diff --git a/video/csputils.c b/video/csputils.c
index 9db7bb54a9..5b5c4e1def 100644
--- a/video/csputils.c
+++ b/video/csputils.c
@@ -479,7 +479,7 @@ bool mp_trc_is_hdr(enum mp_csp_trc trc)
 
 // Compute the RGB/XYZ matrix as described here:
 // http://www.brucelindbloom.com/index.html?Eqn_RGB_XYZ_Matrix.html
-static void mp_get_rgb2xyz_matrix(struct mp_csp_primaries space, float m[3][3])
+void mp_get_rgb2xyz_matrix(struct mp_csp_primaries space, float m[3][3])
 {
     float S[3], X[4], Z[4];
 
@@ -537,14 +537,14 @@ static void mp_apply_chromatic_adaptation(struct mp_csp_col_xy src,
 
     for (int i = 0; i < 3; i++) {
         // source cone
-        C[i][0] = bradford[i][0] * src.x / src.y
+        C[i][0] = bradford[i][0] * mp_xy_X(src)
                 + bradford[i][1] * 1
-                + bradford[i][2] * (1 - src.x - src.y) / src.y;
+                + bradford[i][2] * mp_xy_Z(src);
 
         // dest cone
-        C[i][1] = bradford[i][0] * dest.x / dest.y
+        C[i][1] = bradford[i][0] * mp_xy_X(dest)
                 + bradford[i][1] * 1
-                + bradford[i][2] * (1 - dest.x - dest.y) / dest.y;
+                + bradford[i][2] * mp_xy_Z(dest);
     }
 
     // tmp := I * [Cd/Cs] * Ma
diff --git a/video/csputils.h b/video/csputils.h
index 9e81c90ebf..8b63ac3905 100644
--- a/video/csputils.h
+++ b/video/csputils.h
@@ -218,6 +218,14 @@ struct mp_csp_col_xy {
     float x, y;
 };
 
+static inline float mp_xy_X(struct mp_csp_col_xy xy) {
+    return xy.x / xy.y;
+}
+
+static inline float mp_xy_Z(struct mp_csp_col_xy xy) {
+    return (1 - xy.x - xy.y) / xy.y;
+}
+
 struct mp_csp_primaries {
     struct mp_csp_col_xy red, green, blue, white;
 };
@@ -268,6 +276,7 @@ struct mp_cmat {
     float c[3];
 };
 
+void mp_get_rgb2xyz_matrix(struct mp_csp_primaries space, float m[3][3]);
 void mp_get_cms_matrix(struct mp_csp_primaries src, struct mp_csp_primaries dest,
                        enum mp_render_intent intent, float cms_matrix[3][3]);
 
diff --git a/video/out/opengl/video_shaders.c b/video/out/opengl/video_shaders.c
index f56c687903..26f751afb2 100644
--- a/video/out/opengl/video_shaders.c
+++ b/video/out/opengl/video_shaders.c
@@ -548,8 +548,26 @@ void pass_color_map(struct gl_shader_cache *sc,
 
     // Tone map to prevent clipping when the source signal peak exceeds the
     // encodable range
-    if (src.sig_peak > dst_range)
+    if (src.sig_peak > dst_range) {
+        // Convert to linear, relative XYZ before tone mapping to preserve
+        // channel balance better
+        struct mp_csp_primaries prim = mp_get_csp_primaries(src.primaries);
+        float rgb2xyz[3][3];
+        mp_get_rgb2xyz_matrix(prim, rgb2xyz);
+        gl_sc_uniform_mat3(sc, "rgb2xyz", true, &rgb2xyz[0][0]);
+        mp_invert_matrix3x3(rgb2xyz);
+        gl_sc_uniform_mat3(sc, "xyz2rgb", true, &rgb2xyz[0][0]);
+        // White balance, calculated from the relative XYZ coefficients of
+        // the white point. Failing to multiply in this difference causes
+        // the tone mapping process to shift the color temperature.
+        gl_sc_uniform_vec2(sc, "balance", (float[]){mp_xy_X(prim.white),
+                                                    mp_xy_Z(prim.white)});
+        GLSL(color.xyz = rgb2xyz * color.rgb;)
+        GLSL(color.xz /= balance;)
         pass_tone_map(sc, src.sig_peak / dst_range, algo, tone_mapping_param);
+        GLSL(color.xz *= balance;)
+        GLSL(color.rgb = xyz2rgb * color.xyz;)
+    }
 
     // Adapt to the right colorspace if necessary
     if (src.primaries != dst.primaries) {