Performance - drawing many 2d circles in opengl?

The fundamental problem is that you're fill limited which is the GPUs inability to shade all the fragments you ask it to draw in the time you're expecting. The reason that you're depth buffering trick isn't effective is that the most time-comsuming part of processing is shading the fragments (either through your own fragment shader, or through the fixed-function shading engine), which occurs before the depth test. The same issue occurs for using stencil; shading the pixel occurs before stenciling.

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