diff --git a/package-lock.json b/package-lock.json
index ff19a0ea..c8690cba 100644
--- a/package-lock.json
+++ b/package-lock.json
@@ -6704,6 +6704,11 @@
       "integrity": "sha1-3zrhmayt+31ECqrgsp4icrJOxhk=",
       "dev": true
     },
+    "dequal": {
+      "version": "2.0.2",
+      "resolved": "https://registry.npmjs.org/dequal/-/dequal-2.0.2.tgz",
+      "integrity": "sha512-q9K8BlJVxK7hQYqa6XISGmBZbtQQWVXSrRrWreHC94rMt1QL/Impruc+7p2CYSYuVIUr+YCt6hjrs1kkdJRTug=="
+    },
     "detect-indent": {
       "version": "6.0.0",
       "resolved": "https://registry.npmjs.org/detect-indent/-/detect-indent-6.0.0.tgz",
diff --git a/package.json b/package.json
index 3127c555..5631d36e 100644
--- a/package.json
+++ b/package.json
@@ -34,6 +34,7 @@
   },
   "dependencies": {
     "@babel/runtime": "7.13.9",
+    "dequal": "2.0.2",
     "lru-cache": "6.0.0"
   },
   "peerDependencies": {
diff --git a/src/index.js b/src/index.js
index 4bd59a84..c5c258a4 100644
--- a/src/index.js
+++ b/src/index.js
@@ -1,6 +1,7 @@
 import React from 'react'
 import StaticAxios from 'axios'
 import LRU from 'lru-cache'
+import { dequal as deepEqual } from 'dequal/lite'
 
 const actions = {
   REQUEST_START: 'REQUEST_START',
@@ -197,17 +198,17 @@ export function makeUseAxios(configureOptions) {
     )
   }
 
-  function useAxios(config, options) {
-    config = React.useMemo(
-      () => configToObject(config),
+  function useAxios(_config, _options) {
+    const config = React.useMemo(
+      () => configToObject(_config),
       // eslint-disable-next-line react-hooks/exhaustive-deps
-      [JSON.stringify(config)]
+      useDeepCompareMemoize(_config)
     )
 
-    options = React.useMemo(
-      () => ({ ...defaultOptions, ...options }),
+    const options = React.useMemo(
+      () => ({ ...defaultOptions, ..._options }),
       // eslint-disable-next-line react-hooks/exhaustive-deps
-      [JSON.stringify(options)]
+      useDeepCompareMemoize(_options)
     )
 
     const cancelSourceRef = React.useRef()
@@ -267,3 +268,15 @@ export function makeUseAxios(configureOptions) {
     return [state, refetch, cancelOutstandingRequest]
   }
 }
+
+function useDeepCompareMemoize(value) {
+  const ref = React.useRef()
+  const signalRef = React.useRef(0)
+
+  if (!deepEqual(value, ref.current)) {
+    ref.current = value
+    signalRef.current += 1
+  }
+
+  return [signalRef.current]
+}