diff --git a/pcsx2/GS/GSState.h b/pcsx2/GS/GSState.h
index 000e751dc5..ffd54a8f2c 100644
--- a/pcsx2/GS/GSState.h
+++ b/pcsx2/GS/GSState.h
@@ -313,7 +313,8 @@ public:
 	virtual void InvalidateVideoMem(const GIFRegBITBLTBUF& BITBLTBUF, const GSVector4i& r) {}
 	virtual void InvalidateLocalMem(const GIFRegBITBLTBUF& BITBLTBUF, const GSVector4i& r, bool clut = false) {}
 
-	void Move();
+	virtual void Move();
+
 	void Write(const u8* mem, int len);
 	void Read(u8* mem, int len);
 	void InitReadFIFO(u8* mem, int len);
diff --git a/pcsx2/GS/Renderers/HW/GSRendererHW.cpp b/pcsx2/GS/Renderers/HW/GSRendererHW.cpp
index 239e4f7cb3..dd32f1671a 100644
--- a/pcsx2/GS/Renderers/HW/GSRendererHW.cpp
+++ b/pcsx2/GS/Renderers/HW/GSRendererHW.cpp
@@ -799,6 +799,26 @@ void GSRendererHW::InvalidateLocalMem(const GIFRegBITBLTBUF& BITBLTBUF, const GS
 	m_tc->InvalidateLocalMem(m_mem.GetOffset(BITBLTBUF.SBP, BITBLTBUF.SBW, BITBLTBUF.SPSM), r);
 }
 
+void GSRendererHW::Move()
+{
+	int sx = m_env.TRXPOS.SSAX;
+	int sy = m_env.TRXPOS.SSAY;
+	int dx = m_env.TRXPOS.DSAX;
+	int dy = m_env.TRXPOS.DSAY;
+
+	const int w = m_env.TRXREG.RRW;
+	const int h = m_env.TRXREG.RRH;
+
+	if (m_tc->Move(m_env.BITBLTBUF.SBP, m_env.BITBLTBUF.SBW, m_env.BITBLTBUF.SPSM, sx, sy,
+			m_env.BITBLTBUF.DBP, m_env.BITBLTBUF.DBW, m_env.BITBLTBUF.DPSM, dx, dy, w, h))
+	{
+		// Handled entirely in TC, no need to update local memory.
+		return;
+	}
+
+	GSRenderer::Move();
+}
+
 u16 GSRendererHW::Interpolate_UV(float alpha, int t0, int t1)
 {
 	const float t = (1.0f - alpha) * t0 + alpha * t1;
diff --git a/pcsx2/GS/Renderers/HW/GSRendererHW.h b/pcsx2/GS/Renderers/HW/GSRendererHW.h
index 1734150d95..68fbea4798 100644
--- a/pcsx2/GS/Renderers/HW/GSRendererHW.h
+++ b/pcsx2/GS/Renderers/HW/GSRendererHW.h
@@ -190,6 +190,7 @@ public:
 	GSTexture* GetFeedbackOutput() override;
 	void InvalidateVideoMem(const GIFRegBITBLTBUF& BITBLTBUF, const GSVector4i& r) override;
 	void InvalidateLocalMem(const GIFRegBITBLTBUF& BITBLTBUF, const GSVector4i& r, bool clut = false) override;
+	void Move() override;
 	void Draw() override;
 
 	void PurgeTextureCache() override;
diff --git a/pcsx2/GS/Renderers/HW/GSTextureCache.cpp b/pcsx2/GS/Renderers/HW/GSTextureCache.cpp
index 26ecf116e6..be79c44464 100644
--- a/pcsx2/GS/Renderers/HW/GSTextureCache.cpp
+++ b/pcsx2/GS/Renderers/HW/GSTextureCache.cpp
@@ -1045,6 +1045,68 @@ void GSTextureCache::InvalidateLocalMem(const GSOffset& off, const GSVector4i& r
 	// TODO: ds
 }
 
+bool GSTextureCache::Move(u32 SBP, u32 SBW, u32 SPSM, int sx, int sy, u32 DBP, u32 DBW, u32 DPSM, int dx, int dy, int w, int h)
+{
+	// TODO: In theory we could do channel swapping on the GPU, but we haven't found anything which needs it so far.
+	// Same with SBP == DBP, but this behavior could change based on direction?
+	if (SPSM != DPSM || SBP == DBP)
+	{
+		GL_CACHE("Skipping HW move from 0x%X to 0x%X with SPSM=%u DPSM=%u", SBP, DBP, SPSM, DPSM);
+		return false;
+	}
+
+	// DX11/12 is a bit lame and can't partial copy depth targets. We could do this with a blit instead,
+	// but so far haven't seen anything which needs it.
+	if (GSConfig.Renderer == GSRendererType::DX11 || GSConfig.Renderer == GSRendererType::DX12)
+	{
+		if (GSLocalMemory::m_psm[SPSM].depth || GSLocalMemory::m_psm[DPSM].depth)
+			return false;
+	}
+
+	// Look for an exact match on the targets.
+	GSTextureCache::Target* src = GetExactTarget(SBP, SBW, SPSM);
+	GSTextureCache::Target* dst = GetExactTarget(DBP, DBW, DPSM);
+	if (!src || !dst || src->m_texture->GetScale() != dst->m_texture->GetScale())
+		return false;
+
+	// Scale coordinates.
+	const GSVector2 scale(src->m_texture->GetScale());
+	const int scaled_sx = static_cast<int>(sx * scale.x);
+	const int scaled_sy = static_cast<int>(sy * scale.y);
+	const int scaled_dx = static_cast<int>(dx * scale.x);
+	const int scaled_dy = static_cast<int>(dy * scale.y);
+	const int scaled_w = static_cast<int>(w * scale.x);
+	const int scaled_h = static_cast<int>(h * scale.y);
+
+	// Make sure the copy doesn't go out of bounds (it shouldn't).
+	if ((scaled_sx + scaled_w) > src->m_texture->GetWidth() || (scaled_sy + scaled_h) > src->m_texture->GetHeight() ||
+		(scaled_dx + scaled_w) > dst->m_texture->GetWidth() || (scaled_dy + scaled_h) > dst->m_texture->GetHeight())
+	{
+		return false;
+	}
+
+	g_gs_device->CopyRect(src->m_texture, dst->m_texture,
+		GSVector4i(scaled_sx, scaled_sy, scaled_sx + scaled_w, scaled_sy + scaled_h),
+		scaled_dx, scaled_dy);
+
+	// Invalidate any sources that overlap with the target (since they're now stale).
+	InvalidateVideoMem(g_gs_renderer->m_mem.GetOffset(DBP, DBW, DPSM), GSVector4i(dx, dy, dx + w, dy + h), false);
+	return true;
+}
+
+GSTextureCache::Target* GSTextureCache::GetExactTarget(u32 BP, u32 BW, u32 PSM) const
+{
+	auto& rts = m_dst[GSLocalMemory::m_psm[PSM].depth ? DepthStencil : RenderTarget];
+	for (auto it = rts.begin(); it != rts.end(); ++it) // Iterate targets from MRU to LRU.
+	{
+		Target* t = *it;
+		if (t->m_TEX0.TBP0 == BP && t->m_TEX0.TBW == BW && t->m_TEX0.PSM == PSM)
+			return t;
+	}
+
+	return nullptr;
+}
+
 // Hack: remove Target that are strictly included in current rt. Typically uses for FMV
 // For example, game is rendered at 0x800->0x1000, fmv will be uploaded to 0x0->0x2800
 // FIXME In theory, we ought to report the data from the sub rt to the main rt. But let's
diff --git a/pcsx2/GS/Renderers/HW/GSTextureCache.h b/pcsx2/GS/Renderers/HW/GSTextureCache.h
index 4843880c09..32c4fcc691 100644
--- a/pcsx2/GS/Renderers/HW/GSTextureCache.h
+++ b/pcsx2/GS/Renderers/HW/GSTextureCache.h
@@ -283,6 +283,9 @@ protected:
 	Source* CreateSource(const GIFRegTEX0& TEX0, const GIFRegTEXA& TEXA, Target* t = NULL, bool half_right = false, int x_offset = 0, int y_offset = 0, const GSVector2i* lod = nullptr, const GSVector4i* src_range = nullptr);
 	Target* CreateTarget(const GIFRegTEX0& TEX0, int w, int h, int type, const bool clear);
 
+	/// Looks up a target in the cache, and only returns it if the BP/BW/PSM match exactly.
+	Target* GetExactTarget(u32 BP, u32 BW, u32 PSM) const;
+
 	HashCacheEntry* LookupHashCache(const GIFRegTEX0& TEX0, const GIFRegTEXA& TEXA, bool& paltex, const u32* clut, const GSVector2i* lod);
 
 	static void PreloadTexture(const GIFRegTEX0& TEX0, const GIFRegTEXA& TEXA, GSLocalMemory& mem, bool paltex, GSTexture* tex, u32 level);
@@ -312,6 +315,7 @@ public:
 	void InvalidateVideoMemSubTarget(GSTextureCache::Target* rt);
 	void InvalidateVideoMem(const GSOffset& off, const GSVector4i& r, bool target = true);
 	void InvalidateLocalMem(const GSOffset& off, const GSVector4i& r);
+	bool Move(u32 SBP, u32 SBW, u32 SPSM, int sx, int sy, u32 DBP, u32 DBW, u32 DPSM, int dx, int dy, int w, int h);
 
 	void IncAge();