diff --git a/CHANGES.md b/CHANGES.md
index fca4b40f..d4cbf5ef 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -5,6 +5,7 @@
 - [pull #605] Add support for Python 3.13, drop EOL 3.8
 - [pull #607] Fix `middle-word-em` extra preventing strongs from being recognized (#606)
 - [pull #609] Add option to output to file in CLI (#608)
+- [pull #612] Fix footnote labels appearing out-of-order (#536)
 
 
 ## python-markdown2 2.5.1
diff --git a/lib/markdown2.py b/lib/markdown2.py
index aec13cb8..f2c6cc28 100755
--- a/lib/markdown2.py
+++ b/lib/markdown2.py
@@ -405,6 +405,7 @@ def _setup_extras(self):
             # https://docs.python.org/3/whatsnew/3.7.html#summary-release-highlights
             self.footnotes = OrderedDict()
             self.footnote_ids = []
+            self._footnote_marker = _hash_text('<<footnote>>')
         if "header-ids" in self.extras:
             if not hasattr(self, '_count_from_header_id') or self.extras['header-ids'].get('reset-count', False):
                 self._count_from_header_id = defaultdict(int)
@@ -510,6 +511,12 @@ def convert(self, text: str) -> 'UnicodeWithAttrs':
         text = self._run_block_gamut(text)
 
         if "footnotes" in self.extras:
+            def footnote_sub(match):
+                normed_id = match.group(1)
+                self.footnote_ids.append(normed_id)
+                return str(len(self.footnote_ids))
+
+            text = re.sub(r'%s-(.*?)(?=</a></sup>)' % self._footnote_marker, footnote_sub, text)
             text = self._add_footnotes(text)
 
         text = self.postprocess(text)
@@ -1581,10 +1588,10 @@ def _do_links(self, text: str) -> str:
             if "footnotes" in self.extras and link_text.startswith("^"):
                 normed_id = re.sub(r'\W', '-', link_text[1:])
                 if normed_id in self.footnotes:
-                    self.footnote_ids.append(normed_id)
                     result = (
                         f'<sup class="footnote-ref" id="fnref-{normed_id}">'
-                        f'<a href="#fn-{normed_id}">{len(self.footnote_ids)}</a></sup>'
+                        # insert special footnote marker that's easy to find and match against later
+                        f'<a href="#fn-{normed_id}">{self._footnote_marker}-{normed_id}</a></sup>'
                     )
                     text = text[:start_idx] + result + text[p+1:]
                 else:
diff --git a/test/tm-cases/footnotes_order_of_appearance.html b/test/tm-cases/footnotes_order_of_appearance.html
index fb983d3e..803a5821 100644
--- a/test/tm-cases/footnotes_order_of_appearance.html
+++ b/test/tm-cases/footnotes_order_of_appearance.html
@@ -2,12 +2,12 @@
 
 <h2>title: testing the footnotes bug</h2>
 
-<p>Lorem ipsum dolor sit amet. Aliqua cillum, eu velit.<sup class="footnote-ref" id="fnref-note1"><a href="#fn-note1">3</a></sup> Velit deserunt adipiscing adipiscing ullamco exercitation.</p>
+<p>Lorem ipsum dolor sit amet. Aliqua cillum, eu velit.<sup class="footnote-ref" id="fnref-note1"><a href="#fn-note1">1</a></sup> Velit deserunt adipiscing adipiscing ullamco exercitation.</p>
 
 <ul>
 <li>this is a list item</li>
-<li>this is a list item<sup class="footnote-ref" id="fnref-note2"><a href="#fn-note2">1</a></sup></li>
-<li>this is a list item<sup class="footnote-ref" id="fnref-note3"><a href="#fn-note3">2</a></sup></li>
+<li>this is a list item<sup class="footnote-ref" id="fnref-note2"><a href="#fn-note2">2</a></sup></li>
+<li>this is a list item<sup class="footnote-ref" id="fnref-note3"><a href="#fn-note3">3</a></sup></li>
 </ul>
 
 <p>Lorem ipsum dolor sit amet. Adipiscing<sup class="footnote-ref" id="fnref-note4"><a href="#fn-note4">4</a></sup> adipiscing ullamco, exercitation sint. Exercitation sint, fugiat exercitation voluptate amet.</p>