diff --git a/Cargo.lock b/Cargo.lock
index abf9368d3e4..42492416068 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -2304,9 +2304,9 @@ dependencies = [
 
 [[package]]
 name = "graphql-tools"
-version = "0.2.5"
+version = "0.4.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "5abc524cafc9e33420583e93b69610e7b92a970d57ae4df55fec0a1932b0b407"
+checksum = "68fb22726aceab7a8933cdcff4201e1cdbcc7c7394df5bc1ebdcf27b44376433"
 dependencies = [
  "graphql-parser",
  "lazy_static",
@@ -4655,15 +4655,17 @@ dependencies = [
 
 [[package]]
 name = "serde_with"
-version = "2.3.3"
+version = "3.12.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "07ff71d2c147a7b57362cead5e22f772cd52f6ab31cfcd9edcd7f6aeb2a0afbe"
+checksum = "d6b6f7f2fcb69f747921f79f3926bd1e203fce4fef62c268dd3abfb6d86029aa"
 dependencies = [
- "base64 0.13.1",
+ "base64 0.22.1",
  "chrono",
  "hex",
  "indexmap 1.9.3",
+ "indexmap 2.9.0",
  "serde",
+ "serde_derive",
  "serde_json",
  "serde_with_macros",
  "time",
@@ -4671,9 +4673,9 @@ dependencies = [
 
 [[package]]
 name = "serde_with_macros"
-version = "2.3.3"
+version = "3.12.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "881b6f881b17d13214e5d494c939ebab463d01264ce1811e9d4ac3a882e7695f"
+checksum = "8d00caa5193a3c8362ac2b73be6b9e768aa5a4b2f721d8f4b339600c3cb51f8e"
 dependencies = [
  "darling",
  "proc-macro2",
diff --git a/graphql/Cargo.toml b/graphql/Cargo.toml
index a64354ec717..b4795cd8e8e 100644
--- a/graphql/Cargo.toml
+++ b/graphql/Cargo.toml
@@ -6,7 +6,7 @@ edition.workspace = true
 [dependencies]
 crossbeam = "0.8"
 graph = { path = "../graph" }
-graphql-tools = "0.2.5"
+graphql-tools = "0.4.0"
 lazy_static = "1.5.0"
 stable-hash = { git = "https://github.com/graphprotocol/stable-hash", branch = "main"}
 stable-hash_legacy = { git = "https://github.com/graphprotocol/stable-hash", branch = "old", package = "stable-hash" }