diff --git a/_internal/src/utils/serialize.ts b/_internal/src/utils/serialize.ts
index 6feda8542..8b3ad128e 100644
--- a/_internal/src/utils/serialize.ts
+++ b/_internal/src/utils/serialize.ts
@@ -1,9 +1,9 @@
 import { stableHash } from './hash'
 import { isFunction } from './shared'
 
-import type { Key } from '../types'
+import type { Key, Arguments } from '../types'
 
-export const serialize = (key: Key): [string, Key] => {
+export const serialize = (key: Key): [string, Arguments] => {
   if (isFunction(key)) {
     try {
       key = key()
diff --git a/subscription/src/index.ts b/subscription/src/index.ts
index b01552c9a..3cf77bb6d 100644
--- a/subscription/src/index.ts
+++ b/subscription/src/index.ts
@@ -25,8 +25,7 @@ export const subscription = (<Data = any, Error = any>(useSWRNext: SWRHook) =>
     subscribe: SWRSubscription<any, Data, Error>,
     config: SWRConfiguration & typeof SWRConfig.defaultValue
   ): SWRSubscriptionResponse<Data, Error> => {
-    const [key] = serialize(_key)
-    const originKey = _key
+    const [key, args] = serialize(_key)
 
     // Prefix the key to avoid conflicts with other SWR resources.
     const subscriptionKey = key ? SUBSCRIPTION_PREFIX + key : undefined
@@ -68,7 +67,7 @@ export const subscription = (<Data = any, Error = any>(useSWRNext: SWRHook) =>
       subscriptions.set(subscriptionKey, refCount + 1)
 
       if (!refCount) {
-        const dispose = subscribe(originKey, { next })
+        const dispose = subscribe(args, { next })
         if (typeof dispose !== 'function') {
           throw new Error(
             'The `subscribe` function must return a function to unsubscribe.'
diff --git a/test/use-swr-subscription.test.tsx b/test/use-swr-subscription.test.tsx
index 3a7fb2bdd..50bf73bf6 100644
--- a/test/use-swr-subscription.test.tsx
+++ b/test/use-swr-subscription.test.tsx
@@ -82,7 +82,7 @@ describe('useSWRSubscription', () => {
     }
 
     function Page() {
-      const { data, error } = useSWRSubscription([swrKey], subscribe, {
+      const { data, error } = useSWRSubscription(() => [swrKey], subscribe, {
         fallbackData: 'fallback'
       })
       return (