diff --git a/src/callback.rs b/src/callback.rs
index 77928406313..e29f07e0979 100644
--- a/src/callback.rs
+++ b/src/callback.rs
@@ -244,23 +244,6 @@ where
     let unwind_safe_py = AssertUnwindSafe(pool.python());
     let panic_result = panic::catch_unwind(move || -> PyResult<_> {
         let py = *unwind_safe_py;
-        #[cfg(all(PyPy, not(Py_3_8)))]
-        {
-            const PYPY_GOOD_VERSION: [u8; 3] = [7, 3, 8];
-            let version = py
-                .import("sys")?
-                .getattr("implementation")?
-                .getattr("version")?;
-            if version.compare(crate::types::PyTuple::new(py, &PYPY_GOOD_VERSION))?
-                == std::cmp::Ordering::Less
-            {
-                let warn = py.import("warnings")?.getattr("warn")?;
-                warn.call1((
-                    "PyPy 3.7 versions older than 7.3.8 are known to have binary \
-                             compatibility issues which may cause segfaults. Please upgrade.",
-                ))?;
-            }
-        }
         body(py)
     });
 
diff --git a/src/derive_utils.rs b/src/derive_utils.rs
index 6d79b2c4dad..cfb9a816627 100644
--- a/src/derive_utils.rs
+++ b/src/derive_utils.rs
@@ -319,6 +319,24 @@ impl ModuleDef {
         py: Python,
         initializer: impl Fn(Python, &PyModule) -> PyResult<()>,
     ) -> PyResult<*mut ffi::PyObject> {
+        #[cfg(all(PyPy, not(Py_3_8)))]
+        {
+            const PYPY_GOOD_VERSION: [u8; 3] = [7, 3, 8];
+            let version = py
+                .import("sys")?
+                .getattr("implementation")?
+                .getattr("version")?;
+            if version.compare(crate::types::PyTuple::new(py, &PYPY_GOOD_VERSION))?
+                == std::cmp::Ordering::Less
+            {
+                let warn = py.import("warnings")?.getattr("warn")?;
+                warn.call1((
+                    "PyPy 3.7 versions older than 7.3.8 are known to have binary \
+                             compatibility issues which may cause segfaults. Please upgrade.",
+                ))?;
+            }
+        }
+
         let module =
             unsafe { py.from_owned_ptr_or_err::<PyModule>(ffi::PyModule_Create(self.0.get()))? };
         initializer(py, module)?;