Techniques related to query execution against an in-memory standby database are disclosed. A first database includes PF data stored on persistent storage in a persistent format. The first database is accessible to a first database server that converts the PF data to a mirror format to produce MF data that is stored within volatile memory. The first database server receives, from a second database server, one or more change records indicating one or more transactions performed against a second database. The one or more change records are applied to the PF data, and a reference timestamp is advanced from a first to a second timestamp. The first database server invalidates any MF data that is changed by a subset of the one or more transactions that committed between the first and second timestamps.