diff --git a/crates/vm/src/builtins/function.rs b/crates/vm/src/builtins/function.rs
index 489482d1933..140cb6701b6 100644
--- a/crates/vm/src/builtins/function.rs
+++ b/crates/vm/src/builtins/function.rs
@@ -9,7 +9,7 @@ use super::{
 use crate::common::lock::OnceCell;
 use crate::common::lock::PyMutex;
 use crate::function::ArgMapping;
-use crate::object::{Traverse, TraverseFn};
+use crate::object::{PyAtomicRef, Traverse, TraverseFn};
 use crate::{
     AsObject, Context, Py, PyObject, PyObjectRef, PyPayload, PyRef, PyResult, VirtualMachine,
     bytecode,
@@ -61,7 +61,7 @@ fn format_missing_args(
 #[pyclass(module = false, name = "function", traverse = "manual")]
 #[derive(Debug)]
 pub struct PyFunction {
-    code: PyMutex<PyRef<PyCode>>,
+    code: PyAtomicRef<PyCode>,
     globals: PyDictRef,
     builtins: PyObjectRef,
     closure: Option<PyRef<PyTuple<PyCellRef>>>,
@@ -192,7 +192,7 @@ impl PyFunction {
 
         let qualname = vm.ctx.new_str(code.qualname.as_str());
         let func = Self {
-            code: PyMutex::new(code.clone()),
+            code: PyAtomicRef::from(code.clone()),
             globals,
             builtins,
             closure: None,
@@ -217,7 +217,7 @@ impl PyFunction {
         func_args: FuncArgs,
         vm: &VirtualMachine,
     ) -> PyResult<()> {
-        let code = &*self.code.lock();
+        let code: &Py<PyCode> = &self.code;
         let nargs = func_args.args.len();
         let n_expected_args = code.arg_count as usize;
         let total_args = code.arg_count as usize + code.kwonlyarg_count as usize;
@@ -539,13 +539,12 @@ impl Py<PyFunction> {
                 Err(err) => info!(
                     "jit: function `{}` is falling back to being interpreted because of the \
                     error: {}",
-                    self.code.lock().obj_name,
-                    err
+                    self.code.obj_name, err
                 ),
             }
         }
 
-        let code = self.code.lock().clone();
+        let code: PyRef<PyCode> = (*self.code).to_owned();
 
         let locals = if code.flags.contains(bytecode::CodeFlags::NEWLOCALS) {
             ArgMapping::from_dict_exact(vm.ctx.new_dict())
@@ -609,7 +608,7 @@ impl Py<PyFunction> {
     /// Returns true if: no VARARGS, no VARKEYWORDS, no kwonly args, not generator/coroutine,
     /// and effective_nargs matches co_argcount.
     pub(crate) fn can_specialize_call(&self, effective_nargs: u32) -> bool {
-        let code = self.code.lock();
+        let code: &Py<PyCode> = &self.code;
         let flags = code.flags;
         flags.contains(bytecode::CodeFlags::NEWLOCALS)
             && !flags.intersects(
@@ -627,7 +626,7 @@ impl Py<PyFunction> {
     /// Only valid when: no VARARGS, no VARKEYWORDS, no kwonlyargs, not generator/coroutine,
     /// and nargs == co_argcount.
     pub fn invoke_exact_args(&self, args: &[PyObjectRef], vm: &VirtualMachine) -> PyResult {
-        let code = self.code.lock().clone();
+        let code: PyRef<PyCode> = (*self.code).to_owned();
 
         let locals = ArgMapping::from_dict_exact(vm.ctx.new_dict());
 
@@ -676,12 +675,12 @@ impl PyPayload for PyFunction {
 impl PyFunction {
     #[pygetset]
     fn __code__(&self) -> PyRef<PyCode> {
-        self.code.lock().clone()
+        (*self.code).to_owned()
     }
 
     #[pygetset(setter)]
-    fn set___code__(&self, code: PyRef<PyCode>) {
-        *self.code.lock() = code;
+    fn set___code__(&self, code: PyRef<PyCode>, vm: &VirtualMachine) {
+        self.code.swap_to_temporary_refs(code, vm);
         self.func_version.store(0, Relaxed);
     }
 
@@ -923,7 +922,7 @@ impl PyFunction {
         }
         let arg_types = jit::get_jit_arg_types(&zelf, vm)?;
         let ret_type = jit::jit_ret_type(&zelf, vm)?;
-        let code = zelf.code.lock();
+        let code: &Py<PyCode> = &zelf.code;
         let compiled = rustpython_jit::compile(&code.code, &arg_types, ret_type)
             .map_err(|err| jit::new_jit_error(err.to_string(), vm))?;
         let _ = zelf.jitted_code.set(compiled);
diff --git a/crates/vm/src/builtins/function/jit.rs b/crates/vm/src/builtins/function/jit.rs
index 9d3803759cf..56594a0f462 100644
--- a/crates/vm/src/builtins/function/jit.rs
+++ b/crates/vm/src/builtins/function/jit.rs
@@ -1,7 +1,7 @@
 use crate::{
     AsObject, Py, PyObject, PyObjectRef, PyResult, TryFromObject, VirtualMachine,
     builtins::{
-        PyBaseExceptionRef, PyDict, PyDictRef, PyFunction, PyStrInterned, bool_, float, int,
+        PyBaseExceptionRef, PyCode, PyDict, PyDictRef, PyFunction, PyStrInterned, bool_, float, int,
     },
     bytecode::CodeFlags,
     convert::ToPyObject,
@@ -67,7 +67,7 @@ fn get_jit_arg_type(dict: &Py<PyDict>, name: &str, vm: &VirtualMachine) -> PyRes
 }
 
 pub fn get_jit_arg_types(func: &Py<PyFunction>, vm: &VirtualMachine) -> PyResult<Vec<JitType>> {
-    let code = func.code.lock();
+    let code: &Py<PyCode> = &func.code;
     let arg_names = code.arg_names();
 
     if code
@@ -160,7 +160,7 @@ pub(crate) fn get_jit_args<'a>(
     let mut jit_args = jitted_code.args_builder();
     let nargs = func_args.args.len();
 
-    let code = func.code.lock();
+    let code: &Py<PyCode> = &func.code;
     let arg_names = code.arg_names();
     let arg_count = code.arg_count;
     let posonlyarg_count = code.posonlyarg_count;
@@ -220,7 +220,5 @@ pub(crate) fn get_jit_args<'a>(
         }
     }
 
-    drop(code);
-
     jit_args.into_args().ok_or(ArgsError::NotAllArgsPassed)
 }