diff --git a/CHANGELOG.md b/CHANGELOG.md
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,8 @@
+## Fourmolu 0.8.2.0
+
+* Add `multi-line-compact` option to `haddock-style` that will output `{-|` for multiline haddocks instead of `{- |` ([#130](https://github.com/fourmolu/fourmolu/pull/130))
+* Add `function-arrows` configuration option to style arrow placement in type signatures ([#209](https://github.com/fourmolu/fourmolu/pull/209))
+
 ## Fourmolu 0.8.1.0
 
 * Add `emptyConfig` ([#221](https://github.com/fourmolu/fourmolu/pull/221))
diff --git a/README.md b/README.md
--- a/README.md
+++ b/README.md
@@ -41,17 +41,18 @@
 
 ### Available options
 
-| Configuration option | Valid options | Description |
-|----------------------|---------------|-------------|
-| `indentation`        | any integer   | Number of spaces to use as indentation |
-| `comma-style`        | `leading`, `trailing` | Where to put the comma in lists, tuples, etc. |
-| `import-export-style` | `leading`, `trailing`, `diff-friendly` | How to format multiline import/export lists (`diff-friendly` lists have trailing commas but keep the open-parentheses on the same line as the `import` line) |
-| `indent-wheres`      | `true`, `false` | `false` means save space by only half-indenting the `where` keyword |
-| `record-brace-space` | `true`, `false` | `rec {x = 1}` vs `rec{x = 1}` |
-| `respectful`         | `true`, `false` | Whether to respect user-specified newlines, e.g. in import groupings |
-| `haddock-style`      | `multi-line`, `single-line` | Whether multiline haddocks should use `{-` or `--` |
-| `newlines-between-decls` | any integer | number of newlines between top-level declarations |
-| `fixities`           | A list of strings for defining fixities; see the "Language extensions, dependencies, and fixities" section below |
+| Configuration option     | Valid options   | Description |
+|--------------------------|-----------------|-------------|
+| `indentation`            | any integer     | Number of spaces to use as indentation |
+| `function-arrows`        | `trailing`, `leading`| How to format arrows in type signatures |
+| `comma-style`            | `leading`, `trailing` | Where to put the comma in lists, tuples, etc. |
+| `import-export-style`    | `leading`, `trailing`, `diff-friendly` | How to format multiline import/export lists (`diff-friendly` lists have trailing commas but keep the open-parentheses on the same line as the `import` line) |
+| `indent-wheres`          | `true`, `false` | `false` means save space by only half-indenting the `where` keyword |
+| `record-brace-space`     | `true`, `false` | `rec {x = 1}` vs `rec{x = 1}` |
+| `newlines-between-decls` | any integer     | number of newlines between top-level declarations |
+| `haddock-style`          | `single-line`, `multi-line`, `multi-line-compact` | Whether multiline haddocks should use `-- \|`, `{- \|`, or `{-\|` (single-line haddocks will always use `--` for now) |
+| `respectful`             | `true`, `false` | Whether to respect user-specified newlines, e.g. in import groupings |
+| `fixities`               | A list of strings | See the "Language extensions, dependencies, and fixities" section below |
 
 For examples of each of these options, see the [test files](https://github.com/fourmolu/fourmolu/tree/main/data/fourmolu/).
 
@@ -63,13 +64,14 @@
 
 ```yaml
 indentation: 4
+function-arrows: trailing
 comma-style: leading
 import-export-style: diff-friendly
 indent-wheres: false
 record-brace-space: false
-respectful: true
-haddock-style: multi-line
 newlines-between-decls: 1
+haddock-style: multi-line
+respectful: true
 fixities: []
 ```
 
@@ -77,13 +79,14 @@
 
 ```yaml
 indentation: 2
+function-arrows: trailing
 comma-style: trailing
 import-export-style: trailing
 indent-wheres: true
 record-brace-space: true
-respectful: false
-haddock-style: single-line
 newlines-between-decls: 1
+haddock-style: single-line
+respectful: false
 fixities: []
 ```
 
diff --git a/data/fourmolu/function-arrows/input.hs b/data/fourmolu/function-arrows/input.hs
new file mode 100644
--- /dev/null
+++ b/data/fourmolu/function-arrows/input.hs
@@ -0,0 +1,85 @@
+{-# LANGUAGE InstanceSigs #-}
+module Main where
+
+-- | Something else.
+class Bar a where
+  -- | Bar
+  bar ::
+    String ->
+    String ->
+    a
+  -- Pointless comment
+  default bar ::
+    ( Read a,
+      Semigroup a
+    ) =>
+    a ->
+    a ->
+    a
+  -- Even more pointless comment
+  bar
+    a
+    b =
+      read a <> read b
+
+-- | Here goes a comment.
+data Foo a where
+  -- | 'Foo' is wonderful.
+  Foo ::
+    forall a b.
+    (Show a, Eq b) => -- foo
+    -- bar
+    a ->
+    b ->
+    Foo 'Int
+  -- | But 'Bar' is also not too bad.
+  Bar ::
+    -- | An Int
+    Int ->
+    Maybe Text ->
+    -- ^ And a Maybe Text
+    Foo 'Bool
+  -- | So is 'Baz'.
+  Baz ::
+    forall a.
+    a ->
+    Foo 'String
+  (:~>) :: Foo a -> Foo a -> Foo a
+
+-- Single line type signature is preserved
+instance Eq Int where
+  (==) :: Int -> Int -> Bool
+  (==) _ _ = False
+singleLineFun :: forall a. (C1, C2) => Int -> Bool
+
+instance Ord Int where
+  compare ::
+    Int ->
+    Int ->
+    Ordering
+  compare
+    _
+    _ =
+      GT
+
+functionName ::
+  (C1, C2, C3, C4, C5) =>
+  a ->
+  b ->
+  ( forall a.
+    (C6, C7) =>
+    LongDataTypeName ->
+    a ->
+    AnotherLongDataTypeName ->
+    b ->
+    c
+  ) ->
+  (c -> d) ->
+  (a, b, c, d)
+
+data Record = Record
+  { recFun :: forall a. (C1, C2) => Int ->
+              Int ->
+              Bool
+  , recOther :: Bool
+  }
diff --git a/data/fourmolu/function-arrows/output-LeadingArrows.hs b/data/fourmolu/function-arrows/output-LeadingArrows.hs
new file mode 100644
--- /dev/null
+++ b/data/fourmolu/function-arrows/output-LeadingArrows.hs
@@ -0,0 +1,89 @@
+{-# LANGUAGE InstanceSigs #-}
+
+module Main where
+
+-- | Something else.
+class Bar a where
+    -- | Bar
+    bar
+        :: String
+        -> String
+        -> a
+    -- Pointless comment
+    default bar
+        :: ( Read a
+           , Semigroup a
+           )
+        => a
+        -> a
+        -> a
+    -- Even more pointless comment
+    bar
+        a
+        b =
+            read a <> read b
+
+-- | Here goes a comment.
+data Foo a where
+    -- | 'Foo' is wonderful.
+    Foo
+        :: forall a b
+         . (Show a, Eq b) -- foo
+        -- bar
+        => a
+        -> b
+        -> Foo 'Int
+    -- | But 'Bar' is also not too bad.
+    Bar
+        :: Int
+        -- ^ An Int
+        -> Maybe Text
+        -- ^ And a Maybe Text
+        -> Foo 'Bool
+    -- | So is 'Baz'.
+    Baz
+        :: forall a
+         . a
+        -> Foo 'String
+    (:~>) :: Foo a -> Foo a -> Foo a
+
+-- Single line type signature is preserved
+instance Eq Int where
+    (==) :: Int -> Int -> Bool
+    (==) _ _ = False
+singleLineFun :: forall a. (C1, C2) => Int -> Bool
+
+instance Ord Int where
+    compare
+        :: Int
+        -> Int
+        -> Ordering
+    compare
+        _
+        _ =
+            GT
+
+functionName
+    :: (C1, C2, C3, C4, C5)
+    => a
+    -> b
+    -> ( forall a
+          . (C6, C7)
+         => LongDataTypeName
+         -> a
+         -> AnotherLongDataTypeName
+         -> b
+         -> c
+       )
+    -> (c -> d)
+    -> (a, b, c, d)
+
+data Record = Record
+    { recFun
+        :: forall a
+         . (C1, C2)
+        => Int
+        -> Int
+        -> Bool
+    , recOther :: Bool
+    }
diff --git a/data/fourmolu/function-arrows/output-TrailingArrows.hs b/data/fourmolu/function-arrows/output-TrailingArrows.hs
new file mode 100644
--- /dev/null
+++ b/data/fourmolu/function-arrows/output-TrailingArrows.hs
@@ -0,0 +1,89 @@
+{-# LANGUAGE InstanceSigs #-}
+
+module Main where
+
+-- | Something else.
+class Bar a where
+    -- | Bar
+    bar ::
+        String ->
+        String ->
+        a
+    -- Pointless comment
+    default bar ::
+        ( Read a
+        , Semigroup a
+        ) =>
+        a ->
+        a ->
+        a
+    -- Even more pointless comment
+    bar
+        a
+        b =
+            read a <> read b
+
+-- | Here goes a comment.
+data Foo a where
+    -- | 'Foo' is wonderful.
+    Foo ::
+        forall a b.
+        (Show a, Eq b) => -- foo
+        -- bar
+        a ->
+        b ->
+        Foo 'Int
+    -- | But 'Bar' is also not too bad.
+    Bar ::
+        -- | An Int
+        Int ->
+        -- | And a Maybe Text
+        Maybe Text ->
+        Foo 'Bool
+    -- | So is 'Baz'.
+    Baz ::
+        forall a.
+        a ->
+        Foo 'String
+    (:~>) :: Foo a -> Foo a -> Foo a
+
+-- Single line type signature is preserved
+instance Eq Int where
+    (==) :: Int -> Int -> Bool
+    (==) _ _ = False
+singleLineFun :: forall a. (C1, C2) => Int -> Bool
+
+instance Ord Int where
+    compare ::
+        Int ->
+        Int ->
+        Ordering
+    compare
+        _
+        _ =
+            GT
+
+functionName ::
+    (C1, C2, C3, C4, C5) =>
+    a ->
+    b ->
+    ( forall a.
+      (C6, C7) =>
+      LongDataTypeName ->
+      a ->
+      AnotherLongDataTypeName ->
+      b ->
+      c
+    ) ->
+    (c -> d) ->
+    (a, b, c, d)
+
+data Record = Record
+    { recFun ::
+        forall a.
+        (C1, C2) =>
+        Int ->
+        Int ->
+        Bool
+    , recOther :: Bool
+    }
diff --git a/data/fourmolu/haddock-style/output-HaddockMultiLineCompact.hs b/data/fourmolu/haddock-style/output-HaddockMultiLineCompact.hs
new file mode 100644
--- /dev/null
+++ b/data/fourmolu/haddock-style/output-HaddockMultiLineCompact.hs
@@ -0,0 +1,31 @@
+{-| This is a test multiline
+ module haddock
+-}
+module Foo where
+
+-- | This is a singleline function haddock
+single1 :: Int
+
+-- | This is a singleline function haddock
+single2 :: Int
+
+{-| This is a multiline
+ function haddock
+-}
+multi1 :: Int
+
+{-|
+This is a multiline
+function haddock
+-}
+multi2 :: Int
+
+{-| This is a haddock
+
+ with two consecutive newlines
+
+
+ https://github.com/fourmolu/fourmolu/issues/172
+-}
+foo :: Int
+foo = 42
diff --git a/fourmolu.cabal b/fourmolu.cabal
--- a/fourmolu.cabal
+++ b/fourmolu.cabal
@@ -1,6 +1,6 @@
 cabal-version:      2.4
 name:               fourmolu
-version:            0.8.1.0
+version:            0.8.2.0
 license:            BSD-3-Clause
 license-file:       LICENSE.md
 maintainer:
diff --git a/fourmolu.yaml b/fourmolu.yaml
--- a/fourmolu.yaml
+++ b/fourmolu.yaml
@@ -1,10 +1,11 @@
 # Options should imitate Ormolu's style
 indentation: 2
+function-arrows: trailing
 comma-style: trailing
 import-export-style: trailing
 indent-wheres: true
 record-brace-space: true
-respectful: false
-haddock-style: single-line
 newlines-between-decls: 1
+haddock-style: single-line
+respectful: false
 fixities: []
diff --git a/src/Ormolu/Config.hs b/src/Ormolu/Config.hs
--- a/src/Ormolu/Config.hs
+++ b/src/Ormolu/Config.hs
@@ -218,13 +218,14 @@
 overFieldsM :: Applicative m => (forall a. f a -> m (g a)) -> PrinterOpts f -> m (PrinterOpts g)
 overFieldsM f $(unpackFieldsWithSuffix 'PrinterOpts "0") = do
   poIndentation <- f poIndentation0
+  poFunctionArrows <- f poFunctionArrows0
   poCommaStyle <- f poCommaStyle0
   poImportExportStyle <- f poImportExportStyle0
   poIndentWheres <- f poIndentWheres0
   poRecordBraceSpace <- f poRecordBraceSpace0
-  poRespectful <- f poRespectful0
-  poHaddockStyle <- f poHaddockStyle0
   poNewlinesBetweenDecls <- f poNewlinesBetweenDecls0
+  poHaddockStyle <- f poHaddockStyle0
+  poRespectful <- f poRespectful0
   return PrinterOpts {..}
 
 defaultPrinterOpts :: PrinterOptsTotal
@@ -269,6 +270,14 @@
             metaHelp = "Number of spaces per indentation step",
             metaDefault = 4
           },
+      poFunctionArrows =
+        PrinterOptsFieldMeta
+          { metaName = "function-arrows",
+            metaGetField = poFunctionArrows,
+            metaPlaceholder = "STYLE",
+            metaHelp = "Styling of arrows in type signatures",
+            metaDefault = TrailingArrows
+          },
       poCommaStyle =
         PrinterOptsFieldMeta
           { metaName = "comma-style",
@@ -311,13 +320,13 @@
             metaHelp = "Whether to leave a space before an opening record brace",
             metaDefault = False
           },
-      poRespectful =
+      poNewlinesBetweenDecls =
         PrinterOptsFieldMeta
-          { metaName = "respectful",
-            metaGetField = poRespectful,
-            metaPlaceholder = "BOOL",
-            metaHelp = "Give the programmer more choice on where to insert blank lines",
-            metaDefault = True
+          { metaName = "newlines-between-decls",
+            metaGetField = poNewlinesBetweenDecls,
+            metaPlaceholder = "HEIGHT",
+            metaHelp = "Number of spaces between top-level declarations",
+            metaDefault = 1
           },
       poHaddockStyle =
         PrinterOptsFieldMeta
@@ -330,13 +339,13 @@
                 (showAllValues haddockPrintStyleMap),
             metaDefault = HaddockMultiLine
           },
-      poNewlinesBetweenDecls =
+      poRespectful =
         PrinterOptsFieldMeta
-          { metaName = "newlines-between-decls",
-            metaGetField = poNewlinesBetweenDecls,
-            metaPlaceholder = "HEIGHT",
-            metaHelp = "Number of spaces between top-level declarations",
-            metaDefault = 1
+          { metaName = "respectful",
+            metaGetField = poRespectful,
+            metaPlaceholder = "BOOL",
+            metaHelp = "Give the programmer more choice on where to insert blank lines",
+            metaDefault = True
           }
     }
 
@@ -373,11 +382,20 @@
       ]
    )
 
+functionArrowsStyleMap :: BijectiveMap FunctionArrowsStyle
+functionArrowsStyleMap =
+  $( mkBijectiveMap
+      [ ('TrailingArrows, "trailing"),
+        ('LeadingArrows, "leading")
+      ]
+   )
+
 haddockPrintStyleMap :: BijectiveMap HaddockPrintStyle
 haddockPrintStyleMap =
   $( mkBijectiveMap
       [ ('HaddockSingleLine, "single-line"),
-        ('HaddockMultiLine, "multi-line")
+        ('HaddockMultiLine, "multi-line"),
+        ('HaddockMultiLineCompact, "multi-line-compact")
       ]
    )
 
@@ -394,6 +412,11 @@
   parseJSON = parseJSONWith commaStyleMap "CommaStyle"
   parseText = parseTextWith commaStyleMap
   showText = show . showTextWith commaStyleMap
+
+instance PrinterOptsFieldType FunctionArrowsStyle where
+  parseJSON = parseJSONWith functionArrowsStyleMap "FunctionArrowStyle"
+  parseText = parseTextWith functionArrowsStyleMap
+  showText = show . showTextWith functionArrowsStyleMap
 
 instance PrinterOptsFieldType HaddockPrintStyle where
   parseJSON = parseJSONWith haddockPrintStyleMap "HaddockPrintStyle"
diff --git a/src/Ormolu/Config/Types.hs b/src/Ormolu/Config/Types.hs
--- a/src/Ormolu/Config/Types.hs
+++ b/src/Ormolu/Config/Types.hs
@@ -4,6 +4,7 @@
 module Ormolu.Config.Types
   ( PrinterOpts (..),
     CommaStyle (..),
+    FunctionArrowsStyle (..),
     HaddockPrintStyle (..),
     ImportExportStyle (..),
   )
@@ -15,6 +16,8 @@
 data PrinterOpts f = PrinterOpts
   { -- | Number of spaces to use for indentation
     poIndentation :: f Int,
+    -- | How to style arrows in type signatures
+    poFunctionArrows :: f FunctionArrowsStyle,
     -- | Whether to place commas at start or end of lines
     poCommaStyle :: f CommaStyle,
     -- | Styling of import/export lists
@@ -23,12 +26,12 @@
     poIndentWheres :: f Bool,
     -- | Leave space before opening record brace
     poRecordBraceSpace :: f Bool,
-    -- | Be less opinionated about spaces/newlines etc.
-    poRespectful :: f Bool,
+    -- | Number of newlines between top-level decls
+    poNewlinesBetweenDecls :: f Int,
     -- | How to print doc comments
     poHaddockStyle :: f HaddockPrintStyle,
-    -- | Number of newlines between top-level decls
-    poNewlinesBetweenDecls :: f Int
+    -- | Be less opinionated about spaces/newlines etc.
+    poRespectful :: f Bool
   }
   deriving (Generic)
 
@@ -37,9 +40,15 @@
   | Trailing
   deriving (Eq, Show, Enum, Bounded)
 
+data FunctionArrowsStyle
+  = TrailingArrows
+  | LeadingArrows
+  deriving (Eq, Show, Enum, Bounded)
+
 data HaddockPrintStyle
   = HaddockSingleLine
   | HaddockMultiLine
+  | HaddockMultiLineCompact
   deriving (Eq, Show, Enum, Bounded)
 
 data ImportExportStyle
diff --git a/src/Ormolu/Printer/Combinators.hs b/src/Ormolu/Printer/Combinators.hs
--- a/src/Ormolu/Printer/Combinators.hs
+++ b/src/Ormolu/Printer/Combinators.hs
@@ -29,6 +29,7 @@
     askSourceType,
     askFixityOverrides,
     askFixityMap,
+    inciByExact,
     located,
     located',
     switchLayout,
@@ -74,6 +75,10 @@
     -- ** Placement
     Placement (..),
     placeHanging,
+
+    -- ** Helpers for leading/trailing arrows
+    leadingArrowType,
+    trailingArrowType,
   )
 where
 
@@ -82,6 +87,7 @@
 import Data.Text (Text)
 import GHC.Types.SrcLoc
 import Ormolu.Config
+import Ormolu.Config.Types (FunctionArrowsStyle (..))
 import Ormolu.Printer.Comments
 import Ormolu.Printer.Internal
 import Ormolu.Utils (HasSrcSpan (..))
@@ -364,3 +370,24 @@
     Normal -> do
       breakpoint
       inci m
+
+----------------------------------------------------------------------------
+-- Arrow style
+
+-- | Output @space >> txt "::"@ when we are printing with trailing arrows
+trailingArrowType :: R ()
+trailingArrowType =
+  getPrinterOpt poFunctionArrows >>= \case
+    TrailingArrows -> do
+      space
+      txt "::"
+    LeadingArrows -> pure ()
+
+-- | Output @txt "::" >> space@ when we are printing with leading arrows
+leadingArrowType :: R ()
+leadingArrowType =
+  getPrinterOpt poFunctionArrows >>= \case
+    LeadingArrows -> do
+      txt "::"
+      space
+    TrailingArrows -> pure ()
diff --git a/src/Ormolu/Printer/Internal.hs b/src/Ormolu/Printer/Internal.hs
--- a/src/Ormolu/Printer/Internal.hs
+++ b/src/Ormolu/Printer/Internal.hs
@@ -26,6 +26,7 @@
     inciBy,
     inciByFrac,
     inciHalf,
+    inciByExact,
     sitcc,
     sitccIfTrailing,
     Layout (..),
@@ -58,6 +59,9 @@
 
     -- * Extensions
     isExtensionEnabled,
+    PrevTypeCtx (..),
+    getPrevTypeCtx,
+    setPrevTypeCtx,
   )
 where
 
@@ -135,7 +139,9 @@
     -- | Whether to output a space before the next output
     scRequestedDelimiter :: !RequestedDelimiter,
     -- | An auxiliary marker for keeping track of last output element
-    scSpanMark :: !(Maybe SpanMark)
+    scSpanMark :: !(Maybe SpanMark),
+    -- | What (if any) precedes the current type on the same line
+    scPrevTypeCtx :: PrevTypeCtx
   }
 
 -- | Make sure next output is delimited by one of the following.
@@ -212,7 +218,8 @@
           scCommentStream = cstream,
           scPendingComments = [],
           scRequestedDelimiter = VeryBeginning,
-          scSpanMark = Nothing
+          scSpanMark = Nothing,
+          scPrevTypeCtx = TypeCtxStart
         }
 
 ----------------------------------------------------------------------------
@@ -443,6 +450,15 @@
 inciHalf :: R () -> R ()
 inciHalf = inciByFrac 2
 
+-- | Like 'inci', but indents by exactly the given number of spaces.
+inciByExact :: Int -> R () -> R ()
+inciByExact spaces (R m) = R (local modRC m)
+  where
+    modRC rc =
+      rc
+        { rcIndent = rcIndent rc + spaces
+        }
+
 -- | Set indentation level for the inner computation equal to current
 -- column. This makes sure that the entire inner block is uniformly
 -- \"shifted\" to the right.
@@ -638,3 +654,22 @@
 
 isExtensionEnabled :: Extension -> R Bool
 isExtensionEnabled ext = R . asks $ EnumSet.member ext . rcExtensions
+
+----------------------------------------------------------------------------
+-- Previous type context
+
+-- | What (if anything) precedes the current type on the same line
+-- Only used for the `function-arrows` setting
+data PrevTypeCtx
+  = TypeCtxStart
+  | TypeCtxForall
+  | TypeCtxContext
+  | TypeCtxArgument
+  deriving (Eq, Show)
+
+getPrevTypeCtx :: R PrevTypeCtx
+getPrevTypeCtx = R (gets scPrevTypeCtx)
+
+setPrevTypeCtx :: PrevTypeCtx -> R ()
+setPrevTypeCtx prevTypeCtx =
+  R $ modify (\sc -> sc {scPrevTypeCtx = prevTypeCtx})
diff --git a/src/Ormolu/Printer/Meat/Common.hs b/src/Ormolu/Printer/Meat/Common.hs
--- a/src/Ormolu/Printer/Meat/Common.hs
+++ b/src/Ormolu/Printer/Meat/Common.hs
@@ -168,7 +168,13 @@
       txt $ "-- " <> haddockDelim
       body $ newline >> txt "--"
     else do
-      txt $ "{- " <> haddockDelim
+      txt . T.concat $
+        [ "{-",
+          case (hstyle, printStyle) of
+            (Pipe, HaddockMultiLineCompact) -> ""
+            _ -> " ",
+          haddockDelim
+        ]
       -- 'newline' doesn't allow multiple blank newlines, which changes the comment
       -- if the user writes a comment with multiple newlines. So we have to do this
       -- to force the printer to output a newline. The HaddockSingleLine branch
diff --git a/src/Ormolu/Printer/Meat/Declaration/Data.hs b/src/Ormolu/Printer/Meat/Declaration/Data.hs
--- a/src/Ormolu/Printer/Meat/Declaration/Data.hs
+++ b/src/Ormolu/Printer/Meat/Declaration/Data.hs
@@ -126,13 +126,13 @@
             commaDel
             sep commaDel p_rdrName cs
       inci $ do
-        space
-        txt "::"
+        trailingArrowType
         let interArgBreak =
               if hasDocStrings (unLoc con_res_ty)
                 then newline
                 else breakpoint
         interArgBreak
+        leadingArrowType
         let conTy = case con_g_args of
               PrefixConGADT xs ->
                 let go (HsScaled a b) t = addCLocAA t b (HsFunTy EpAnnNotUsed a b t)
diff --git a/src/Ormolu/Printer/Meat/Declaration/Signature.hs b/src/Ormolu/Printer/Meat/Declaration/Signature.hs
--- a/src/Ormolu/Printer/Meat/Declaration/Signature.hs
+++ b/src/Ormolu/Printer/Meat/Declaration/Signature.hs
@@ -60,11 +60,11 @@
   LHsSigType GhcPs ->
   R ()
 p_typeAscription sigType = inci $ do
-  space
-  txt "::"
+  trailingArrowType
   if hasDocStrings (unLoc . sig_body . unLoc $ sigType)
     then newline
     else breakpoint
+  leadingArrowType
   located sigType p_hsSigType
 
 p_patSynSig ::
@@ -137,10 +137,11 @@
   p_activation inl_act
   space
   p_rdrName name
-  space
-  txt "::"
-  breakpoint
-  inci $ sep commaDel (located' p_hsSigType) ts
+  trailingArrowType
+  inci $ do
+    leadingArrowType
+    breakpoint
+    sep commaDel (located' p_hsSigType) ts
 
 p_inlineSpec :: InlineSpec -> R ()
 p_inlineSpec = \case
@@ -207,9 +208,9 @@
     pragma "COMPLETE" . inci $ do
       sep commaDel p_rdrName cs
       forM_ mty $ \ty -> do
-        space
-        txt "::"
+        trailingArrowType
         breakpoint
+        leadingArrowType
         inci (p_rdrName ty)
 
 p_sccSig :: LocatedN RdrName -> Maybe (Located StringLiteral) -> R ()
@@ -225,7 +226,7 @@
   inci $ do
     space
     p_rdrName name
-    space
-    txt "::"
+    trailingArrowType
     breakpoint
+    leadingArrowType
     located sigTy p_hsSigType
diff --git a/src/Ormolu/Printer/Meat/Declaration/TypeFamily.hs b/src/Ormolu/Printer/Meat/Declaration/TypeFamily.hs
--- a/src/Ormolu/Printer/Meat/Declaration/TypeFamily.hs
+++ b/src/Ormolu/Printer/Meat/Declaration/TypeFamily.hs
@@ -63,8 +63,9 @@
 p_familyResultSigL (L _ a) = case a of
   NoSig NoExtField -> Nothing
   KindSig NoExtField k -> Just $ do
-    txt "::"
+    trailingArrowType
     breakpoint
+    leadingArrowType
     located k p_hsType
   TyVarSig NoExtField bndr -> Just $ do
     equals
diff --git a/src/Ormolu/Printer/Meat/Declaration/Value.hs b/src/Ormolu/Printer/Meat/Declaration/Value.hs
--- a/src/Ormolu/Printer/Meat/Declaration/Value.hs
+++ b/src/Ormolu/Printer/Meat/Declaration/Value.hs
@@ -817,9 +817,9 @@
     p_fieldLabels (NE.toList proj_flds)
   ExprWithTySig _ x HsWC {hswc_body} -> sitcc $ do
     located x p_hsExpr
-    space
-    txt "::"
+    trailingArrowType
     breakpoint
+    leadingArrowType
     inci $ located hswc_body p_hsSigType
   ArithSeq _ _ x ->
     case x of
diff --git a/src/Ormolu/Printer/Meat/Type.hs b/src/Ormolu/Printer/Meat/Type.hs
--- a/src/Ormolu/Printer/Meat/Type.hs
+++ b/src/Ormolu/Printer/Meat/Type.hs
@@ -23,6 +23,7 @@
 where
 
 import Control.Monad
+import Data.Bool (bool)
 import Data.Foldable (for_)
 import GHC.Hs
 import GHC.Types.Basic hiding (isPromoted)
@@ -30,15 +31,34 @@
 import GHC.Types.SrcLoc
 import GHC.Types.Var
 import Ormolu.Config
+import Ormolu.Config.Types (FunctionArrowsStyle (..))
 import Ormolu.Printer.Combinators
+import Ormolu.Printer.Internal (PrevTypeCtx (..), enterLayout, getPrevTypeCtx, setPrevTypeCtx)
 import Ormolu.Printer.Meat.Common
 import {-# SOURCE #-} Ormolu.Printer.Meat.Declaration.OpTree (p_tyOpTree, tyOpTree)
 import {-# SOURCE #-} Ormolu.Printer.Meat.Declaration.Value (p_hsSplice, p_stringLit)
 import Ormolu.Printer.Operators
 import Ormolu.Utils
 
+-- | Render an "PrevTypeCtx" infix
+p_after :: Bool -> R ()
+p_after multilineArgs =
+  getPrevTypeCtx >>= \case
+    TypeCtxStart -> pure ()
+    TypeCtxForall | multilineArgs -> txt " ." >> space
+    TypeCtxForall -> txt "." >> space
+    TypeCtxContext -> txt "=>" >> space
+    TypeCtxArgument -> txt "->" >> space
+
+-- | Like 'p_hsType' but indent properly following a forall
 p_hsType :: HsType GhcPs -> R ()
-p_hsType t = p_hsType' (hasDocStrings t) PipeStyle t
+p_hsType t = do
+  s <-
+    getPrinterOpt poFunctionArrows >>= \case
+      TrailingArrows -> pure PipeStyle
+      LeadingArrows -> pure CaretStyle
+  layout <- getLayout
+  p_hsType' (hasDocStrings t || layout == MultiLine) s t
 
 p_hsTypePostDoc :: HsType GhcPs -> R ()
 p_hsTypePostDoc t = p_hsType' (hasDocStrings t) CaretStyle t
@@ -52,16 +72,27 @@
 p_hsType' multilineArgs docStyle = \case
   HsForAllTy _ tele t -> do
     case tele of
-      HsForAllInvis _ bndrs -> p_forallBndrs ForAllInvis p_hsTyVarBndr bndrs
-      HsForAllVis _ bndrs -> p_forallBndrs ForAllVis p_hsTyVarBndr bndrs
+      HsForAllInvis _ bndrs -> p_forallBndrs' ForAllInvis p_hsTyVarBndr bndrs
+      HsForAllVis _ bndrs -> p_forallBndrs' ForAllVis p_hsTyVarBndr bndrs
+    getPrinterOpt poFunctionArrows >>= \case
+      LeadingArrows | multilineArgs -> pure ()
+      _ -> p_after False >> setPrevTypeCtx TypeCtxStart
     interArgBreak
     p_hsTypeR (unLoc t)
   HsQualTy _ qs' t -> do
-    for_ qs' $ \qs -> do
-      located qs p_hsContext
-      space
-      txt "=>"
-      interArgBreak
+    getPrinterOpt poFunctionArrows >>= \case
+      LeadingArrows -> do
+        after <- getPrevTypeCtx
+        bool id (inciByExact 3) (after == TypeCtxForall) $ for_ qs' $ \qs -> do
+          located qs p_hsContext
+          interArgBreak
+      TrailingArrows -> do
+        for_ qs' $ \qs -> do
+          located qs p_hsContext
+          space
+          txt "=>"
+          interArgBreak
+    setPrevTypeCtx TypeCtxContext
     case unLoc t of
       HsQualTy {} -> p_hsTypeR (unLoc t)
       HsFunTy {} -> p_hsTypeR (unLoc t)
@@ -100,19 +131,30 @@
       txt "@"
       located kd p_hsType
   HsFunTy _ arrow x y@(L _ y') -> do
-    located x p_hsType
-    space
-    case arrow of
-      HsUnrestrictedArrow _ -> txt "->"
-      HsLinearArrow _ _ -> txt "%1 ->"
-      HsExplicitMult _ _ mult -> do
-        txt "%"
-        p_hsTypeR (unLoc mult)
+    getPrinterOpt poFunctionArrows >>= \case
+      LeadingArrows -> do
+        after <- getPrevTypeCtx
+        bool id (inciByExact 3) (after == TypeCtxForall) (located x p_hsType)
+        interArgBreak
+      TrailingArrows -> do
+        located x p_hsType
         space
-        txt "->"
-    interArgBreak
+        case arrow of
+          HsUnrestrictedArrow _ -> txt "->"
+          HsLinearArrow _ _ -> txt "%1 ->"
+          HsExplicitMult _ _ mult -> do
+            txt "%"
+            setPrevTypeCtx TypeCtxContext
+            p_hsTypeR (unLoc mult)
+            space
+            txt "->"
+        interArgBreak
+    setPrevTypeCtx TypeCtxArgument
     case y' of
-      HsFunTy {} -> p_hsTypeR y'
+      HsFunTy {} -> do
+        layout <- getLayout
+        -- Render the comments properly, but keep the existing layout
+        located y (enterLayout layout . p_hsTypeR)
       _ -> located y p_hsTypeR
   HsListTy _ t ->
     located t (brackets N . p_hsType)
@@ -135,16 +177,16 @@
     parens N $ sitcc $ located t p_hsType
   HsIParamTy _ n t -> sitcc $ do
     located n atom
-    space
-    txt "::"
+    trailingArrowType
     breakpoint
+    leadingArrowType
     inci (located t p_hsType)
   HsStarTy _ _ -> txt "*"
   HsKindSig _ t k -> sitcc $ do
     located t p_hsType
-    space
-    txt "::"
+    trailingArrowType
     breakpoint
+    leadingArrowType
     inci (located k p_hsType)
   HsSpliceTy _ splice -> p_hsSplice splice
   HsDocTy _ t str ->
@@ -203,7 +245,11 @@
       if multilineArgs
         then newline
         else breakpoint
-    p_hsTypeR = p_hsType' multilineArgs docStyle
+    p_hsTypeR m = do
+      getPrinterOpt poFunctionArrows >>= \case
+        TrailingArrows -> pure ()
+        LeadingArrows -> p_after multilineArgs
+      p_hsType' multilineArgs docStyle m
 
 -- | Return 'True' if at least one argument in 'HsType' has a doc string
 -- attached to it.
@@ -238,26 +284,31 @@
     (if isInferred flag then braces N else id) $ p_rdrName x
   KindedTyVar _ flag l k -> (if isInferred flag then braces else parens) N . sitcc $ do
     located l atom
-    space
-    txt "::"
+    trailingArrowType
     breakpoint
+    leadingArrowType
     inci (located k p_hsType)
 
 data ForAllVisibility = ForAllInvis | ForAllVis
 
 -- | Render several @forall@-ed variables.
 p_forallBndrs :: ForAllVisibility -> (a -> R ()) -> [LocatedA a] -> R ()
-p_forallBndrs ForAllInvis _ [] = txt "forall."
-p_forallBndrs ForAllVis _ [] = txt "forall ->"
-p_forallBndrs vis p tyvars =
+p_forallBndrs vis p tyvars = do
+  p_forallBndrs' vis p tyvars
+  p_after False
+
+p_forallBndrs' :: ForAllVisibility -> (a -> R ()) -> [LocatedA a] -> R ()
+p_forallBndrs' ForAllInvis _ [] = txt "forall" >> setPrevTypeCtx TypeCtxForall
+p_forallBndrs' ForAllVis _ [] = txt "forall" >> space >> setPrevTypeCtx TypeCtxArgument
+p_forallBndrs' vis p tyvars = do
   switchLayout (getLocA <$> tyvars) $ do
     txt "forall"
     breakpoint
     inci $ do
       sitcc $ sep breakpoint (sitcc . located' p) tyvars
-      case vis of
-        ForAllInvis -> txt "."
-        ForAllVis -> space >> txt "->"
+  case vis of
+    ForAllInvis -> setPrevTypeCtx TypeCtxForall
+    ForAllVis -> space >> setPrevTypeCtx TypeCtxArgument
 
 p_conDeclFields :: [LConDeclField GhcPs] -> R ()
 p_conDeclFields xs =
@@ -273,10 +324,17 @@
       commaDel
       (located' (p_rdrName . rdrNameFieldOcc))
       cd_fld_names
-  space
-  txt "::"
-  breakpoint
-  sitcc . inci $ p_hsType (unLoc cd_fld_type)
+  getPrinterOpt poFunctionArrows >>= \case
+    LeadingArrows -> inci $ do
+      breakpoint
+      txt "::"
+      space
+      p_hsType (unLoc cd_fld_type)
+    TrailingArrows -> do
+      space
+      txt "::"
+      breakpoint
+      sitcc . inci $ p_hsType (unLoc cd_fld_type)
   when (commaStyle == Leading) $
     mapM_ (inciByFrac (-1) . (newline >>) . p_hsDocString Caret False) cd_fld_doc
 
diff --git a/tests/Ormolu/Config/PrinterOptsSpec.hs b/tests/Ormolu/Config/PrinterOptsSpec.hs
--- a/tests/Ormolu/Config/PrinterOptsSpec.hs
+++ b/tests/Ormolu/Config/PrinterOptsSpec.hs
@@ -66,6 +66,14 @@
             suffixWith [show indent, if indentWheres then "indent_wheres" else ""]
         },
       TestGroup
+        { label = "function-arrows",
+          testCases = allOptions,
+          updateConfig = \functionArrows opts ->
+            opts {poFunctionArrows = pure functionArrows},
+          showTestCase = show,
+          testCaseSuffix = suffix1
+        },
+      TestGroup
         { label = "comma-style",
           testCases = allOptions,
           updateConfig = \commaStyle opts -> opts {poCommaStyle = pure commaStyle},
@@ -88,20 +96,6 @@
           testCaseSuffix = suffix1
         },
       TestGroup
-        { label = "respectful",
-          testCases = allOptions,
-          updateConfig = \respectful opts -> opts {poRespectful = pure respectful},
-          showTestCase = show,
-          testCaseSuffix = suffix1
-        },
-      TestGroup
-        { label = "haddock-style",
-          testCases = allOptions,
-          updateConfig = \haddockStyle opts -> opts {poHaddockStyle = pure haddockStyle},
-          showTestCase = show,
-          testCaseSuffix = suffix1
-        },
-      TestGroup
         { label = "newlines-between-decls",
           testCases = (,) <$> [0, 1, 2] <*> allOptions,
           updateConfig = \(newlines, respectful) opts ->
@@ -113,6 +107,20 @@
             show newlines ++ if respectful then " (respectful)" else "",
           testCaseSuffix = \(newlines, respectful) ->
             suffixWith [show newlines, if respectful then "respectful" else ""]
+        },
+      TestGroup
+        { label = "haddock-style",
+          testCases = allOptions,
+          updateConfig = \haddockStyle opts -> opts {poHaddockStyle = pure haddockStyle},
+          showTestCase = show,
+          testCaseSuffix = suffix1
+        },
+      TestGroup
+        { label = "respectful",
+          testCases = allOptions,
+          updateConfig = \respectful opts -> opts {poRespectful = pure respectful},
+          showTestCase = show,
+          testCaseSuffix = suffix1
         }
     ]
   where