diff --git a/packages/compiler-core/src/transforms/transformElement.ts b/packages/compiler-core/src/transforms/transformElement.ts
index 76ca1d443..1dca0c514 100644
--- a/packages/compiler-core/src/transforms/transformElement.ts
+++ b/packages/compiler-core/src/transforms/transformElement.ts
@@ -594,11 +594,9 @@ export function buildProps(
         hasDynamicKeys = true
         if (exp) {
           if (isVBind) {
-            // #10696 in case a v-bind object contains ref
-            pushRefVForMarker()
-            // have to merge early for compat build check
-            pushMergeArg()
             if (__COMPAT__) {
+              // have to merge early for compat build check
+              pushMergeArg()
               // 2.x v-bind object order compat
               if (__DEV__) {
                 const hasOverridableKeys = mergeArgs.some(arg => {
@@ -641,6 +639,9 @@ export function buildProps(
               }
             }
 
+            // #10696 in case a v-bind object contains ref
+            pushRefVForMarker()
+            pushMergeArg()
             mergeArgs.push(exp)
           } else {
             // v-on="obj" -> toHandlers(obj)
diff --git a/packages/vue-compat/__tests__/compiler.spec.ts b/packages/vue-compat/__tests__/compiler.spec.ts
index 2ae2f211a..68bb6e987 100644
--- a/packages/vue-compat/__tests__/compiler.spec.ts
+++ b/packages/vue-compat/__tests__/compiler.spec.ts
@@ -93,6 +93,16 @@ test('COMPILER_V_BIND_OBJECT_ORDER', () => {
   ).toHaveBeenWarned()
 })
 
+test('should not warn COMPILER_V_BIND_OBJECT_ORDER work with vFor', () => {
+  const vm = new Vue({
+    template: `<div><div v-bind="{ id: 'bar', class: 'baz' }" v-for="item in 5" /></div>`,
+  }).$mount()
+  expect(vm.$el).toBeInstanceOf(HTMLDivElement)
+  expect(
+    CompilerDeprecationTypes.COMPILER_V_BIND_OBJECT_ORDER,
+  ).not.toHaveBeenWarned()
+})
+
 test('COMPILER_V_ON_NATIVE', () => {
   const spy = vi.fn()
   const vm = new Vue({