diff --git a/packages/prosemirror-markdown/src/lib/markdown-converter.ts b/packages/prosemirror-markdown/src/lib/markdown-converter.ts
index e96cbad3..eae8c578 100644
--- a/packages/prosemirror-markdown/src/lib/markdown-converter.ts
+++ b/packages/prosemirror-markdown/src/lib/markdown-converter.ts
@@ -1492,11 +1492,16 @@ export function convertProseMirrorToMarkdown(
         }
         let t = escapeHtmlText(n.text || "");
         // #515: wrap `<code>` INNERMOST first (before the array-order mark loop),
-        // then skip `code` in the loop. Import (`generateJSON`) always yields the
-        // code mark LAST in the array (canonical order `[emphasis, code]`), so an
-        // order-sensitive loop would flip `<strong><code>` to `<code><strong>` on
-        // re-export and break the byte fixpoint. Code-innermost is stable in both
-        // directions and matches the markdown path (case "text" / run factoring).
+        // then skip `code` in the loop. The imported mark order is NOT fixed — it
+        // DEPENDS on the emphasis extension: import (`generateJSON`) yields code
+        // LAST for bold/italic/strike (`[emphasis, code]`) but code FIRST for the
+        // `==`-highlight extension (`[code, highlight]`). So we cannot rely on a
+        // fixed array position; the invariant is instead "wrap `<code>` innermost
+        // regardless of the imported order". That keeps `<code>` nested inside the
+        // emphasis tag both directions (preserving the byte fixpoint — an order-
+        // sensitive loop would flip `<strong><code>`↔`<code><strong>` depending on
+        // which order it happened to see) and matches the markdown path (case
+        // "text" / run factoring).
         if ((n.marks || []).some((m: any) => m.type === "code")) {
           t = `<code>${t}</code>`;
         }
diff --git a/packages/prosemirror-markdown/test/generative/text-arbitraries.ts b/packages/prosemirror-markdown/test/generative/text-arbitraries.ts
index ae15692a..266fd963 100644
--- a/packages/prosemirror-markdown/test/generative/text-arbitraries.ts
+++ b/packages/prosemirror-markdown/test/generative/text-arbitraries.ts
@@ -143,8 +143,10 @@ export const markedTextRunArb: fc.Arbitrary<any> = fc.oneof(
   // #515: code COMBINED with a bare-delimiter emphasis mark. The converter nests
   // the backtick span inside the emphasis delimiters (`` **`x`** ``) and, when
   // such runs sit adjacent, factors a shared mark or falls back to schema-HTML.
-  // Mark order is `[emphasis, code]` — the canonical order the HTML->PM import
-  // yields (code last) — so the P1 semantic round-trip is order-exact.
+  // Mark order here is `[emphasis, code]` — the order the HTML->PM import yields
+  // for bold/italic/strike specifically (code last). This is NOT universal: the
+  // `==`-highlight case below imports code FIRST — so match each case to its own
+  // imported order for the order-exact P1 round-trip (do not assume a fixed order).
   fc
     .tuple(safeTextArb, fc.constantFrom('bold', 'italic', 'strike'))
     .map(([t, m]) => ({ type: 'text', text: t, marks: [{ type: m }, { type: 'code' }] })),