diff --git a/.gitmodules b/.gitmodules
index 993394310a..d1b35425dd 100644
--- a/.gitmodules
+++ b/.gitmodules
@@ -12,7 +12,7 @@
     url = https://github.com/catchorg/Catch2
 [submodule "dynarmic"]
     path = externals/dynarmic
-    url = https://github.com/citra-emu/dynarmic.git
+    url = https://github.com/merryhime/dynarmic.git
 [submodule "xbyak"]
     path = externals/xbyak
     url = https://github.com/herumi/xbyak.git
diff --git a/externals/CMakeLists.txt b/externals/CMakeLists.txt
index 10d5f09208..4a94c4ed93 100644
--- a/externals/CMakeLists.txt
+++ b/externals/CMakeLists.txt
@@ -33,6 +33,7 @@ add_subdirectory(cryptopp)
 
 # fmt and Xbyak need to be added before dynarmic
 # libfmt
+option(FMT_INSTALL "" ON)
 add_subdirectory(fmt)
 
 # Xbyak
@@ -43,7 +44,6 @@ endif()
 # Dynarmic
 if (ARCHITECTURE_x86_64 OR ARCHITECTURE_arm64)
     set(DYNARMIC_TESTS OFF)
-    set(DYNARMIC_NO_BUNDLED_FMT ON)
     set(DYNARMIC_FRONTENDS "A32")
     add_subdirectory(dynarmic)
 endif()
diff --git a/externals/dynarmic b/externals/dynarmic
index 7a926d689b..cd2bee17f2 160000
--- a/externals/dynarmic
+++ b/externals/dynarmic
@@ -1 +1 @@
-Subproject commit 7a926d689bcc1cc39dd26d5bba379dffcc6815a3
+Subproject commit cd2bee17f20d8ec1df09f458c0f75114b65ed470