diff --git a/cranelift/filetests/verifier/memory.cton b/cranelift/filetests/verifier/memory.cton
new file mode 100644
index 0000000000..46bf18d636
--- /dev/null
+++ b/cranelift/filetests/verifier/memory.cton
@@ -0,0 +1,16 @@
+test verifier
+
+function %deref_cycle() {
+    gv1 = deref(gv2)-32 ; error: deref cycle: [gv0, gv1]
+    gv2 = deref(gv1)
+
+ebb1:
+    return
+}
+
+function %self_cycle() {
+    gv0 = deref(gv0)-32 ; error: deref cycle: [gv0]
+
+ebb1:
+    return
+}
diff --git a/lib/cretonne/src/sparse_map.rs b/lib/cretonne/src/sparse_map.rs
index b1e844b618..c1a8bf5480 100644
--- a/lib/cretonne/src/sparse_map.rs
+++ b/lib/cretonne/src/sparse_map.rs
@@ -184,6 +184,11 @@ impl<K, V> SparseMap<K, V>
     pub fn values(&self) -> slice::Iter<V> {
         self.dense.iter()
     }
+
+    /// Get the values as a slice.
+    pub fn as_slice(&self) -> &[V] {
+        self.dense.as_slice()
+    }
 }
 
 /// Iterating over the elements of a set.
diff --git a/lib/cretonne/src/verifier/mod.rs b/lib/cretonne/src/verifier/mod.rs
index af8bcd0c7e..0995449362 100644
--- a/lib/cretonne/src/verifier/mod.rs
+++ b/lib/cretonne/src/verifier/mod.rs
@@ -40,6 +40,10 @@
 //!    - All return instructions must have return value operands matching the current
 //!      function signature.
 //!
+//!   Global variables
+//!
+//!   - Detect cycles in deref(base) declarations.
+//!
 //! TODO:
 //!   Ad hoc checking
 //!
@@ -52,13 +56,16 @@
 //!    - Swizzle and shuffle instructions take a variable number of lane arguments. The number
 //!      of arguments must match the destination type, and the lane indexes must be in range.
 
+use dbg::DisplayList;
 use dominator_tree::DominatorTree;
 use flowgraph::ControlFlowGraph;
+use ir;
 use ir::entities::AnyEntity;
 use ir::instructions::{InstructionFormat, BranchInfo, ResolvedConstraint, CallInfo};
 use ir::{types, Function, ValueDef, Ebb, Inst, SigRef, FuncRef, ValueList, JumpTable, StackSlot,
          StackSlotKind, GlobalVar, Value, Type, Opcode, ValueLoc, ArgumentLoc};
 use isa::TargetIsa;
+use sparse_map::SparseSet;
 use std::error as std_error;
 use std::fmt::{self, Display, Formatter};
 use std::result;
@@ -150,6 +157,27 @@ impl<'a> Verifier<'a> {
         }
     }
 
+    // Check for cycles in the global variable declarations.
+    fn verify_global_vars(&self) -> Result {
+        let mut seen = SparseSet::new();
+
+        for gv in self.func.global_vars.keys() {
+            seen.clear();
+            seen.insert(gv);
+
+            let mut cur = gv;
+            while let &ir::GlobalVarData::Deref { base, .. } = &self.func.global_vars[cur] {
+                if seen.insert(base).is_some() {
+                    return err!(gv, "deref cycle: {}", DisplayList(seen.as_slice()));
+                }
+
+                cur = base;
+            }
+        }
+
+        Ok(())
+    }
+
     fn ebb_integrity(&self, ebb: Ebb, inst: Inst) -> Result {
 
         let is_terminator = self.func.dfg[inst].opcode().is_terminator();
@@ -845,6 +873,7 @@ impl<'a> Verifier<'a> {
     }
 
     pub fn run(&self) -> Result {
+        self.verify_global_vars()?;
         self.typecheck_entry_block_arguments()?;
         for ebb in self.func.layout.ebbs() {
             for inst in self.func.layout.ebb_insts(ebb) {