diff --git a/changelog/@unreleased/pr-954.v2.yml b/changelog/@unreleased/pr-954.v2.yml
new file mode 100644
index 00000000..9fe1096a
--- /dev/null
+++ b/changelog/@unreleased/pr-954.v2.yml
@@ -0,0 +1,5 @@
+type: improvement
+improvement:
+  description: Arg#hashCode does not allocate
+  links:
+  - https://github.com/palantir/safe-logging/pull/954
diff --git a/safe-logging/build.gradle b/safe-logging/build.gradle
index e58fc36c..02ef4a34 100644
--- a/safe-logging/build.gradle
+++ b/safe-logging/build.gradle
@@ -4,3 +4,10 @@ apply plugin: 'com.palantir.revapi'
 tasks.withType(JavaCompile) {
     options.errorprone.disable 'PreferSafeLoggingPreconditions'
 }
+
+dependencies {
+    compileOnly 'com.google.code.findbugs:jsr305'
+
+    testImplementation 'junit:junit'
+    testImplementation 'org.assertj:assertj-core'
+}
diff --git a/safe-logging/src/main/java/com/palantir/logsafe/Arg.java b/safe-logging/src/main/java/com/palantir/logsafe/Arg.java
index 83175a4a..9a7db5e9 100644
--- a/safe-logging/src/main/java/com/palantir/logsafe/Arg.java
+++ b/safe-logging/src/main/java/com/palantir/logsafe/Arg.java
@@ -70,6 +70,10 @@ public final boolean equals(Object other) {
 
     @Override
     public final int hashCode() {
-        return Objects.hash(name, value);
+        int result = 1;
+        result = 31 * result + name.hashCode();
+        result = 31 * result + Objects.hashCode(value);
+        result = 31 * result + Boolean.hashCode(isSafeForLogging());
+        return result;
     }
 }
diff --git a/safe-logging/src/test/java/com/palantir/logsafe/ArgTest.java b/safe-logging/src/test/java/com/palantir/logsafe/ArgTest.java
new file mode 100644
index 00000000..30294199
--- /dev/null
+++ b/safe-logging/src/test/java/com/palantir/logsafe/ArgTest.java
@@ -0,0 +1,49 @@
+/*
+ * (c) Copyright 2024 Palantir Technologies Inc. All rights reserved.
+ *
+ * Licensed under the Apache License, Version 2.0 (the "License");
+ * you may not use this file except in compliance with the License.
+ * You may obtain a copy of the License at
+ *
+ *     http://www.apache.org/licenses/LICENSE-2.0
+ *
+ * Unless required by applicable law or agreed to in writing, software
+ * distributed under the License is distributed on an "AS IS" BASIS,
+ * WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+ * See the License for the specific language governing permissions and
+ * limitations under the License.
+ */
+
+package com.palantir.logsafe;
+
+import static org.assertj.core.api.Assertions.assertThat;
+
+import java.util.Map;
+import org.junit.Test;
+
+public class ArgTest {
+
+    @Test
+    @SuppressWarnings({"EqualsWithItself", "AssertBetweenInconvertibleTypes"}) // testing equals
+    public void testSafeVersusUnsafe() {
+        SafeArg<String> safeArg = SafeArg.of("test", "value");
+        SafeArg<String> safeArg2 = SafeArg.of("test", "value");
+        UnsafeArg<String> unsafeArg = UnsafeArg.of("test", "value");
+
+        assertThat(safeArg.getName()).isEqualTo(unsafeArg.getName());
+        assertThat(safeArg.getValue()).isEqualTo(unsafeArg.getValue());
+        assertThat(safeArg.isSafeForLogging()).isTrue();
+        assertThat(safeArg2.isSafeForLogging()).isTrue();
+        assertThat(unsafeArg.isSafeForLogging()).isFalse();
+        assertThat(safeArg)
+                .isEqualTo(safeArg2)
+                .isEqualTo(safeArg)
+                .hasSameHashCodeAs(safeArg2)
+                .hasToString(safeArg2.toString())
+                .isNotEqualTo(Map.of("test", "value"));
+        assertThat(safeArg2).isEqualTo(safeArg).isEqualTo(safeArg2).isNotEqualTo(Map.of("test", "value"));
+        assertThat(unsafeArg).isNotEqualTo(safeArg).isNotEqualTo(safeArg2).isNotEqualTo(Map.of("test", "value"));
+        assertThat(safeArg).isNotEqualTo(unsafeArg).doesNotHaveSameHashCodeAs(unsafeArg);
+        assertThat(safeArg).hasToString("value").hasToString(unsafeArg.toString());
+    }
+}