diff --git a/.github/workflows/build-wasm_of_ocaml.yml b/.github/workflows/build-wasm_of_ocaml.yml
index 77ae1a240..0f0835140 100644
--- a/.github/workflows/build-wasm_of_ocaml.yml
+++ b/.github/workflows/build-wasm_of_ocaml.yml
@@ -38,7 +38,7 @@ jobs:
         uses: actions/cache/restore@v4
         with:
           path: binaryen
-          key: ${{ runner.os }}-binaryen-version_118
+          key: ${{ runner.os }}-binaryen-eh
 
       - name: Checkout binaryen
         if: steps.cache-binaryen.outputs.cache-hit != 'true'
@@ -47,7 +47,7 @@ jobs:
           repository: WebAssembly/binaryen
           path: binaryen
           submodules: true
-          ref: version_118
+          ref: d200d06fef7f4edd331c1f928493beb332a2d910
 
       - name: Install ninja
         if: steps.cache-binaryen.outputs.cache-hit != 'true'
@@ -65,7 +65,7 @@ jobs:
         uses: actions/cache/save@v4
         with:
           path: binaryen
-          key: ${{ runner.os }}-binaryen-version_118
+          key: ${{ runner.os }}-binaryen-eh
 
       - name: Set binaryen's path
         run: |
diff --git a/compiler/lib/wasm/wa_generate.ml b/compiler/lib/wasm/wa_generate.ml
index f4f694c91..6eb088ad7 100644
--- a/compiler/lib/wasm/wa_generate.ml
+++ b/compiler/lib/wasm/wa_generate.ml
@@ -779,7 +779,11 @@ module Generate (Target : Wa_target_sig.S) = struct
           { params = []; result = [] }
           (body ~result_typ:[] ~fall_through:(`Block pc) ~context:(`Block pc :: context))
       in
-      handler
+      if List.is_empty result_typ
+      then handler
+      else
+        let* () = handler in
+        instr (W.Return (Some (RefI31 (Const (I32 0l)))))
     else body ~result_typ ~fall_through ~context
 
   let wrap_with_handlers p pc ~result_typ ~fall_through ~context body =
@@ -788,20 +792,18 @@ module Generate (Target : Wa_target_sig.S) = struct
       need_bound_error_handler
       bound_error_pc
       (let* f =
-         register_import
-           ~name:"caml_bound_error"
-           (Fun { params = []; result = [ Value.value ] })
+         register_import ~name:"caml_bound_error" (Fun { params = []; result = [] })
        in
-       instr (Return_call (f, [])))
+       instr (CallInstr (f, [])))
       (wrap_with_handler
          need_zero_divide_handler
          zero_divide_pc
          (let* f =
             register_import
               ~name:"caml_raise_zero_divide"
-              (Fun { params = []; result = [ Value.value ] })
+              (Fun { params = []; result = [] })
           in
-          instr (Return_call (f, [])))
+          instr (CallInstr (f, [])))
          body)
       ~result_typ
       ~fall_through
diff --git a/runtime/wasm/bigarray.wat b/runtime/wasm/bigarray.wat
index 6fef9b037..0baf91f92 100644
--- a/runtime/wasm/bigarray.wat
+++ b/runtime/wasm/bigarray.wat
@@ -61,7 +61,7 @@
    (import "bindings" "ta_subarray"
       (func $ta_subarray
          (param (ref extern)) (param i32) (param i32) (result (ref extern))))
-   (import "fail" "caml_bound_error" (func $caml_bound_error (result (ref eq))))
+   (import "fail" "caml_bound_error" (func $caml_bound_error))
    (import "fail" "caml_raise_out_of_memory" (func $caml_raise_out_of_memory))
    (import "fail" "caml_invalid_argument"
       (func $caml_invalid_argument (param (ref eq))))
@@ -970,7 +970,7 @@
       (if (i32.ge_u (local.get $i)
              (array.get $int_array (struct.get $bigarray 2 (local.get $ba))
                 (i32.const 0)))
-         (then (return_call $caml_bound_error)))
+         (then (call $caml_bound_error)))
       (return_call $caml_ba_get_at_offset (local.get $ba) (local.get $i)))
 
    (func (export "caml_ba_set_1")
@@ -984,7 +984,7 @@
       (if (i32.ge_u (local.get $i)
              (array.get $int_array (struct.get $bigarray $ba_dim (local.get $ba))
                 (i32.const 0)))
-         (then (return_call $caml_bound_error)))
+         (then (call $caml_bound_error)))
       (call $caml_ba_set_at_offset
          (local.get $ba) (local.get $i) (local.get $v))
       (ref.i31 (i32.const 0)))
@@ -1022,7 +1022,7 @@
              (i32.ge_u (local.get $j)
                 (array.get $int_array (local.get $dim) (i32.const 1))))
          (then
-            (return_call $caml_bound_error)))
+            (call $caml_bound_error)))
       (return_call $caml_ba_get_at_offset (local.get $ba) (local.get $offset)))
 
    (func (export "caml_ba_set_2")
@@ -1058,7 +1058,7 @@
              (i32.ge_u (local.get $j)
                 (array.get $int_array (local.get $dim) (i32.const 1))))
          (then
-            (return_call $caml_bound_error)))
+            (call $caml_bound_error)))
       (call $caml_ba_set_at_offset
          (local.get $ba) (local.get $offset) (local.get $v))
       (ref.i31 (i32.const 0)))
@@ -1116,7 +1116,7 @@
                 (i32.ge_u (local.get $j)
                    (array.get $int_array (local.get $dim) (i32.const 2)))))
          (then
-            (return_call $caml_bound_error)))
+            (call $caml_bound_error)))
       (return_call $caml_ba_get_at_offset (local.get $ba) (local.get $offset)))
 
    (func (export "caml_ba_set_3")
@@ -1169,7 +1169,7 @@
                 (i32.ge_u (local.get $k)
                    (array.get $int_array (local.get $dim) (i32.const 2)))))
          (then
-            (return_call $caml_bound_error)))
+            (call $caml_bound_error)))
       (call $caml_ba_set_at_offset
          (local.get $ba) (local.get $offset) (local.get $v))
       (ref.i31 (i32.const 0)))
@@ -1200,7 +1200,7 @@
                         (array.get $int_array (local.get $dim) (local.get $i)))
                      (if (i32.ge_u (local.get $idx) (local.get $l))
                         (then
-                           (drop (call $caml_bound_error))))
+                           (call $caml_bound_error)))
                      (local.set $offset
                         (i32.add (i32.mul (local.get $offset) (local.get $l))
                            (local.get $idx)))
@@ -1218,7 +1218,7 @@
                         (array.get $int_array (local.get $dim) (local.get $i)))
                      (if (i32.ge_u (local.get $idx) (local.get $l))
                         (then
-                           (drop (call $caml_bound_error))))
+                           (call $caml_bound_error)))
                      (local.set $offset
                         (i32.add (i32.mul (local.get $offset) (local.get $l))
                            (local.get $idx)))
@@ -1251,7 +1251,7 @@
                         (array.get $int_array (local.get $dim) (local.get $i)))
                      (if (i32.ge_u (local.get $idx) (local.get $l))
                         (then
-                           (drop (call $caml_bound_error))))
+                           (call $caml_bound_error)))
                      (local.set $offset
                         (i32.add (i32.mul (local.get $offset) (local.get $l))
                            (local.get $idx)))
@@ -1272,7 +1272,7 @@
                         (array.get $int_array (local.get $dim) (local.get $i)))
                      (if (i32.ge_u (local.get $idx) (local.get $l))
                         (then
-                           (drop (call $caml_bound_error))))
+                           (call $caml_bound_error)))
                      (local.set $offset
                         (i32.add (i32.mul (local.get $offset) (local.get $l))
                            (local.get $idx)))
@@ -1906,12 +1906,12 @@
       (local.set $data (struct.get $bigarray $ba_data (local.get $ba)))
       (local.set $p (i31.get_s (ref.cast (ref i31) (local.get $i))))
       (if (i32.lt_s (local.get $p) (i32.const 0))
-         (then (return_call $caml_bound_error)))
+         (then (call $caml_bound_error)))
       (if (i32.ge_u (i32.add (local.get $p) (i32.const 1))
              (array.get $int_array
                 (struct.get $bigarray $ba_dim (local.get $ba))
                 (i32.const 0)))
-         (then (return_call $caml_bound_error)))
+         (then (call $caml_bound_error)))
       (ref.i31 (i32.or
                   (call $ta_get_ui8 (local.get $data) (local.get $p))
                   (i32.shl (call $ta_get_ui8 (local.get $data)
@@ -1927,12 +1927,12 @@
       (local.set $data (struct.get $bigarray $ba_data (local.get $ba)))
       (local.set $p (i31.get_s (ref.cast (ref i31) (local.get $i))))
       (if (i32.lt_s (local.get $p) (i32.const 0))
-         (then (return_call $caml_bound_error)))
+         (then (call $caml_bound_error)))
       (if (i32.ge_u (i32.add (local.get $p) (i32.const 3))
              (array.get $int_array
                 (struct.get $bigarray $ba_dim (local.get $ba))
                 (i32.const 0)))
-         (then (return_call $caml_bound_error)))
+         (then (call $caml_bound_error)))
       (return_call $caml_copy_int32
          (i32.or
             (i32.or
@@ -1957,12 +1957,12 @@
       (local.set $data (struct.get $bigarray $ba_data (local.get $ba)))
       (local.set $p (i31.get_s (ref.cast (ref i31) (local.get $i))))
       (if (i32.lt_s (local.get $p) (i32.const 0))
-         (then (return_call $caml_bound_error)))
+         (then (call $caml_bound_error)))
       (if (i32.ge_u (i32.add (local.get $p) (i32.const 7))
              (array.get $int_array
                 (struct.get $bigarray $ba_dim (local.get $ba))
                 (i32.const 0)))
-         (then (return_call $caml_bound_error)))
+         (then (call $caml_bound_error)))
       (return_call $caml_copy_int64
          (i64.or
             (i64.or
@@ -2013,12 +2013,12 @@
       (local.set $p (i31.get_s (ref.cast (ref i31) (local.get $i))))
       (local.set $d (ref.cast (ref i31) (local.get $v)))
       (if (i32.lt_s (local.get $p) (i32.const 0))
-         (then (return_call $caml_bound_error)))
+         (then (call $caml_bound_error)))
       (if (i32.ge_u (i32.add (local.get $p) (i32.const 1))
              (array.get $int_array
                 (struct.get $bigarray $ba_dim (local.get $ba))
                 (i32.const 0)))
-         (then (return_call $caml_bound_error)))
+         (then (call $caml_bound_error)))
       (call $ta_set_ui8 (local.get $data) (local.get $p) (local.get $d))
       (call $ta_set_ui8 (local.get $data)
          (i32.add (local.get $p) (i32.const 1))
@@ -2036,12 +2036,12 @@
       (local.set $p (i31.get_s (ref.cast (ref i31) (local.get $i))))
       (local.set $d (call $Int32_val (local.get $v)))
       (if (i32.lt_s (local.get $p) (i32.const 0))
-         (then (return_call $caml_bound_error)))
+         (then (call $caml_bound_error)))
       (if (i32.ge_u (i32.add (local.get $p) (i32.const 3))
              (array.get $int_array
                 (struct.get $bigarray $ba_dim (local.get $ba))
                 (i32.const 0)))
-         (then (return_call $caml_bound_error)))
+         (then (call $caml_bound_error)))
       (call $ta_set_ui8 (local.get $data) (local.get $p)
          (ref.i31 (local.get $d)))
       (call $ta_set_ui8 (local.get $data)
@@ -2066,12 +2066,12 @@
       (local.set $p (i31.get_s (ref.cast (ref i31) (local.get $i))))
       (local.set $d (call $Int64_val (local.get $v)))
       (if (i32.lt_s (local.get $p) (i32.const 0))
-         (then (return_call $caml_bound_error)))
+         (then (call $caml_bound_error)))
       (if (i32.ge_u (i32.add (local.get $p) (i32.const 7))
              (array.get $int_array
                 (struct.get $bigarray $ba_dim (local.get $ba))
                 (i32.const 0)))
-         (then (return_call $caml_bound_error)))
+         (then (call $caml_bound_error)))
       (call $ta_set_ui8 (local.get $data) (local.get $p)
          (ref.i31 (i32.wrap_i64 (local.get $d))))
       (call $ta_set_ui8 (local.get $data)
diff --git a/runtime/wasm/fail.wat b/runtime/wasm/fail.wat
index a19522030..e3dc000d5 100644
--- a/runtime/wasm/fail.wat
+++ b/runtime/wasm/fail.wat
@@ -73,11 +73,10 @@
 
    (data $index_out_of_bounds "index out of bounds")
 
-   (func (export "caml_bound_error") (result (ref eq))
-      (call $caml_invalid_argument
+   (func (export "caml_bound_error")
+      (return_call $caml_invalid_argument
          (array.new_data $string $index_out_of_bounds
-            (i32.const 0) (i32.const 19)))
-      (ref.i31 (i32.const 0)))
+            (i32.const 0) (i32.const 19))))
 
    (global $END_OF_FILE_EXN i32 (i32.const 4))
 
@@ -88,11 +87,10 @@
 
    (global $ZERO_DIVIDE_EXN i32 (i32.const 5))
 
-   (func (export "caml_raise_zero_divide") (result (ref eq))
-      (call $caml_raise_constant
+   (func (export "caml_raise_zero_divide")
+      (return_call $caml_raise_constant
          (array.get $block (global.get $caml_global_data)
-                    (global.get $ZERO_DIVIDE_EXN)))
-      (ref.i31 (i32.const 0)))
+                    (global.get $ZERO_DIVIDE_EXN))))
 
    (global $NOT_FOUND_EXN i32 (i32.const 6))
 
diff --git a/runtime/wasm/string.wat b/runtime/wasm/string.wat
index 0e7efe08d..1f41937bd 100644
--- a/runtime/wasm/string.wat
+++ b/runtime/wasm/string.wat
@@ -16,7 +16,7 @@
 ;; Foundation, Inc., 59 Temple Place - Suite 330, Boston, MA 02111-1307, USA.
 
 (module
-   (import "fail" "caml_bound_error" (func $caml_bound_error (result (ref eq))))
+   (import "fail" "caml_bound_error" (func $caml_bound_error))
    (import "fail" "caml_invalid_argument"
       (func $caml_invalid_argument (param $arg (ref eq))))
    (import "int32" "caml_copy_int32"
@@ -170,10 +170,10 @@
       (local.set $s (ref.cast (ref $string) (local.get $v)))
       (local.set $p (i31.get_s (ref.cast (ref i31) (local.get $i))))
       (if (i32.lt_s (local.get $p) (i32.const 0))
-         (then (return_call $caml_bound_error)))
+         (then (call $caml_bound_error)))
       (if (i32.ge_u (i32.add (local.get $p) (i32.const 1))
                     (array.len (local.get $s)))
-         (then (return_call $caml_bound_error)))
+         (then (call $caml_bound_error)))
       (ref.i31 (i32.or
                   (array.get_u $string (local.get $s) (local.get $p))
                   (i32.shl (array.get_u $string (local.get $s)
@@ -187,10 +187,10 @@
       (local.set $s (ref.cast (ref $string) (local.get $v)))
       (local.set $p (i31.get_s (ref.cast (ref i31) (local.get $i))))
       (if (i32.lt_s (local.get $p) (i32.const 0))
-         (then (return_call $caml_bound_error)))
+         (then (call $caml_bound_error)))
       (if (i32.ge_u (i32.add (local.get $p) (i32.const 3))
                     (array.len (local.get $s)))
-         (then (return_call $caml_bound_error)))
+         (then (call $caml_bound_error)))
       (return_call $caml_copy_int32
          (i32.or
             (i32.or
@@ -213,10 +213,10 @@
       (local.set $s (ref.cast (ref $string) (local.get $v)))
       (local.set $p (i31.get_s (ref.cast (ref i31) (local.get $i))))
       (if (i32.lt_s (local.get $p) (i32.const 0))
-         (then (return_call $caml_bound_error)))
+         (then (call $caml_bound_error)))
       (if (i32.ge_u (i32.add (local.get $p) (i32.const 7))
                     (array.len (local.get $s)))
-         (then (return_call $caml_bound_error)))
+         (then (call $caml_bound_error)))
       (return_call $caml_copy_int64
          (i64.or
             (i64.or
@@ -263,10 +263,10 @@
       (local.set $p (i31.get_s (ref.cast (ref i31) (local.get 1))))
       (local.set $v (i31.get_s (ref.cast (ref i31) (local.get 2))))
       (if (i32.lt_s (local.get $p) (i32.const 0))
-         (then (return_call $caml_bound_error)))
+         (then (call $caml_bound_error)))
       (if (i32.ge_u (i32.add (local.get $p) (i32.const 1))
                     (array.len (local.get $s)))
-         (then (return_call $caml_bound_error)))
+         (then (call $caml_bound_error)))
       (array.set $string (local.get $s) (local.get $p) (local.get $v))
       (array.set $string (local.get $s)
          (i32.add (local.get $p) (i32.const 1))
@@ -280,10 +280,10 @@
       (local.set $p (i31.get_s (ref.cast (ref i31) (local.get 1))))
       (local.set $v (call $Int32_val (local.get 2)))
       (if (i32.lt_s (local.get $p) (i32.const 0))
-         (then (return_call $caml_bound_error)))
+         (then (call $caml_bound_error)))
       (if (i32.ge_u (i32.add (local.get $p) (i32.const 3))
                     (array.len (local.get $s)))
-         (then (return_call $caml_bound_error)))
+         (then (call $caml_bound_error)))
       (array.set $string (local.get $s) (local.get $p) (local.get $v))
       (array.set $string (local.get $s)
          (i32.add (local.get $p) (i32.const 1))
@@ -303,10 +303,10 @@
       (local.set $p (i31.get_s (ref.cast (ref i31) (local.get 1))))
       (local.set $v (call $Int64_val (local.get 2)))
       (if (i32.lt_s (local.get $p) (i32.const 0))
-         (then (return_call $caml_bound_error)))
+         (then (call $caml_bound_error)))
       (if (i32.ge_u (i32.add (local.get $p) (i32.const 7))
                     (array.len (local.get $s)))
-         (then (return_call $caml_bound_error)))
+         (then (call $caml_bound_error)))
       (array.set $string (local.get $s) (local.get $p)
          (i32.wrap_i64 (local.get $v)))
       (array.set $string (local.get $s)