* tracer = vm.get_tracer();
     if constexpr (TracingEnabled)
-        tracer->notify_execution_start(state.rev, *state.msg, state.code);
+        tracer->notify_execution_start(state.rev, *state.msg, code);
 
     const auto rev = state.rev;
 
     const auto instruction_names = evmc_get_instruction_names_table(rev);
     const auto instruction_metrics = evmc_get_instruction_metrics_table(rev);
 
-    const auto* pc = analysis.padded_code.get();
+    const auto* pc = code;
     while (true)  // Guaranteed to terminate because code must end with STOP.
     {
         if constexpr (TracingEnabled)
-            tracer->notify_instruction_start(static_cast<uint32_t>(pc - code));
+        {
+            const auto offset = static_cast<uint32_t>(pc - code);
+            if (offset < analysis.code_size)  // Skip STOP from code padding.
+                tracer->notify_instruction_start(offset);
+        }
 
         const auto op = *pc;
         const auto status = check_requirements(instruction_names, instruction_metrics, state, op);
@@ -402,7 +410,7 @@ evmc_result execute(const VM& vm, ExecutionState& state, const CodeAnalysis& ana
             continue;
 
         case OP_PC:
-            state.stack.push(pc - analysis.padded_code.get());
+            state.stack.push(pc - code);
             break;
         case OP_MSIZE:
             msize(state);