diff --git a/include/linux/swap.h b/include/linux/swap.h
index a18cf4b7c724..369d7799205d 100644
--- a/include/linux/swap.h
+++ b/include/linux/swap.h
@@ -384,8 +384,9 @@ extern unsigned long totalreserve_pages;
 
 
 /* linux/mm/swap.c */
-void lru_note_cost(struct lruvec *lruvec, bool file, unsigned int nr_pages);
-void lru_note_cost_folio(struct folio *);
+void lru_note_cost(struct lruvec *lruvec, bool file,
+		   unsigned int nr_io, unsigned int nr_rotated);
+void lru_note_cost_refault(struct folio *);
 void folio_add_lru(struct folio *);
 void folio_add_lru_vma(struct folio *, struct vm_area_struct *);
 void lru_cache_add(struct page *);
diff --git a/mm/swap.c b/mm/swap.c
index 955930f41d20..2f12a2ee1d3a 100644
--- a/mm/swap.c
+++ b/mm/swap.c
@@ -295,8 +295,20 @@ void folio_rotate_reclaimable(struct folio *folio)
 	}
 }
 
-void lru_note_cost(struct lruvec *lruvec, bool file, unsigned int nr_pages)
+void lru_note_cost(struct lruvec *lruvec, bool file,
+		   unsigned int nr_io, unsigned int nr_rotated)
 {
+	unsigned long cost;
+
+	/*
+	 * Reflect the relative cost of incurring IO and spending CPU
+	 * time on rotations. This doesn't attempt to make a precise
+	 * comparison, it just says: if reloads are about comparable
+	 * between the LRU lists, or rotations are overwhelmingly
+	 * different between them, adjust scan balance for CPU work.
+	 */
+	cost = nr_io * SWAP_CLUSTER_MAX + nr_rotated;
+
 	do {
 		unsigned long lrusize;
 
@@ -310,9 +322,9 @@ void lru_note_cost(struct lruvec *lruvec, bool file, unsigned int nr_pages)
 		spin_lock_irq(&lruvec->lru_lock);
 		/* Record cost event */
 		if (file)
-			lruvec->file_cost += nr_pages;
+			lruvec->file_cost += cost;
 		else
-			lruvec->anon_cost += nr_pages;
+			lruvec->anon_cost += cost;
 
 		/*
 		 * Decay previous events
@@ -335,10 +347,10 @@ void lru_note_cost(struct lruvec *lruvec, bool file, unsigned int nr_pages)
 	} while ((lruvec = parent_lruvec(lruvec)));
 }
 
-void lru_note_cost_folio(struct folio *folio)
+void lru_note_cost_refault(struct folio *folio)
 {
 	lru_note_cost(folio_lruvec(folio), folio_is_file_lru(folio),
-			folio_nr_pages(folio));
+		      folio_nr_pages(folio), 0);
 }
 
 static void folio_activate_fn(struct lruvec *lruvec, struct folio *folio)
diff --git a/mm/vmscan.c b/mm/vmscan.c
index 04d8b88e5216..ffe402e095d3 100644
--- a/mm/vmscan.c
+++ b/mm/vmscan.c
@@ -2499,7 +2499,7 @@ static unsigned long shrink_inactive_list(unsigned long nr_to_scan,
 	__count_vm_events(PGSTEAL_ANON + file, nr_reclaimed);
 	spin_unlock_irq(&lruvec->lru_lock);
 
-	lru_note_cost(lruvec, file, stat.nr_pageout);
+	lru_note_cost(lruvec, file, stat.nr_pageout, nr_scanned - nr_reclaimed);
 	mem_cgroup_uncharge_list(&folio_list);
 	free_unref_page_list(&folio_list);
 
@@ -2639,6 +2639,8 @@ static void shrink_active_list(unsigned long nr_to_scan,
 	__mod_node_page_state(pgdat, NR_ISOLATED_ANON + file, -nr_taken);
 	spin_unlock_irq(&lruvec->lru_lock);
 
+	if (nr_rotated)
+		lru_note_cost(lruvec, file, 0, nr_rotated);
 	mem_cgroup_uncharge_list(&l_active);
 	free_unref_page_list(&l_active);
 	trace_mm_vmscan_lru_shrink_active(pgdat->node_id, nr_taken, nr_activate,
diff --git a/mm/workingset.c b/mm/workingset.c
index ae7e984b23c6..d2d02978588c 100644
--- a/mm/workingset.c
+++ b/mm/workingset.c
@@ -493,7 +493,7 @@ void workingset_refault(struct folio *folio, void *shadow)
 	if (workingset) {
 		folio_set_workingset(folio);
 		/* XXX: Move to lru_cache_add() when it supports new vs putback */
-		lru_note_cost_folio(folio);
+		lru_note_cost_refault(folio);
 		mod_lruvec_state(lruvec, WORKINGSET_RESTORE_BASE + file, nr);
 	}
 out: