diff --git a/contracts/HubPool.sol b/contracts/HubPool.sol
index ca876e344..6642cc4c0 100644
--- a/contracts/HubPool.sol
+++ b/contracts/HubPool.sol
@@ -163,7 +163,7 @@ contract HubPool is HubPoolInterface, Testable, Lockable, MultiCaller, Ownable {
     event RootBundleCanceled(address indexed disputer, uint256 requestTime, bytes disputedAncillaryData);
 
     modifier noActiveRequests() {
-        require(rootBundleProposal.unclaimedPoolRebalanceLeafCount == 0, "proposal has unclaimed leafs");
+        require(!_activeRequest(), "proposal has unclaimed leafs");
         _;
     }
 
@@ -666,12 +666,15 @@ contract HubPool is HubPoolInterface, Testable, Lockable, MultiCaller, Ownable {
     function _sync(address l1Token) internal {
         // Check if the l1Token balance of the contract is greater than the liquidReserves. If it is then the bridging
         // action from L2 -> L1 has concluded and the local accounting can be updated.
-        uint256 l1TokenBalance = IERC20(l1Token).balanceOf(address(this));
-        if (l1TokenBalance > pooledTokens[l1Token].liquidReserves) {
+        // Note: this calculation must take into account the bond when it's acting on the bond token and there's an
+        // active request.
+        uint256 balance = IERC20(l1Token).balanceOf(address(this));
+        uint256 balanceSansBond = l1Token == address(bondToken) && _activeRequest() ? balance - bondAmount : balance;
+        if (balanceSansBond > pooledTokens[l1Token].liquidReserves) {
             // Note the numerical operation below can send utilizedReserves to negative. This can occur when tokens are
             // dropped onto the contract, exceeding the liquidReserves.
-            pooledTokens[l1Token].utilizedReserves -= int256(l1TokenBalance - pooledTokens[l1Token].liquidReserves);
-            pooledTokens[l1Token].liquidReserves = l1TokenBalance;
+            pooledTokens[l1Token].utilizedReserves -= int256(balanceSansBond - pooledTokens[l1Token].liquidReserves);
+            pooledTokens[l1Token].liquidReserves = balanceSansBond;
         }
     }
 
@@ -722,6 +725,10 @@ contract HubPool is HubPoolInterface, Testable, Lockable, MultiCaller, Ownable {
         emit SpokePoolAdminFunctionTriggered(chainId, functionData);
     }
 
+    function _activeRequest() internal view returns (bool) {
+        return rootBundleProposal.unclaimedPoolRebalanceLeafCount != 0;
+    }
+
     // If functionCallStackOriginatesFromOutsideThisContract is true then this was called by the callback function
     // by dropping ETH onto the contract. In this case, deposit the ETH into WETH. This would happen if ETH was sent
     // over the optimism bridge, for example. If false then this was set as a result of unwinding LP tokens, with the
diff --git a/test/HubPool.PooledTokenSynchronization.ts b/test/HubPool.PooledTokenSynchronization.ts
index 361305bdb..83e4698d4 100644
--- a/test/HubPool.PooledTokenSynchronization.ts
+++ b/test/HubPool.PooledTokenSynchronization.ts
@@ -36,6 +36,12 @@ describe("HubPool Pooled Token Synchronization", function () {
     await hubPool
       .connect(dataWorker)
       .proposeRootBundle([3117], 1, tree.getHexRoot(), consts.mockTreeRoot, consts.mockSlowRelayRoot);
+
+    // Bond being paid in should not impact liquid reserves.
+    await hubPool.exchangeRateCurrent(weth.address); // force state sync (calls sync internally).
+    expect((await hubPool.pooledTokens(weth.address)).liquidReserves).to.equal(consts.amountToLp);
+
+    // Counters should move once the root bundle is executed.
     await timer.setCurrentTime(Number(await timer.getCurrentTime()) + consts.refundProposalLiveness + 1);
     await hubPool.connect(dataWorker).executeRootBundle(leafs[0], tree.getHexProof(leafs[0]));
     expect((await hubPool.pooledTokens(weth.address)).liquidReserves).to.equal(consts.amountToLp.sub(tokensSendToL2));
diff --git a/test/gas-analytics/HubPool.RefundExecution.ts b/test/gas-analytics/HubPool.RefundExecution.ts
index ac86a3aad..707dccdd7 100644
--- a/test/gas-analytics/HubPool.RefundExecution.ts
+++ b/test/gas-analytics/HubPool.RefundExecution.ts
@@ -125,7 +125,7 @@ describe("Gas Analytics: HubPool Relayer Refund Execution", function () {
         1, // poolRebalanceLeafCount. There is exactly one leaf in the bundle.
         tree.getHexRoot(), // poolRebalanceRoot. Generated from the merkle tree constructed before.
         consts.mockRelayerRefundRoot, // Not relevant for this test.
-        consts.mockSlowRelayFulfillmentRoot // Not relevant for this test.
+        consts.mockSlowRelayRoot // Not relevant for this test.
       );
       console.log(`proposeRootBundle-gasUsed: ${(await initiateTxn.wait()).gasUsed}`);
 
@@ -152,7 +152,7 @@ describe("Gas Analytics: HubPool Relayer Refund Execution", function () {
         REFUND_CHAIN_COUNT, // poolRebalanceLeafCount. Execute all leaves
         tree.getHexRoot(), // poolRebalanceRoot. Generated from the merkle tree constructed before.
         consts.mockRelayerRefundRoot, // Not relevant for this test.
-        consts.mockSlowRelayFulfillmentRoot // Not relevant for this test.
+        consts.mockSlowRelayRoot // Not relevant for this test.
       );
       console.log(`proposeRootBundle-gasUsed: ${(await initiateTxn.wait()).gasUsed}`);