diff --git a/app/controllers/items_controller.rb b/app/controllers/items_controller.rb
index ddb2cf12..73992ff1 100644
--- a/app/controllers/items_controller.rb
+++ b/app/controllers/items_controller.rb
@@ -58,19 +58,11 @@ class ItemsController < ApplicationController
 
     respond_to do |format|
       format.html do
+        @trades = @item.closet_hangers.trading.includes(:user).user_is_active.
+          order('users.last_trade_activity_at DESC').to_trades
+
         @contributors_with_counts = @item.contributors_with_counts
 
-        trading_closet_hangers = @item.closet_hangers.trading.includes(:user).
-          user_is_active.order('users.last_trade_activity_at DESC')
-
-        owned_trading_hangers = trading_closet_hangers.filter { |c| c.owned? }
-        wanted_trading_hangers = trading_closet_hangers.filter { |c| c.wanted? }
-
-        @trading_users_by_owned = {
-          true => owned_trading_hangers.map(&:user).uniq,
-          false => wanted_trading_hangers.map(&:user).uniq,
-        }
-
         if user_signed_in?
           # Empty arrays are important so that we can loop over this and still
           # show the generic no-list case
diff --git a/app/helpers/items_helper.rb b/app/helpers/items_helper.rb
index edce0c3a..63bc3210 100644
--- a/app/helpers/items_helper.rb
+++ b/app/helpers/items_helper.rb
@@ -78,15 +78,10 @@ module ItemsHelper
   def auction_genie_url_for(item)
     "https://www.neopets.com/genie.phtml?type=process_genie&criteria=exact&auctiongenie=#{CGI::escape item.name}"
   end
-  
-  def trading_users_header(owned, count)
-    ownership_key = owned ? 'owned' : 'wanted'
-    translate ".trading_users.header.#{ownership_key}", :count => count
-  end
 
-  def render_trading_users(owned)
-    @trading_users_by_owned[owned].map do |user|
-      link_to user.name, user_closet_hangers_path(user)
+  def render_trades(trades)
+    trades.map do |trade|
+      link_to trade.user.name, user_closet_hangers_path(trade.user)
     end.to_sentence.html_safe
   end
   
diff --git a/app/models/closet_hanger.rb b/app/models/closet_hanger.rb
index 1ade8c03..dde61fc4 100644
--- a/app/models/closet_hanger.rb
+++ b/app/models/closet_hanger.rb
@@ -153,6 +153,38 @@ class ClosetHanger < ApplicationRecord
     # If quantity is zero and there's no hanger, good. Do nothing.
   end
 
+  # Use this with a scoped relation to convert it into a list of trades, e.g.
+  # `item.hangers.trading.to_trades`.
+  #
+  # A trade includes the user who's trading, and the available closet hangers
+  # (which you can use to get e.g. the list name).
+  #
+  # We don't preload anything here - if you want user names or list names, you
+  # should `includes` them in the hanger scope first, to avoid extra queries!
+  Trade = Struct.new('Trade', :user_id, :hangers) do
+    def user
+      # Take advantage of `includes(:user)` on the hangers, if applied.
+      hangers.first.user
+    end
+  end
+  def self.to_trades
+    # Let's ensure that the `trading` filter is applied, to avoid data leaks.
+    # (I still recommend doing it at the call site too for clarity, though!)
+    all_trading_hangers = trading.to_a
+
+    owned_hangers = all_trading_hangers.filter(&:owned?)
+    wanted_hangers = all_trading_hangers.filter(&:wanted?)
+
+    # Group first into offering vs seeking, then by user.
+    offering, seeking = [owned_hangers, wanted_hangers].map do |hangers|
+      hangers.group_by(&:user_id).map do |user_id, user_hangers|
+        Trade.new(user_id, user_hangers)
+      end
+    end
+
+    {offering: offering, seeking: seeking}
+  end
+
   protected
 
   def list_belongs_to_user
diff --git a/app/views/items/show.html.haml b/app/views/items/show.html.haml
index fd861110..77d946dd 100644
--- a/app/views/items/show.html.haml
+++ b/app/views/items/show.html.haml
@@ -29,14 +29,20 @@
           ✨⏳️
           %i We now only show recently-updated lists here!
           ⏳️✨
-      - [true, false].each do |owned|
-        %p
-          %strong
-            = trading_users_header(owned, @trading_users_by_owned[owned].size)
-          = render_trading_users(owned)
-          %span.toggle
-            %button.more= t '.trading_users.show_more'
-            %button.less= t '.trading_users.show_less'
+      %p
+        %strong
+          = t '.trading_users.header.owned', count: @trades[:offering].size
+        = render_trades(@trades[:offering])
+        %span.toggle
+          %button.more= t '.trading_users.show_more'
+          %button.less= t '.trading_users.show_less'
+      %p
+        %strong
+          = t '.trading_users.header.wanted', count: @trades[:seeking].size
+        = render_trades(@trades[:seeking])
+        %span.toggle
+          %button.more= t '.trading_users.show_more'
+          %button.less= t '.trading_users.show_less'
 
   - if user_signed_in?
     #your-items-form