diff --git a/crates/format/src/fig/layer_cap_tests.rs b/crates/format/src/fig/layer_cap_tests.rs
index 6eeb15f4..2c562ba7 100644
--- a/crates/format/src/fig/layer_cap_tests.rs
+++ b/crates/format/src/fig/layer_cap_tests.rs
@@ -103,6 +103,27 @@ fn instances_of_a_main_the_cap_kept_out_say_so() {
     assert!(!doc.nodes().any(|n| n.name == "Local main"));
 }
 
+#[test]
+fn swap_defaults_the_cap_kept_out_say_so() {
+    // A kept main's instance swap default names a main with no instances, which comes after
+    // enough layers to be skipped at the cap.
+    let swap = o(vec![
+        ("id", g(70)),
+        ("name", Kv::Str("Icon".into())),
+        ("type", Kv::Enum("INSTANCE_SWAP")),
+        ("initialValue", o(vec![("guidValue", g(900))])),
+    ]);
+    let mut nodes = vec![node(1, None, "DOCUMENT", "Document", vec![]), node(2, Some(1), "CANVAS", "Page", vec![])];
+    nodes.push(node(50, Some(2), "SYMBOL", "Card", vec![("size", xy(10.0, 10.0)), ("componentPropDefs", Kv::Array(vec![swap]))]));
+    nodes.extend(main(60, 2, "Filler", 40));
+    nodes.extend(main(900, 2, "Icon main", 10));
+    let (doc, warnings) = import_at(&o(vec![("nodeChanges", Kv::Array(nodes))]), 30);
+    assert!(doc.nodes().any(|n| n.name == "Card"));
+    assert!(!doc.nodes().any(|n| n.name == "Icon main"));
+    assert!(warnings.iter().any(|w| w.starts_with("instance swap properties whose default component was past the layer limit")), "{warnings:?}");
+    assert!(!warnings.iter().any(|w| w.contains("isn't in the file")), "{warnings:?}");
+}
+
 #[test]
 fn a_whole_file_past_the_cap_keeps_its_library_links_and_says_so_once() {
     // A 1 001-layer library main used 210 times: about 210 000 layers in a file far too small to
diff --git a/crates/format/src/fig/map.rs b/crates/format/src/fig/map.rs
index 7eb974da..b18f8a2b 100644
--- a/crates/format/src/fig/map.rs
+++ b/crates/format/src/fig/map.rs
@@ -45,7 +45,7 @@ pub(super) fn to_rest(msg: &Kv, name: &str, max_nodes: usize) -> (Value, Vec<Str
     // Mains in the file that the layer cap kept out: their instances are told apart from those of
     // components the file doesn't have (#981).
     if m.count >= m.max_nodes {
-        let capped: Vec<Value> = m.instance_mains.difference(&m.mapped_mains).map(|id| json!(id)).collect();
+        let capped: Vec<Value> = m.referenced_mains.difference(&m.mapped_mains).map(|id| json!(id)).collect();
         if !capped.is_empty() {
             out[crate::rest::FIG_CAPPED_MAINS_FIELD] = Value::Array(capped);
         }
@@ -397,9 +397,9 @@ struct Mapper<'a> {
     library_scan_count: usize,
     warnings: Vec<String>,
     count: usize,
-    /// The mains in the file that instances name, and the mains mapped as layers: the difference
-    /// is what the layer cap kept out.
-    instance_mains: BTreeSet<String>,
+    /// The mains in the file that instances or instance swap defaults name, and the mains mapped
+    /// as layers: the difference is what the layer cap kept out.
+    referenced_mains: BTreeSet<String>,
     mapped_mains: BTreeSet<String>,
     /// Most layers produced or scanned, instance expansion included; the one place the cap comes
     /// from (see [`super::layer_budget`]).
@@ -478,7 +478,7 @@ impl<'a> Mapper<'a> {
             library_scan_count: 0,
             warnings: Vec::new(),
             count: 0,
-            instance_mains: BTreeSet::new(),
+            referenced_mains: BTreeSet::new(),
             mapped_mains: BTreeSet::new(),
             max_nodes,
             networks: Vec::new(),
@@ -1869,7 +1869,12 @@ impl<'a> Mapper<'a> {
                 "BOOL" => json!({"type": "BOOLEAN", "defaultValue": init.and_then(|i| i.get("boolValue")).and_then(Kv::bool).unwrap_or(true)}),
                 "TEXT" => json!({"type": "TEXT", "defaultValue": init.and_then(prop_text).unwrap_or("")}),
                 "INSTANCE_SWAP" => match init.and_then(|i| i.get("guidValue")).and_then(guid) {
-                    Some(g) => json!({"type": "INSTANCE_SWAP", "defaultValue": g}),
+                    Some(g) => {
+                        if self.nodes.contains_key(&g) {
+                            self.referenced_mains.insert(g.clone());
+                        }
+                        json!({"type": "INSTANCE_SWAP", "defaultValue": g})
+                    }
                     None => continue,
                 },
                 "VARIANT" => json!({"type": "VARIANT"}),
@@ -2013,8 +2018,8 @@ impl<'a> Mapper<'a> {
             self.warn("instances of components that aren't in the file show no layers");
             return None;
         }
-        if !self.instance_mains.contains(&sym) {
-            self.instance_mains.insert(sym.clone());
+        if !self.referenced_mains.contains(&sym) {
+            self.referenced_mains.insert(sym.clone());
         }
         if outer.is_some_and(|i| i.symbols.contains(&sym)) {
             return None;