Abstract: Hybrid transparency is an approach for real-time approximation of order-independent transparency. Our hybrid approach combines an accurate compositing, of a few core transparent layers, with a quick approximation, for the remaining layers. Its main advantage, the ability to operate in bounded memory without noticeable artifacts, enables its usage with high scene complexity and image resolution, which other approaches fail to handle. Hybrid transparency is suitable for highly-parallel execution, can be implemented in current GPUs and further improved, with minimal architecture changes. We present quality, memory, and performance analysis and comparisons which demonstrate that hybrid transparency is able to generate high-quality images at competitive frames rates and with the lowest memory consumption among comparable OIT techniques.