diff --git a/public/app/features/dashboard-scene/settings/variables/VariableEditorForm.tsx b/public/app/features/dashboard-scene/settings/variables/VariableEditorForm.tsx
index d04e228acc4..e94b5b09044 100644
--- a/public/app/features/dashboard-scene/settings/variables/VariableEditorForm.tsx
+++ b/public/app/features/dashboard-scene/settings/variables/VariableEditorForm.tsx
@@ -152,7 +152,11 @@ export function VariableEditorForm({
               data-testid={selectors.pages.Dashboard.Settings.Variables.Edit.General.submitButton}
               onClick={onRunQuery}
             >
-              {runQueryState.loading ? <LoadingPlaceholder text="Running query..." /> : `Run query`}
+              {runQueryState.loading ? (
+                <LoadingPlaceholder className={styles.loadingPlaceHolder} text="Running query..." />
+              ) : (
+                `Run query`
+              )}
             </Button>
           )}
         </Stack>
@@ -165,4 +169,7 @@ const getStyles = (theme: GrafanaTheme2) => ({
   buttonContainer: css({
     marginTop: theme.spacing(2),
   }),
+  loadingPlaceHolder: css({
+    marginBottom: 0,
+  }),
 });