diff --git a/internal/device_data.go b/internal/device_data.go
index 651fbf15..c5fe767b 100644
--- a/internal/device_data.go
+++ b/internal/device_data.go
@@ -1,9 +1,5 @@
 package internal
 
-import (
-	"sync"
-)
-
 const (
 	bitOTKCount int = iota
 	bitFallbackKeyTypes
@@ -18,9 +14,22 @@ func isBitSet(n int, bit int) bool {
 	return val > 0
 }
 
-// DeviceData contains useful data for this user's device. This list can be expanded without prompting
-// schema changes. These values are upserted into the database and persisted forever.
+// DeviceData contains useful data for this user's device.
 type DeviceData struct {
+	DeviceListChanges
+	DeviceKeyData
+	UserID   string
+	DeviceID string
+}
+
+// This is calculated from device_lists table
+type DeviceListChanges struct {
+	DeviceListChanged []string
+	DeviceListLeft    []string
+}
+
+// This gets serialised as CBOR in device_data table
+type DeviceKeyData struct {
 	// Contains the latest device_one_time_keys_count values.
 	// Set whenever this field arrives down the v2 poller, and it replaces what was previously there.
 	OTKCounts MapStringInt `json:"otk"`
@@ -28,95 +37,22 @@ type DeviceData struct {
 	// Set whenever this field arrives down the v2 poller, and it replaces what was previously there.
 	// If this is a nil slice this means no change. If this is an empty slice then this means the fallback key was used up.
 	FallbackKeyTypes []string `json:"fallback"`
-
-	DeviceLists DeviceLists `json:"dl"`
-
 	// bitset for which device data changes are present. They accumulate until they get swapped over
 	// when they get reset
 	ChangedBits int `json:"c"`
-
-	UserID   string
-	DeviceID string
 }
 
-func (dd *DeviceData) SetOTKCountChanged() {
+func (dd *DeviceKeyData) SetOTKCountChanged() {
 	dd.ChangedBits = setBit(dd.ChangedBits, bitOTKCount)
 }
 
-func (dd *DeviceData) SetFallbackKeysChanged() {
+func (dd *DeviceKeyData) SetFallbackKeysChanged() {
 	dd.ChangedBits = setBit(dd.ChangedBits, bitFallbackKeyTypes)
 }
 
-func (dd *DeviceData) OTKCountChanged() bool {
+func (dd *DeviceKeyData) OTKCountChanged() bool {
 	return isBitSet(dd.ChangedBits, bitOTKCount)
 }
-func (dd *DeviceData) FallbackKeysChanged() bool {
+func (dd *DeviceKeyData) FallbackKeysChanged() bool {
 	return isBitSet(dd.ChangedBits, bitFallbackKeyTypes)
 }
-
-type UserDeviceKey struct {
-	UserID   string
-	DeviceID string
-}
-
-type DeviceDataMap struct {
-	deviceDataMu  *sync.Mutex
-	deviceDataMap map[UserDeviceKey]*DeviceData
-	Pos           int64
-}
-
-func NewDeviceDataMap(startPos int64, devices []DeviceData) *DeviceDataMap {
-	ddm := &DeviceDataMap{
-		deviceDataMu:  &sync.Mutex{},
-		deviceDataMap: make(map[UserDeviceKey]*DeviceData),
-		Pos:           startPos,
-	}
-	for i, dd := range devices {
-		ddm.deviceDataMap[UserDeviceKey{
-			UserID:   dd.UserID,
-			DeviceID: dd.DeviceID,
-		}] = &devices[i]
-	}
-	return ddm
-}
-
-func (d *DeviceDataMap) Get(userID, deviceID string) *DeviceData {
-	key := UserDeviceKey{
-		UserID:   userID,
-		DeviceID: deviceID,
-	}
-	d.deviceDataMu.Lock()
-	defer d.deviceDataMu.Unlock()
-	dd, ok := d.deviceDataMap[key]
-	if !ok {
-		return nil
-	}
-	return dd
-}
-
-func (d *DeviceDataMap) Update(dd DeviceData) DeviceData {
-	key := UserDeviceKey{
-		UserID:   dd.UserID,
-		DeviceID: dd.DeviceID,
-	}
-	d.deviceDataMu.Lock()
-	defer d.deviceDataMu.Unlock()
-	existing, ok := d.deviceDataMap[key]
-	if !ok {
-		existing = &DeviceData{
-			UserID:   dd.UserID,
-			DeviceID: dd.DeviceID,
-		}
-	}
-	if dd.OTKCounts != nil {
-		existing.OTKCounts = dd.OTKCounts
-	}
-	if dd.FallbackKeyTypes != nil {
-		existing.FallbackKeyTypes = dd.FallbackKeyTypes
-	}
-	existing.DeviceLists = existing.DeviceLists.Combine(dd.DeviceLists)
-
-	d.deviceDataMap[key] = existing
-
-	return *existing
-}
diff --git a/state/device_data_table.go b/state/device_data_table.go
index 1ed3e870..2c53295e 100644
--- a/state/device_data_table.go
+++ b/state/device_data_table.go
@@ -15,13 +15,14 @@ type DeviceDataRow struct {
 	ID       int64  `db:"id"`
 	UserID   string `db:"user_id"`
 	DeviceID string `db:"device_id"`
-	// This will contain internal.DeviceData serialised as JSON. It's stored in a single column as we don't
+	// This will contain internal.DeviceKeyData serialised as JSON. It's stored in a single column as we don't
 	// need to perform searches on this data.
-	Data []byte `db:"data"`
+	KeyData []byte `db:"data"`
 }
 
 type DeviceDataTable struct {
-	db *sqlx.DB
+	db              *sqlx.DB
+	deviceListTable *DeviceListTable
 }
 
 func NewDeviceDataTable(db *sqlx.DB) *DeviceDataTable {
@@ -37,7 +38,8 @@ func NewDeviceDataTable(db *sqlx.DB) *DeviceDataTable {
 	ALTER TABLE syncv3_device_data SET (fillfactor = 90);
 	`)
 	return &DeviceDataTable{
-		db: db,
+		db:              db,
+		deviceListTable: NewDeviceListTable(db),
 	}
 }
 
@@ -45,6 +47,7 @@ func NewDeviceDataTable(db *sqlx.DB) *DeviceDataTable {
 // This should only be called by the v3 HTTP APIs when servicing an E2EE extension request.
 func (t *DeviceDataTable) Select(userID, deviceID string, swap bool) (result *internal.DeviceData, err error) {
 	err = sqlutil.WithTransaction(t.db, func(txn *sqlx.Tx) error {
+		// grab otk counts and fallback key types
 		var row DeviceDataRow
 		err = txn.Get(&row, `SELECT data FROM syncv3_device_data WHERE user_id=$1 AND device_id=$2 FOR UPDATE`, userID, deviceID)
 		if err != nil {
@@ -54,32 +57,38 @@ func (t *DeviceDataTable) Select(userID, deviceID string, swap bool) (result *in
 			}
 			return err
 		}
+		result = &internal.DeviceData{}
+		var keyData *internal.DeviceKeyData
 		// unmarshal to swap
-		opts := cbor.DecOptions{
-			MaxMapPairs: 1000000000, // 1 billion :(
+		if err = cbor.Unmarshal(row.KeyData, &keyData); err != nil {
+			return err
 		}
-		decMode, err := opts.DecMode()
+		result.UserID = userID
+		result.DeviceID = deviceID
+		if keyData != nil {
+			result.DeviceKeyData = *keyData
+		}
+
+		deviceListChanges, err := t.deviceListTable.SelectTx(txn, userID, deviceID, swap)
 		if err != nil {
 			return err
 		}
-		if err = decMode.Unmarshal(row.Data, &result); err != nil {
-			return err
+		for targetUserID, targetState := range deviceListChanges {
+			switch targetState {
+			case internal.DeviceListChanged:
+				result.DeviceListChanged = append(result.DeviceListChanged, targetUserID)
+			case internal.DeviceListLeft:
+				result.DeviceListLeft = append(result.DeviceListLeft, targetUserID)
+			}
 		}
-		result.UserID = userID
-		result.DeviceID = deviceID
 		if !swap {
 			return nil // don't swap
 		}
-		// the caller will only look at sent, so make sure what is new is now in sent
-		result.DeviceLists.Sent = result.DeviceLists.New
-
 		// swap over the fields
-		writeBack := *result
-		writeBack.DeviceLists.Sent = result.DeviceLists.New
-		writeBack.DeviceLists.New = make(map[string]int)
+		writeBack := *keyData
 		writeBack.ChangedBits = 0
 
-		if reflect.DeepEqual(result, &writeBack) {
+		if reflect.DeepEqual(keyData, &writeBack) {
 			// The update to the DB would be a no-op; don't bother with it.
 			// This helps reduce write usage and the contention on the unique index for
 			// the device_data table.
@@ -97,52 +106,43 @@ func (t *DeviceDataTable) Select(userID, deviceID string, swap bool) (result *in
 	return
 }
 
-func (t *DeviceDataTable) DeleteDevice(userID, deviceID string) error {
-	_, err := t.db.Exec(`DELETE FROM syncv3_device_data WHERE user_id = $1 AND device_id = $2`, userID, deviceID)
-	return err
-}
-
 // Upsert combines what is in the database for this user|device with the partial entry `dd`
-func (t *DeviceDataTable) Upsert(dd *internal.DeviceData) (err error) {
+func (t *DeviceDataTable) Upsert(userID, deviceID string, keys internal.DeviceKeyData, deviceListChanges map[string]int) (err error) {
 	err = sqlutil.WithTransaction(t.db, func(txn *sqlx.Tx) error {
+		// Update device lists
+		if err = t.deviceListTable.UpsertTx(txn, userID, deviceID, deviceListChanges); err != nil {
+			return err
+		}
 		// select what already exists
 		var row DeviceDataRow
-		err = txn.Get(&row, `SELECT data FROM syncv3_device_data WHERE user_id=$1 AND device_id=$2 FOR UPDATE`, dd.UserID, dd.DeviceID)
+		err = txn.Get(&row, `SELECT data FROM syncv3_device_data WHERE user_id=$1 AND device_id=$2 FOR UPDATE`, userID, deviceID)
 		if err != nil && err != sql.ErrNoRows {
 			return err
 		}
 		// unmarshal and combine
-		var tempDD internal.DeviceData
-		if len(row.Data) > 0 {
-			opts := cbor.DecOptions{
-				MaxMapPairs: 1000000000, // 1 billion :(
-			}
-			decMode, err := opts.DecMode()
-			if err != nil {
-				return err
-			}
-			if err = decMode.Unmarshal(row.Data, &tempDD); err != nil {
+		var keyData internal.DeviceKeyData
+		if len(row.KeyData) > 0 {
+			if err = cbor.Unmarshal(row.KeyData, &keyData); err != nil {
 				return err
 			}
 		}
-		if dd.FallbackKeyTypes != nil {
-			tempDD.FallbackKeyTypes = dd.FallbackKeyTypes
-			tempDD.SetFallbackKeysChanged()
+		if keys.FallbackKeyTypes != nil {
+			keyData.FallbackKeyTypes = keys.FallbackKeyTypes
+			keyData.SetFallbackKeysChanged()
 		}
-		if dd.OTKCounts != nil {
-			tempDD.OTKCounts = dd.OTKCounts
-			tempDD.SetOTKCountChanged()
+		if keys.OTKCounts != nil {
+			keyData.OTKCounts = keys.OTKCounts
+			keyData.SetOTKCountChanged()
 		}
-		tempDD.DeviceLists = tempDD.DeviceLists.Combine(dd.DeviceLists)
 
-		data, err := cbor.Marshal(tempDD)
+		data, err := cbor.Marshal(keyData)
 		if err != nil {
 			return err
 		}
 		_, err = txn.Exec(
 			`INSERT INTO syncv3_device_data(user_id, device_id, data) VALUES($1,$2,$3)
 			ON CONFLICT (user_id, device_id) DO UPDATE SET data=$3`,
-			dd.UserID, dd.DeviceID, data,
+			userID, deviceID, data,
 		)
 		return err
 	})
diff --git a/state/device_data_table_test.go b/state/device_data_table_test.go
index d099eda0..39e2d05f 100644
--- a/state/device_data_table_test.go
+++ b/state/device_data_table_test.go
@@ -22,9 +22,6 @@ func assertDeviceData(t *testing.T, g, w internal.DeviceData) {
 	assertVal(t, "FallbackKeyTypes", g.FallbackKeyTypes, w.FallbackKeyTypes)
 	assertVal(t, "OTKCounts", g.OTKCounts, w.OTKCounts)
 	assertVal(t, "ChangedBits", g.ChangedBits, w.ChangedBits)
-	if w.DeviceLists.Sent != nil {
-		assertVal(t, "DeviceLists.Sent", g.DeviceLists.Sent, w.DeviceLists.Sent)
-	}
 }
 
 // Tests OTKCounts and FallbackKeyTypes behaviour
@@ -40,21 +37,27 @@ func TestDeviceDataTableOTKCountAndFallbackKeyTypes(t *testing.T) {
 		{
 			UserID:   userID,
 			DeviceID: deviceID,
-			OTKCounts: map[string]int{
-				"foo": 100,
-				"bar": 92,
+			DeviceKeyData: internal.DeviceKeyData{
+				OTKCounts: map[string]int{
+					"foo": 100,
+					"bar": 92,
+				},
 			},
 		},
 		{
-			UserID:           userID,
-			DeviceID:         deviceID,
-			FallbackKeyTypes: []string{"foobar"},
+			UserID:   userID,
+			DeviceID: deviceID,
+			DeviceKeyData: internal.DeviceKeyData{
+				FallbackKeyTypes: []string{"foobar"},
+			},
 		},
 		{
 			UserID:   userID,
 			DeviceID: deviceID,
-			OTKCounts: map[string]int{
-				"foo": 99,
+			DeviceKeyData: internal.DeviceKeyData{
+				OTKCounts: map[string]int{
+					"foo": 99,
+				},
 			},
 		},
 		{
@@ -65,7 +68,7 @@ func TestDeviceDataTableOTKCountAndFallbackKeyTypes(t *testing.T) {
 
 	// apply them
 	for _, dd := range deltas {
-		err := table.Upsert(&dd)
+		err := table.Upsert(dd.UserID, dd.DeviceID, dd.DeviceKeyData, nil)
 		assertNoError(t, err)
 	}
 
@@ -79,10 +82,12 @@ func TestDeviceDataTableOTKCountAndFallbackKeyTypes(t *testing.T) {
 		want := internal.DeviceData{
 			UserID:   userID,
 			DeviceID: deviceID,
-			OTKCounts: map[string]int{
-				"foo": 99,
+			DeviceKeyData: internal.DeviceKeyData{
+				OTKCounts: map[string]int{
+					"foo": 99,
+				},
+				FallbackKeyTypes: []string{"foobar"},
 			},
-			FallbackKeyTypes: []string{"foobar"},
 		}
 		want.SetFallbackKeysChanged()
 		want.SetOTKCountChanged()
@@ -95,10 +100,12 @@ func TestDeviceDataTableOTKCountAndFallbackKeyTypes(t *testing.T) {
 	want := internal.DeviceData{
 		UserID:   userID,
 		DeviceID: deviceID,
-		OTKCounts: map[string]int{
-			"foo": 99,
+		DeviceKeyData: internal.DeviceKeyData{
+			OTKCounts: map[string]int{
+				"foo": 99,
+			},
+			FallbackKeyTypes: []string{"foobar"},
 		},
-		FallbackKeyTypes: []string{"foobar"},
 	}
 	want.SetFallbackKeysChanged()
 	want.SetOTKCountChanged()
@@ -110,166 +117,14 @@ func TestDeviceDataTableOTKCountAndFallbackKeyTypes(t *testing.T) {
 	want = internal.DeviceData{
 		UserID:   userID,
 		DeviceID: deviceID,
-		OTKCounts: map[string]int{
-			"foo": 99,
-		},
-		FallbackKeyTypes: []string{"foobar"},
-	}
-	assertDeviceData(t, *got, want)
-}
-
-// Tests the DeviceLists field
-func TestDeviceDataTableDeviceList(t *testing.T) {
-	db, close := connectToDB(t)
-	defer close()
-	table := NewDeviceDataTable(db)
-	userID := "@TestDeviceDataTableDeviceList"
-	deviceID := "BOB"
-
-	// these are individual updates from Synapse from /sync v2
-	deltas := []internal.DeviceData{
-		{
-			UserID:   userID,
-			DeviceID: deviceID,
-			DeviceLists: internal.DeviceLists{
-				New: internal.ToDeviceListChangesMap([]string{"alice"}, nil),
-			},
-		},
-		{
-			UserID:   userID,
-			DeviceID: deviceID,
-			DeviceLists: internal.DeviceLists{
-				New: internal.ToDeviceListChangesMap([]string{"💣"}, nil),
-			},
-		},
-	}
-	// apply them
-	for _, dd := range deltas {
-		err := table.Upsert(&dd)
-		assertNoError(t, err)
-	}
-
-	// check we can read-only select. This doesn't modify any fields.
-	for i := 0; i < 3; i++ {
-		got, err := table.Select(userID, deviceID, false)
-		assertNoError(t, err)
-		assertDeviceData(t, *got, internal.DeviceData{
-			UserID:   userID,
-			DeviceID: deviceID,
-			DeviceLists: internal.DeviceLists{
-				Sent: internal.MapStringInt{}, // until we "swap" we don't consume the New entries
+		DeviceKeyData: internal.DeviceKeyData{
+			OTKCounts: map[string]int{
+				"foo": 99,
 			},
-		})
-	}
-	// now swap-er-roo, which shifts everything from New into Sent.
-	got, err := table.Select(userID, deviceID, true)
-	assertNoError(t, err)
-	assertDeviceData(t, *got, internal.DeviceData{
-		UserID:   userID,
-		DeviceID: deviceID,
-		DeviceLists: internal.DeviceLists{
-			Sent: internal.ToDeviceListChangesMap([]string{"alice", "💣"}, nil),
-		},
-	})
-
-	// this is permanent, read-only views show this too.
-	got, err = table.Select(userID, deviceID, false)
-	assertNoError(t, err)
-	assertDeviceData(t, *got, internal.DeviceData{
-		UserID:   userID,
-		DeviceID: deviceID,
-		DeviceLists: internal.DeviceLists{
-			Sent: internal.ToDeviceListChangesMap([]string{"alice", "💣"}, nil),
-		},
-	})
-
-	// We now expect empty DeviceLists, as we swapped twice.
-	got, err = table.Select(userID, deviceID, true)
-	assertNoError(t, err)
-	assertDeviceData(t, *got, internal.DeviceData{
-		UserID:   userID,
-		DeviceID: deviceID,
-		DeviceLists: internal.DeviceLists{
-			Sent: internal.MapStringInt{},
-		},
-	})
-
-	// get back the original state
-	assertNoError(t, err)
-	for _, dd := range deltas {
-		err = table.Upsert(&dd)
-		assertNoError(t, err)
-	}
-	// Move original state to Sent by swapping
-	got, err = table.Select(userID, deviceID, true)
-	assertNoError(t, err)
-	assertDeviceData(t, *got, internal.DeviceData{
-		UserID:   userID,
-		DeviceID: deviceID,
-		DeviceLists: internal.DeviceLists{
-			Sent: internal.ToDeviceListChangesMap([]string{"alice", "💣"}, nil),
-		},
-	})
-	// Add new entries to New before acknowledging Sent
-	err = table.Upsert(&internal.DeviceData{
-		UserID:   userID,
-		DeviceID: deviceID,
-		DeviceLists: internal.DeviceLists{
-			New: internal.ToDeviceListChangesMap([]string{"💣"}, []string{"charlie"}),
-		},
-	})
-	assertNoError(t, err)
-
-	// Reading without swapping does not move New->Sent, so returns the previous value
-	got, err = table.Select(userID, deviceID, false)
-	assertNoError(t, err)
-	assertDeviceData(t, *got, internal.DeviceData{
-		UserID:   userID,
-		DeviceID: deviceID,
-		DeviceLists: internal.DeviceLists{
-			Sent: internal.ToDeviceListChangesMap([]string{"alice", "💣"}, nil),
-		},
-	})
-
-	// Append even more items to New
-	err = table.Upsert(&internal.DeviceData{
-		UserID:   userID,
-		DeviceID: deviceID,
-		DeviceLists: internal.DeviceLists{
-			New: internal.ToDeviceListChangesMap([]string{"dave"}, []string{"dave"}),
-		},
-	})
-	assertNoError(t, err)
-
-	// Now swap: all the combined items in New go into Sent
-	got, err = table.Select(userID, deviceID, true)
-	assertNoError(t, err)
-	assertDeviceData(t, *got, internal.DeviceData{
-		UserID:   userID,
-		DeviceID: deviceID,
-		DeviceLists: internal.DeviceLists{
-			Sent: internal.ToDeviceListChangesMap([]string{"💣", "dave"}, []string{"charlie", "dave"}),
-		},
-	})
-
-	// Swapping again clears Sent out, and since nothing is in New we get an empty list
-	got, err = table.Select(userID, deviceID, true)
-	assertNoError(t, err)
-	assertDeviceData(t, *got, internal.DeviceData{
-		UserID:   userID,
-		DeviceID: deviceID,
-		DeviceLists: internal.DeviceLists{
-			Sent: internal.MapStringInt{},
+			FallbackKeyTypes: []string{"foobar"},
 		},
-	})
-
-	// delete everything, no data returned
-	assertNoError(t, table.DeleteDevice(userID, deviceID))
-	got, err = table.Select(userID, deviceID, false)
-	assertNoError(t, err)
-	if got != nil {
-		t.Errorf("wanted no data, got %v", got)
 	}
+	assertDeviceData(t, *got, want)
 }
 
 func TestDeviceDataTableBitset(t *testing.T) {
@@ -281,29 +136,32 @@ func TestDeviceDataTableBitset(t *testing.T) {
 	otkUpdate := internal.DeviceData{
 		UserID:   userID,
 		DeviceID: deviceID,
-		OTKCounts: map[string]int{
-			"foo": 100,
-			"bar": 92,
+		DeviceKeyData: internal.DeviceKeyData{
+			OTKCounts: map[string]int{
+				"foo": 100,
+				"bar": 92,
+			},
 		},
-		DeviceLists: internal.DeviceLists{New: map[string]int{}, Sent: map[string]int{}},
 	}
 	fallbakKeyUpdate := internal.DeviceData{
-		UserID:           userID,
-		DeviceID:         deviceID,
-		FallbackKeyTypes: []string{"foo", "bar"},
-		DeviceLists:      internal.DeviceLists{New: map[string]int{}, Sent: map[string]int{}},
+		UserID:   userID,
+		DeviceID: deviceID,
+		DeviceKeyData: internal.DeviceKeyData{
+			FallbackKeyTypes: []string{"foo", "bar"},
+		},
 	}
 	bothUpdate := internal.DeviceData{
-		UserID:           userID,
-		DeviceID:         deviceID,
-		FallbackKeyTypes: []string{"both"},
-		OTKCounts: map[string]int{
-			"both": 100,
+		UserID:   userID,
+		DeviceID: deviceID,
+		DeviceKeyData: internal.DeviceKeyData{
+			FallbackKeyTypes: []string{"both"},
+			OTKCounts: map[string]int{
+				"both": 100,
+			},
 		},
-		DeviceLists: internal.DeviceLists{New: map[string]int{}, Sent: map[string]int{}},
 	}
 
-	err := table.Upsert(&otkUpdate)
+	err := table.Upsert(otkUpdate.UserID, otkUpdate.DeviceID, otkUpdate.DeviceKeyData, nil)
 	assertNoError(t, err)
 	got, err := table.Select(userID, deviceID, true)
 	assertNoError(t, err)
@@ -315,7 +173,7 @@ func TestDeviceDataTableBitset(t *testing.T) {
 	otkUpdate.ChangedBits = 0
 	assertDeviceData(t, *got, otkUpdate)
 	// now same for fallback keys, but we won't swap them so it should return those diffs
-	err = table.Upsert(&fallbakKeyUpdate)
+	err = table.Upsert(fallbakKeyUpdate.UserID, fallbakKeyUpdate.DeviceID, fallbakKeyUpdate.DeviceKeyData, nil)
 	assertNoError(t, err)
 	fallbakKeyUpdate.OTKCounts = otkUpdate.OTKCounts
 	got, err = table.Select(userID, deviceID, false)
@@ -327,7 +185,7 @@ func TestDeviceDataTableBitset(t *testing.T) {
 	fallbakKeyUpdate.SetFallbackKeysChanged()
 	assertDeviceData(t, *got, fallbakKeyUpdate)
 	// updating both works
-	err = table.Upsert(&bothUpdate)
+	err = table.Upsert(bothUpdate.UserID, bothUpdate.DeviceID, bothUpdate.DeviceKeyData, nil)
 	assertNoError(t, err)
 	got, err = table.Select(userID, deviceID, true)
 	assertNoError(t, err)
diff --git a/state/device_list_table.go b/state/device_list_table.go
new file mode 100644
index 00000000..350a6066
--- /dev/null
+++ b/state/device_list_table.go
@@ -0,0 +1,163 @@
+package state
+
+import (
+	"fmt"
+
+	"github.com/getsentry/sentry-go"
+	"github.com/jmoiron/sqlx"
+	"github.com/matrix-org/sliding-sync/internal"
+	"github.com/matrix-org/sliding-sync/sqlutil"
+)
+
+const (
+	BucketNew  = 1
+	BucketSent = 2
+)
+
+type DeviceListRow struct {
+	UserID       string `db:"user_id"`
+	DeviceID     string `db:"device_id"`
+	TargetUserID string `db:"target_user_id"`
+	TargetState  int    `db:"target_state"`
+	Bucket       int    `db:"bucket"`
+}
+
+type DeviceListTable struct {
+	db *sqlx.DB
+}
+
+func NewDeviceListTable(db *sqlx.DB) *DeviceListTable {
+	db.MustExec(`
+	CREATE TABLE IF NOT EXISTS syncv3_device_list_updates (
+		user_id TEXT NOT NULL,
+		device_id TEXT NOT NULL,
+		target_user_id TEXT NOT NULL,
+		target_state SMALLINT NOT NULL,
+		bucket SMALLINT NOT NULL,
+		UNIQUE(user_id, device_id, target_user_id, bucket)
+	);
+	-- make an index so selecting all the rows is faster
+	CREATE INDEX IF NOT EXISTS syncv3_device_list_updates_bucket_idx ON syncv3_device_list_updates(user_id, device_id, bucket);
+	-- Set the fillfactor to 90%, to allow for HOT updates (e.g. we only
+	-- change the data, not anything indexed like the id)
+	ALTER TABLE syncv3_device_list_updates SET (fillfactor = 90);
+	`)
+	return &DeviceListTable{
+		db: db,
+	}
+}
+
+func (t *DeviceListTable) Upsert(userID, deviceID string, deviceListChanges map[string]int) (err error) {
+	err = sqlutil.WithTransaction(t.db, func(txn *sqlx.Tx) error {
+		return t.UpsertTx(txn, userID, deviceID, deviceListChanges)
+	})
+	if err != nil {
+		sentry.CaptureException(err)
+	}
+	return
+}
+
+// Upsert new device list changes.
+func (t *DeviceListTable) UpsertTx(txn *sqlx.Tx, userID, deviceID string, deviceListChanges map[string]int) (err error) {
+	if len(deviceListChanges) == 0 {
+		return nil
+	}
+	var deviceListRows []DeviceListRow
+	for targetUserID, targetState := range deviceListChanges {
+		if targetState != internal.DeviceListChanged && targetState != internal.DeviceListLeft {
+			sentry.CaptureException(fmt.Errorf("DeviceListTable.Upsert invalid target_state: %d this is a programming error", targetState))
+			continue
+		}
+		deviceListRows = append(deviceListRows, DeviceListRow{
+			UserID:       userID,
+			DeviceID:     deviceID,
+			TargetUserID: targetUserID,
+			TargetState:  targetState,
+			Bucket:       BucketNew,
+		})
+	}
+	chunks := sqlutil.Chunkify(5, MaxPostgresParameters, DeviceListChunker(deviceListRows))
+	for _, chunk := range chunks {
+		_, err := txn.NamedExec(`
+						INSERT INTO syncv3_device_list_updates(user_id, device_id, target_user_id, target_state, bucket)
+						VALUES(:user_id, :device_id, :target_user_id, :target_state, :bucket)
+						ON CONFLICT (user_id, device_id, target_user_id, bucket) DO UPDATE SET target_state = EXCLUDED.target_state`, chunk)
+		if err != nil {
+			return err
+		}
+	}
+	return nil
+}
+
+func (t *DeviceListTable) Select(userID, deviceID string, swap bool) (result internal.MapStringInt, err error) {
+	err = sqlutil.WithTransaction(t.db, func(txn *sqlx.Tx) error {
+		result, err = t.SelectTx(txn, userID, deviceID, swap)
+		return err
+	})
+	return
+}
+
+// Select device list changes for this client. Returns a map of user_id => change enum.
+func (t *DeviceListTable) SelectTx(txn *sqlx.Tx, userID, deviceID string, swap bool) (result internal.MapStringInt, err error) {
+	if !swap {
+		// read only view, just return what we previously sent and don't do anything else.
+		return t.selectDeviceListChangesInBucket(txn, userID, deviceID, BucketSent)
+	}
+
+	// delete the now acknowledged 'sent' data
+	_, err = txn.Exec(`DELETE FROM syncv3_device_list_updates WHERE user_id=$1 AND device_id=$2 AND bucket=$3`, userID, deviceID, BucketSent)
+	if err != nil {
+		return nil, err
+	}
+	// grab any 'new' updates and atomically mark these as 'sent'.
+	// NB: we must not SELECT then UPDATE, because a 'new' row could be inserted after the SELECT and before the UPDATE, which
+	// would then be incorrectly moved to 'sent' without being returned to the client, dropping the data. This happens because
+	// the default transaction level is 'read committed', which /allows/ nonrepeatable reads which is:
+	//  > A transaction re-reads data it has previously read and finds that data has been modified by another transaction (that committed since the initial read).
+	// We could change the isolation level but this incurs extra performance costs in addition to serialisation errors which
+	// need to be handled. It's easier to just use UPDATE .. RETURNING. Note that we don't require UPDATE .. RETURNING to be
+	// atomic in any way, it's just that we need to guarantee each things SELECTed is also UPDATEd (so in the scenario above,
+	// we don't care if the SELECT includes or excludes the 'new' row, but if it is SELECTed it MUST be UPDATEd).
+	rows, err := txn.Query(`UPDATE syncv3_device_list_updates SET bucket=$1 WHERE user_id=$2 AND device_id=$3 AND bucket=$4 RETURNING target_user_id, target_state`, BucketSent, userID, deviceID, BucketNew)
+	if err != nil {
+		return nil, err
+	}
+	defer rows.Close()
+	result = make(internal.MapStringInt)
+	var targetUserID string
+	var targetState int
+	for rows.Next() {
+		if err := rows.Scan(&targetUserID, &targetState); err != nil {
+			return nil, err
+		}
+		result[targetUserID] = targetState
+	}
+	return result, rows.Err()
+}
+
+func (t *DeviceListTable) selectDeviceListChangesInBucket(txn *sqlx.Tx, userID, deviceID string, bucket int) (result internal.MapStringInt, err error) {
+	rows, err := txn.Query(`SELECT target_user_id, target_state FROM syncv3_device_list_updates WHERE user_id=$1 AND device_id=$2 AND bucket=$3`, userID, deviceID, bucket)
+	if err != nil {
+		return nil, err
+	}
+	defer rows.Close()
+	result = make(internal.MapStringInt)
+	var targetUserID string
+	var targetState int
+	for rows.Next() {
+		if err := rows.Scan(&targetUserID, &targetState); err != nil {
+			return nil, err
+		}
+		result[targetUserID] = targetState
+	}
+	return result, rows.Err()
+}
+
+type DeviceListChunker []DeviceListRow
+
+func (c DeviceListChunker) Len() int {
+	return len(c)
+}
+func (c DeviceListChunker) Subslice(i, j int) sqlutil.Chunker {
+	return c[i:j]
+}
diff --git a/state/device_list_table_test.go b/state/device_list_table_test.go
new file mode 100644
index 00000000..e7c980fc
--- /dev/null
+++ b/state/device_list_table_test.go
@@ -0,0 +1,120 @@
+package state
+
+import (
+	"fmt"
+	"testing"
+
+	"github.com/matrix-org/sliding-sync/internal"
+)
+
+// Tests the DeviceLists table
+func TestDeviceListTable(t *testing.T) {
+	db, close := connectToDB(t)
+	defer close()
+	table := NewDeviceListTable(db)
+	userID := "@TestDeviceListTable"
+	deviceID := "BOB"
+
+	// these are individual updates from Synapse from /sync v2
+	deltas := []internal.MapStringInt{
+		{
+			"alice": internal.DeviceListChanged,
+		},
+		{
+			"💣": internal.DeviceListChanged,
+		},
+	}
+	// apply them
+	for _, dd := range deltas {
+		err := table.Upsert(userID, deviceID, dd)
+		assertNoError(t, err)
+	}
+
+	// check we can read-only select. This doesn't modify any fields.
+	for i := 0; i < 3; i++ {
+		got, err := table.Select(userID, deviceID, false)
+		assertNoError(t, err)
+		// until we "swap" we don't consume the New entries
+		assertVal(t, "unexpected data on swapless select", got, internal.MapStringInt{})
+	}
+	// now swap-er-roo, which shifts everything from New into Sent.
+	got, err := table.Select(userID, deviceID, true)
+	assertNoError(t, err)
+	assertVal(t, "did not select what was upserted on swap select", got, internal.MapStringInt{
+		"alice": internal.DeviceListChanged,
+		"💣":     internal.DeviceListChanged,
+	})
+
+	// this is permanent, read-only views show this too.
+	got, err = table.Select(userID, deviceID, false)
+	assertNoError(t, err)
+	assertVal(t, "swapless select did not return the same data as before", got, internal.MapStringInt{
+		"alice": internal.DeviceListChanged,
+		"💣":     internal.DeviceListChanged,
+	})
+
+	// We now expect empty DeviceLists, as we swapped twice.
+	got, err = table.Select(userID, deviceID, true)
+	assertNoError(t, err)
+	assertVal(t, "swap select did not return nothing", got, internal.MapStringInt{})
+
+	// get back the original state
+	assertNoError(t, err)
+	for _, dd := range deltas {
+		err = table.Upsert(userID, deviceID, dd)
+		assertNoError(t, err)
+	}
+	// Move original state to Sent by swapping
+	got, err = table.Select(userID, deviceID, true)
+	assertNoError(t, err)
+	assertVal(t, "did not select what was upserted on swap select", got, internal.MapStringInt{
+		"alice": internal.DeviceListChanged,
+		"💣":     internal.DeviceListChanged,
+	})
+	// Add new entries to New before acknowledging Sent
+	err = table.Upsert(userID, deviceID, internal.MapStringInt{
+		"💣":       internal.DeviceListChanged,
+		"charlie": internal.DeviceListLeft,
+	})
+	assertNoError(t, err)
+
+	// Reading without swapping does not move New->Sent, so returns the previous value
+	got, err = table.Select(userID, deviceID, false)
+	assertNoError(t, err)
+	assertVal(t, "swapless select did not return the same data as before", got, internal.MapStringInt{
+		"alice": internal.DeviceListChanged,
+		"💣":     internal.DeviceListChanged,
+	})
+
+	// Append even more items to New
+	err = table.Upsert(userID, deviceID, internal.MapStringInt{
+		"charlie": internal.DeviceListChanged, // we previously said "left" for charlie, so as "changed" is newer, we should see "changed"
+		"dave":    internal.DeviceListLeft,
+	})
+	assertNoError(t, err)
+
+	// Now swap: all the combined items in New go into Sent
+	got, err = table.Select(userID, deviceID, true)
+	assertNoError(t, err)
+	assertVal(t, "swap select did not return combined new items", got, internal.MapStringInt{
+		"💣":       internal.DeviceListChanged,
+		"charlie": internal.DeviceListChanged,
+		"dave":    internal.DeviceListLeft,
+	})
+
+	// Swapping again clears Sent out, and since nothing is in New we get an empty list
+	got, err = table.Select(userID, deviceID, true)
+	assertNoError(t, err)
+	assertVal(t, "swap select did not return combined new items", got, internal.MapStringInt{})
+
+	// large updates work (chunker)
+	largeUpdate := internal.MapStringInt{}
+	for i := 0; i < 100000; i++ {
+		largeUpdate[fmt.Sprintf("user_%d", i)] = internal.DeviceListChanged
+	}
+	err = table.Upsert(userID, deviceID, largeUpdate)
+	assertNoError(t, err)
+	got, err = table.Select(userID, deviceID, true)
+	assertNoError(t, err)
+	assertVal(t, "swap select did not return large items", got, largeUpdate)
+}
diff --git a/state/migrations/20230802121023_device_data_jsonb_test.go b/state/migrations/20230802121023_device_data_jsonb_test.go
index eb6c5a8e..9a27bdcb 100644
--- a/state/migrations/20230802121023_device_data_jsonb_test.go
+++ b/state/migrations/20230802121023_device_data_jsonb_test.go
@@ -7,7 +7,6 @@ import (
 
 	"github.com/jmoiron/sqlx"
 	_ "github.com/lib/pq"
-	"github.com/matrix-org/sliding-sync/internal"
 	"github.com/matrix-org/sliding-sync/testutils"
 )
 
@@ -48,8 +47,8 @@ func TestJSONBMigration(t *testing.T) {
 	defer tx.Commit()
 
 	// insert some "invalid" data
-	dd := internal.DeviceData{
-		DeviceLists: internal.DeviceLists{
+	dd := OldDeviceData{
+		DeviceLists: OldDeviceLists{
 			New:  map[string]int{"@💣:localhost": 1},
 			Sent: map[string]int{},
 		},
diff --git a/state/migrations/20230814183302_cbor_device_data.go b/state/migrations/20230814183302_cbor_device_data.go
index 02b7f2a4..b549d933 100644
--- a/state/migrations/20230814183302_cbor_device_data.go
+++ b/state/migrations/20230814183302_cbor_device_data.go
@@ -9,7 +9,6 @@ import (
 	"strings"
 
 	"github.com/fxamacker/cbor/v2"
-	"github.com/matrix-org/sliding-sync/internal"
 	"github.com/matrix-org/sliding-sync/sync2"
 	"github.com/pressly/goose/v3"
 )
@@ -59,7 +58,7 @@ func upCborDeviceData(ctx context.Context, tx *sql.Tx) error {
 	}
 
 	for dd, jsonBytes := range deviceDatas {
-		var data internal.DeviceData
+		var data OldDeviceData
 		if err := json.Unmarshal(jsonBytes, &data); err != nil {
 			return fmt.Errorf("failed to unmarshal JSON: %v -> %v", string(jsonBytes), err)
 		}
@@ -115,7 +114,7 @@ func downCborDeviceData(ctx context.Context, tx *sql.Tx) error {
 	}
 
 	for dd, cborBytes := range deviceDatas {
-		var data internal.DeviceData
+		var data OldDeviceData
 		if err := cbor.Unmarshal(cborBytes, &data); err != nil {
 			return fmt.Errorf("failed to unmarshal CBOR: %v", err)
 		}
diff --git a/state/migrations/20230814183302_cbor_device_data_test.go b/state/migrations/20230814183302_cbor_device_data_test.go
index 2537ee82..a6b3b884 100644
--- a/state/migrations/20230814183302_cbor_device_data_test.go
+++ b/state/migrations/20230814183302_cbor_device_data_test.go
@@ -2,13 +2,15 @@ package migrations
 
 import (
 	"context"
+	"database/sql"
 	"encoding/json"
 	"reflect"
 	"testing"
 
+	"github.com/fxamacker/cbor/v2"
+	"github.com/jmoiron/sqlx"
 	_ "github.com/lib/pq"
-	"github.com/matrix-org/sliding-sync/internal"
-	"github.com/matrix-org/sliding-sync/state"
+	"github.com/matrix-org/sliding-sync/sqlutil"
 )
 
 func TestCBORBMigration(t *testing.T) {
@@ -30,9 +32,9 @@ func TestCBORBMigration(t *testing.T) {
 		t.Fatal(err)
 	}
 
-	rowData := []internal.DeviceData{
+	rowData := []OldDeviceData{
 		{
-			DeviceLists: internal.DeviceLists{
+			DeviceLists: OldDeviceLists{
 				New:  map[string]int{"@bob:localhost": 2},
 				Sent: map[string]int{},
 			},
@@ -43,7 +45,7 @@ func TestCBORBMigration(t *testing.T) {
 			UserID:           "@alice:localhost",
 		},
 		{
-			DeviceLists: internal.DeviceLists{
+			DeviceLists: OldDeviceLists{
 				New:  map[string]int{"@💣:localhost": 1, "@bomb:localhost": 2},
 				Sent: map[string]int{"@sent:localhost": 1},
 			},
@@ -78,9 +80,8 @@ func TestCBORBMigration(t *testing.T) {
 	tx.Commit()
 
 	// ensure we can now select it
-	table := state.NewDeviceDataTable(db)
 	for _, want := range rowData {
-		got, err := table.Select(want.UserID, want.DeviceID, false)
+		got, err := OldDeviceDataTableSelect(db, want.UserID, want.DeviceID, false)
 		if err != nil {
 			t.Fatal(err)
 		}
@@ -101,7 +102,7 @@ func TestCBORBMigration(t *testing.T) {
 
 	// ensure it is what we originally inserted
 	for _, want := range rowData {
-		var got internal.DeviceData
+		var got OldDeviceData
 		var gotBytes []byte
 		err = tx.QueryRow(`SELECT data FROM syncv3_device_data WHERE user_id=$1 AND device_id=$2`, want.UserID, want.DeviceID).Scan(&gotBytes)
 		if err != nil {
@@ -119,3 +120,66 @@ func TestCBORBMigration(t *testing.T) {
 
 	tx.Commit()
 }
+
+type OldDeviceDataRow struct {
+	ID       int64  `db:"id"`
+	UserID   string `db:"user_id"`
+	DeviceID string `db:"device_id"`
+	// This will contain internal.DeviceData serialised as JSON. It's stored in a single column as we don't
+	// need to perform searches on this data.
+	Data []byte `db:"data"`
+}
+
+func OldDeviceDataTableSelect(db *sqlx.DB, userID, deviceID string, swap bool) (result *OldDeviceData, err error) {
+	err = sqlutil.WithTransaction(db, func(txn *sqlx.Tx) error {
+		var row OldDeviceDataRow
+		err = txn.Get(&row, `SELECT data FROM syncv3_device_data WHERE user_id=$1 AND device_id=$2 FOR UPDATE`, userID, deviceID)
+		if err != nil {
+			if err == sql.ErrNoRows {
+				// if there is no device data for this user, it's not an error.
+				return nil
+			}
+			return err
+		}
+		// unmarshal to swap
+		opts := cbor.DecOptions{
+			MaxMapPairs: 1000000000, // 1 billion :(
+		}
+		decMode, err := opts.DecMode()
+		if err != nil {
+			return err
+		}
+		if err = decMode.Unmarshal(row.Data, &result); err != nil {
+			return err
+		}
+		result.UserID = userID
+		result.DeviceID = deviceID
+		if !swap {
+			return nil // don't swap
+		}
+		// the caller will only look at sent, so make sure what is new is now in sent
+		result.DeviceLists.Sent = result.DeviceLists.New
+
+		// swap over the fields
+		writeBack := *result
+		writeBack.DeviceLists.Sent = result.DeviceLists.New
+		writeBack.DeviceLists.New = make(map[string]int)
+		writeBack.ChangedBits = 0
+
+		if reflect.DeepEqual(result, &writeBack) {
+			// The update to the DB would be a no-op; don't bother with it.
+			// This helps reduce write usage and the contention on the unique index for
+			// the device_data table.
+			return nil
+		}
+		// re-marshal and write
+		data, err := cbor.Marshal(writeBack)
+		if err != nil {
+			return err
+		}
+
+		_, err = txn.Exec(`UPDATE syncv3_device_data SET data=$1 WHERE user_id=$2 AND device_id=$3`, data, userID, deviceID)
+		return err
+	})
+	return
+}
diff --git a/state/migrations/20231108122539_clear_stuck_invites_test.go b/state/migrations/20231108122539_clear_stuck_invites_test.go
index 616fd62e..a4b4257d 100644
--- a/state/migrations/20231108122539_clear_stuck_invites_test.go
+++ b/state/migrations/20231108122539_clear_stuck_invites_test.go
@@ -151,6 +151,7 @@ func TestClearStuckInvites(t *testing.T) {
 	if err != nil {
 		t.Fatal(err)
 	}
+	defer tx.Rollback()
 
 	// users in room B (bob) and F (doris) should be reset.
 	tokens, err := tokensTable.TokenForEachDevice(tx)
diff --git a/state/migrations/20240517104423_device_list_table.go b/state/migrations/20240517104423_device_list_table.go
new file mode 100644
index 00000000..315b79c2
--- /dev/null
+++ b/state/migrations/20240517104423_device_list_table.go
@@ -0,0 +1,190 @@
+package migrations
+
+import (
+	"context"
+	"database/sql"
+	"fmt"
+	"strings"
+	"time"
+
+	"github.com/fxamacker/cbor/v2"
+	"github.com/matrix-org/sliding-sync/internal"
+	"github.com/matrix-org/sliding-sync/sqlutil"
+	"github.com/matrix-org/sliding-sync/state"
+	"github.com/pressly/goose/v3"
+)
+
+type OldDeviceData struct {
+	// Contains the latest device_one_time_keys_count values.
+	// Set whenever this field arrives down the v2 poller, and it replaces what was previously there.
+	OTKCounts internal.MapStringInt `json:"otk"`
+	// Contains the latest device_unused_fallback_key_types value
+	// Set whenever this field arrives down the v2 poller, and it replaces what was previously there.
+	// If this is a nil slice this means no change. If this is an empty slice then this means the fallback key was used up.
+	FallbackKeyTypes []string `json:"fallback"`
+
+	DeviceLists OldDeviceLists `json:"dl"`
+
+	// bitset for which device data changes are present. They accumulate until they get swapped over
+	// when they get reset
+	ChangedBits int `json:"c"`
+
+	UserID   string
+	DeviceID string
+}
+
+type OldDeviceLists struct {
+	// map user_id -> DeviceList enum
+	New  internal.MapStringInt `json:"n"`
+	Sent internal.MapStringInt `json:"s"`
+}
+
+func init() {
+	goose.AddMigrationContext(upDeviceListTable, downDeviceListTable)
+}
+
+func upDeviceListTable(ctx context.Context, tx *sql.Tx) error {
+	// create the table. It's a bit gross we need to dupe the schema here, but this is the first migration to
+	// add a new table like this.
+	_, err := tx.Exec(`
+	CREATE TABLE IF NOT EXISTS syncv3_device_list_updates (
+		user_id TEXT NOT NULL,
+		device_id TEXT NOT NULL,
+		target_user_id TEXT NOT NULL,
+		target_state SMALLINT NOT NULL,
+		bucket SMALLINT NOT NULL,
+		UNIQUE(user_id, device_id, target_user_id, bucket)
+	);`)
+	if err != nil {
+		return err
+	}
+
+	var count int
+	if err = tx.QueryRow(`SELECT count(*) FROM syncv3_device_data`).Scan(&count); err != nil {
+		return err
+	}
+	logger.Info().Int("count", count).Msg("transferring device list data for devices")
+
+	// scan for existing CBOR (streaming as the CBOR with cursors as it can be large)
+	_, err = tx.Exec(`DECLARE device_data_migration_cursor CURSOR FOR SELECT user_id, device_id, data FROM syncv3_device_data`)
+	if err != nil {
+		return err
+	}
+	defer tx.Exec("CLOSE device_data_migration_cursor")
+	var userID string
+	var deviceID string
+	var data []byte
+	// every N seconds log an update
+	updateFrequency := time.Second * 2
+	lastUpdate := time.Now()
+	i := 0
+	for {
+		// logging
+		i++
+		if time.Since(lastUpdate) > updateFrequency {
+			logger.Info().Msgf("%d/%d process device list data", i, count)
+			lastUpdate = time.Now()
+		}
+
+		if err := tx.QueryRow(
+			`FETCH NEXT FROM device_data_migration_cursor`,
+		).Scan(&userID, &deviceID, &data); err != nil {
+			if err == sql.ErrNoRows {
+				// End of rows.
+				break
+			}
+			return err
+		}
+
+		//  * deserialise the CBOR
+		result, err := deserialiseCBOR(data)
+		if err != nil {
+			return err
+		}
+
+		//  * transfer the device lists to the new device lists table
+		var deviceListRows []state.DeviceListRow
+		for targetUser, targetState := range result.DeviceLists.New {
+			deviceListRows = append(deviceListRows, state.DeviceListRow{
+				UserID:       userID,
+				DeviceID:     deviceID,
+				TargetUserID: targetUser,
+				TargetState:  targetState,
+				Bucket:       state.BucketNew,
+			})
+		}
+		for targetUser, targetState := range result.DeviceLists.Sent {
+			deviceListRows = append(deviceListRows, state.DeviceListRow{
+				UserID:       userID,
+				DeviceID:     deviceID,
+				TargetUserID: targetUser,
+				TargetState:  targetState,
+				Bucket:       state.BucketSent,
+			})
+		}
+		if len(deviceListRows) == 0 {
+			continue
+		}
+		chunks := sqlutil.Chunkify(5, state.MaxPostgresParameters, state.DeviceListChunker(deviceListRows))
+		for _, chunk := range chunks {
+			var placeholders []string
+			var vals []interface{}
+			listChunk := chunk.(state.DeviceListChunker)
+			for i, deviceListRow := range listChunk {
+				placeholders = append(placeholders, fmt.Sprintf("($%d,$%d,$%d,$%d,$%d)",
+					i*5+1,
+					i*5+2,
+					i*5+3,
+					i*5+4,
+					i*5+5,
+				))
+				vals = append(vals, deviceListRow.UserID, deviceListRow.DeviceID, deviceListRow.TargetUserID, deviceListRow.TargetState, deviceListRow.Bucket)
+			}
+			query := fmt.Sprintf(
+				`INSERT INTO syncv3_device_list_updates(user_id, device_id, target_user_id, target_state, bucket) VALUES %s`,
+				strings.Join(placeholders, ","),
+			)
+			_, err = tx.ExecContext(ctx, query, vals...)
+			if err != nil {
+				return fmt.Errorf("failed to bulk insert: %s", err)
+			}
+		}
+
+		//  * delete the device lists from the CBOR and update
+		result.DeviceLists = OldDeviceLists{
+			New:  make(internal.MapStringInt),
+			Sent: make(internal.MapStringInt),
+		}
+		data, err := cbor.Marshal(result)
+		if err != nil {
+			return err
+		}
+		_, err = tx.ExecContext(ctx, `UPDATE syncv3_device_data SET data=$1 WHERE user_id=$2 AND device_id=$3`, data, userID, deviceID)
+		if err != nil {
+			return err
+		}
+	}
+	return nil
+}
+
+func downDeviceListTable(ctx context.Context, tx *sql.Tx) error {
+	// no-op: we'll drop the device list updates but still work correctly as new/sent are still in the cbor but are empty.
+	// This will lose some device list updates.
+	_, err := tx.Exec(`DROP TABLE IF EXISTS syncv3_device_list_updates`)
+	return err
+}
+
+func deserialiseCBOR(data []byte) (*OldDeviceData, error) {
+	opts := cbor.DecOptions{
+		MaxMapPairs: 1000000000, // 1 billion :(
+	}
+	decMode, err := opts.DecMode()
+	if err != nil {
+		return nil, err
+	}
+	var result *OldDeviceData
+	if err = decMode.Unmarshal(data, &result); err != nil {
+		return nil, err
+	}
+	return result, nil
+}
diff --git a/state/migrations/20240517104423_device_list_table_test.go b/state/migrations/20240517104423_device_list_table_test.go
new file mode 100644
index 00000000..88571cf4
--- /dev/null
+++ b/state/migrations/20240517104423_device_list_table_test.go
@@ -0,0 +1,159 @@
+package migrations
+
+import (
+	"context"
+	"reflect"
+	"testing"
+
+	"github.com/fxamacker/cbor/v2"
+	"github.com/matrix-org/sliding-sync/internal"
+	"github.com/matrix-org/sliding-sync/state"
+)
+
+func TestDeviceListTableMigration(t *testing.T) {
+	ctx := context.Background()
+	db, close := connectToDB(t)
+	defer close()
+
+	// Create the table in the old format (data = JSONB instead of BYTEA)
+	// and insert some data: we'll make sure that this data is preserved
+	// after migrating.
+	_, err := db.Exec(`CREATE TABLE IF NOT EXISTS syncv3_device_data (
+		user_id TEXT NOT NULL,
+		device_id TEXT NOT NULL,
+		data BYTEA NOT NULL,
+		UNIQUE(user_id, device_id)
+	);`)
+	if err != nil {
+		t.Fatalf("failed to create table: %s", err)
+	}
+
+	// insert old data
+	rowData := []OldDeviceData{
+		{
+			DeviceLists: OldDeviceLists{
+				New:  map[string]int{"@bob:localhost": 2},
+				Sent: map[string]int{},
+			},
+			ChangedBits:      2,
+			OTKCounts:        map[string]int{"bar": 42},
+			FallbackKeyTypes: []string{"narp"},
+			DeviceID:         "ALICE",
+			UserID:           "@alice:localhost",
+		},
+		{
+			DeviceLists: OldDeviceLists{
+				New:  map[string]int{"@💣:localhost": 1, "@bomb:localhost": 2},
+				Sent: map[string]int{"@sent:localhost": 1},
+			},
+			OTKCounts:        map[string]int{"foo": 100},
+			FallbackKeyTypes: []string{"yep"},
+			DeviceID:         "BOB",
+			UserID:           "@bob:localhost",
+		},
+	}
+	for _, data := range rowData {
+		blob, err := cbor.Marshal(data)
+		if err != nil {
+			t.Fatal(err)
+		}
+		_, err = db.ExecContext(ctx, `INSERT INTO syncv3_device_data (user_id, device_id, data) VALUES ($1, $2, $3)`, data.UserID, data.DeviceID, blob)
+		if err != nil {
+			t.Fatal(err)
+		}
+	}
+
+	// now migrate and ensure we didn't lose any data
+	tx, err := db.Begin()
+	if err != nil {
+		t.Fatal(err)
+	}
+	err = upDeviceListTable(ctx, tx)
+	if err != nil {
+		t.Fatal(err)
+	}
+	tx.Commit()
+
+	wantSents := []internal.DeviceData{
+		{
+			UserID:   "@alice:localhost",
+			DeviceID: "ALICE",
+			DeviceKeyData: internal.DeviceKeyData{
+				OTKCounts: internal.MapStringInt{
+					"bar": 42,
+				},
+				FallbackKeyTypes: []string{"narp"},
+				ChangedBits:      2,
+			},
+		},
+		{
+			UserID:   "@bob:localhost",
+			DeviceID: "BOB",
+			DeviceListChanges: internal.DeviceListChanges{
+				DeviceListChanged: []string{"@sent:localhost"},
+			},
+			DeviceKeyData: internal.DeviceKeyData{
+				OTKCounts: internal.MapStringInt{
+					"foo": 100,
+				},
+				FallbackKeyTypes: []string{"yep"},
+			},
+		},
+	}
+
+	table := state.NewDeviceDataTable(db)
+	for _, wantSent := range wantSents {
+		gotSent, err := table.Select(wantSent.UserID, wantSent.DeviceID, false)
+		if err != nil {
+			t.Fatal(err)
+		}
+		assertVal(t, "'sent' data was corrupted during the migration", *gotSent, wantSent)
+	}
+
+	wantNews := []internal.DeviceData{
+		{
+			UserID:   "@alice:localhost",
+			DeviceID: "ALICE",
+			DeviceListChanges: internal.DeviceListChanges{
+				DeviceListLeft: []string{"@bob:localhost"},
+			},
+			DeviceKeyData: internal.DeviceKeyData{
+				OTKCounts: internal.MapStringInt{
+					"bar": 42,
+				},
+				FallbackKeyTypes: []string{"narp"},
+				ChangedBits:      2,
+			},
+		},
+		{
+			UserID:   "@bob:localhost",
+			DeviceID: "BOB",
+			DeviceListChanges: internal.DeviceListChanges{
+				DeviceListChanged: []string{"@💣:localhost"},
+				DeviceListLeft:    []string{"@bomb:localhost"},
+			},
+			DeviceKeyData: internal.DeviceKeyData{
+				OTKCounts: internal.MapStringInt{
+					"foo": 100,
+				},
+				FallbackKeyTypes: []string{"yep"},
+			},
+		},
+	}
+
+	for _, wantNew := range wantNews {
+		gotNew, err := table.Select(wantNew.UserID, wantNew.DeviceID, true)
+		if err != nil {
+			t.Fatal(err)
+		}
+		assertVal(t, "'new' data was corrupted during the migration", *gotNew, wantNew)
+	}
+
+}
+
+func assertVal(t *testing.T, msg string, got, want interface{}) {
+	t.Helper()
+	if !reflect.DeepEqual(got, want) {
+		t.Errorf("%s: got\n%#v\nwant\n%#v", msg, got, want)
+	}
+}
diff --git a/sync2/handler2/handler.go b/sync2/handler2/handler.go
index 40512489..7b6ecf5b 100644
--- a/sync2/handler2/handler.go
+++ b/sync2/handler2/handler.go
@@ -232,17 +232,10 @@ func (h *Handler) OnE2EEData(ctx context.Context, userID, deviceID string, otkCo
 	wg.Add(1)
 	h.e2eeWorkerPool.Queue(func() {
 		defer wg.Done()
-		// some of these fields may be set
-		partialDD := internal.DeviceData{
-			UserID:           userID,
-			DeviceID:         deviceID,
+		err := h.Store.DeviceDataTable.Upsert(userID, deviceID, internal.DeviceKeyData{
 			OTKCounts:        otkCounts,
 			FallbackKeyTypes: fallbackKeyTypes,
-			DeviceLists: internal.DeviceLists{
-				New: deviceListChanges,
-			},
-		}
-		err := h.Store.DeviceDataTable.Upsert(&partialDD)
+		}, deviceListChanges)
 		if err != nil {
 			logger.Err(err).Str("user", userID).Msg("failed to upsert device data")
 			internal.GetSentryHubFromContextOrDefault(ctx).CaptureException(err)
diff --git a/sync3/extensions/e2ee.go b/sync3/extensions/e2ee.go
index 91550457..01711d6a 100644
--- a/sync3/extensions/e2ee.go
+++ b/sync3/extensions/e2ee.go
@@ -70,11 +70,10 @@ func (r *E2EERequest) ProcessInitial(ctx context.Context, res *Response, extCtx
 		extRes.OTKCounts = dd.OTKCounts
 		hasUpdates = true
 	}
-	changed, left := internal.DeviceListChangesArrays(dd.DeviceLists.Sent)
-	if len(changed) > 0 || len(left) > 0 {
+	if len(dd.DeviceListChanged) > 0 || len(dd.DeviceListLeft) > 0 {
 		extRes.DeviceLists = &E2EEDeviceList{
-			Changed: changed,
-			Left:    left,
+			Changed: dd.DeviceListChanged,
+			Left:    dd.DeviceListLeft,
 		}
 		hasUpdates = true
 	}
diff --git a/testutils/db.go b/testutils/db.go
index d4106aa1..af791021 100644
--- a/testutils/db.go
+++ b/testutils/db.go
@@ -1,11 +1,13 @@
 package testutils
 
 import (
+	"context"
 	"database/sql"
 	"fmt"
 	"os"
 	"os/exec"
 	"os/user"
+	"time"
 )
 
 var Quiet = false
@@ -64,7 +66,9 @@ func PrepareDBConnectionString() (connStr string) {
 	if err != nil {
 		panic(err)
 	}
-	_, err = db.Exec(`DROP SCHEMA public CASCADE;
+	ctx, cancel := context.WithTimeout(context.Background(), 30*time.Second)
+	defer cancel()
+	_, err = db.ExecContext(ctx, `DROP SCHEMA public CASCADE;
 		CREATE SCHEMA public;`)
 	if err != nil {
 		panic(err)