@danielroe hi! I got the same issue even without using transform. Without a key the client is not hydrated with data. The only difference to the posted useFetch is that I'm passing a function as the url argument. Might that be the issue or something else?

Operating System: macOS Monterey 12.3.1
Node Version: v16.14.2
Nuxt Version: 3.0.0-rc.2
Package Manager: yarn 1.22.18
Builder: vite
User Config: -
Runtime Modules: -
Build Modules: -

Reproduction

_Originally posted by @iohansson in #13790