diff --git a/.changeset/tricky-ducks-yell.md b/.changeset/tricky-ducks-yell.md
new file mode 100644
index 000000000..663c593d2
--- /dev/null
+++ b/.changeset/tricky-ducks-yell.md
@@ -0,0 +1,5 @@
+---
+'@graphql-hive/client': patch
+---
+
+Fix the wrong cacheKey from #397
diff --git a/packages/libraries/client/src/internal/usage.ts b/packages/libraries/client/src/internal/usage.ts
index 4351dfe0e..b46dec3f2 100644
--- a/packages/libraries/client/src/internal/usage.ts
+++ b/packages/libraries/client/src/internal/usage.ts
@@ -401,7 +401,13 @@ export function createCollector({
     };
   }
 
-  return cache(collect, cacheDocumentKey, LRU<CacheResult>(max, ttl));
+  return cache(
+    collect,
+    function cacheKey(doc, variables) {
+      return cacheDocumentKey(doc, processVariables === true ? variables : null);
+    },
+    LRU<CacheResult>(max, ttl)
+  );
 }
 
 function resolveTypeName(inputType: GraphQLType): string {
diff --git a/packages/libraries/client/src/internal/utils.ts b/packages/libraries/client/src/internal/utils.ts
index 2171d74de..8fe0e3ddc 100644
--- a/packages/libraries/client/src/internal/utils.ts
+++ b/packages/libraries/client/src/internal/utils.ts
@@ -39,6 +39,7 @@ export function cache<R, A, K, V>(
       return {
         key,
         value: cachedValue,
+        cacheHit: true,
       };
     }
 
@@ -48,6 +49,7 @@ export function cache<R, A, K, V>(
     return {
       key,
       value,
+      cacheHit: false,
     };
   };
 }
diff --git a/packages/libraries/client/tests/usage-collector.spec.ts b/packages/libraries/client/tests/usage-collector.spec.ts
index e005b028b..f688ada2f 100644
--- a/packages/libraries/client/tests/usage-collector.spec.ts
+++ b/packages/libraries/client/tests/usage-collector.spec.ts
@@ -239,6 +239,75 @@ test('collect all input fields when `processVariables` has not been passed and i
   expect(info.fields).toContain(`PaginationInput.offset`);
 });
 
+test('should get a cache hit when document is the same but variables are different (by default)', async () => {
+  const collect = createCollector({
+    schema,
+    max: 1,
+  });
+  const doc = parse(/* GraphQL */ `
+    query getProjects($pagination: PaginationInput!, $type: ProjectType!) {
+      projects(filter: { pagination: $pagination, type: $type }) {
+        id
+      }
+    }
+  `);
+  const first = collect(doc, {
+    pagination: {
+      limit: 1,
+    },
+    type: 'STITCHING',
+  });
+
+  const second = collect(doc, {
+    pagination: {
+      offset: 2,
+    },
+    type: 'STITCHING',
+  });
+
+  expect(first.cacheHit).toBe(false);
+  expect(second.cacheHit).toBe(true);
+});
+
+test('(processVariables: true) should get a cache miss when document is the same but variables are different', async () => {
+  const collect = createCollector({
+    schema,
+    max: 1,
+    processVariables: true,
+  });
+  const doc = parse(/* GraphQL */ `
+    query getProjects($pagination: PaginationInput!, $type: ProjectType!) {
+      projects(filter: { pagination: $pagination, type: $type }) {
+        id
+      }
+    }
+  `);
+  const first = collect(doc, {
+    pagination: {
+      limit: 1,
+    },
+    type: 'STITCHING',
+  });
+
+  const second = collect(doc, {
+    pagination: {
+      offset: 2,
+    },
+    type: 'STITCHING',
+  });
+
+  const third = collect(doc, {
+    pagination: {
+      offset: 2,
+    },
+    type: 'STITCHING',
+  });
+
+  expect(first.cacheHit).toBe(false);
+  expect(second.cacheHit).toBe(false);
+  expect(third.cacheHit).toBe(true);
+});
+
 test('(processVariables: true) collect used-only input fields', async () => {
   const collect = createCollector({
     schema,