diff --git a/rpcs3/Emu/RSX/Common/FragmentProgramDecompiler.cpp b/rpcs3/Emu/RSX/Common/FragmentProgramDecompiler.cpp
index e7637420b3..2c73716466 100644
--- a/rpcs3/Emu/RSX/Common/FragmentProgramDecompiler.cpp
+++ b/rpcs3/Emu/RSX/Common/FragmentProgramDecompiler.cpp
@@ -273,7 +273,7 @@ std::string FragmentProgramDecompiler::Format(const std::string& code, bool igno
 			std::pair<std::string, std::string> repl[] = { { "$0", "x2d" } };
 			std::string result = fmt::replace_all(code, repl);
 
-			return fmt::replace_all(code, repl_list);
+			return fmt::replace_all(result, repl_list);
 		}
 		}
 	}