diff --git a/src/common/gl/context_wgl.cpp b/src/common/gl/context_wgl.cpp
index 7dcde8f5e..2cfbecf42 100644
--- a/src/common/gl/context_wgl.cpp
+++ b/src/common/gl/context_wgl.cpp
@@ -1,6 +1,7 @@
 #include "context_wgl.h"
 #include "../assert.h"
 #include "../log.h"
+#include "../make_array.h"
 #include "glad.h"
 #include "glad_wgl.h"
 Log_SetChannel(GL::ContextWGL);
@@ -29,8 +30,17 @@ ContextWGL::~ContextWGL()
   if (m_rc)
     wglDeleteContext(m_rc);
 
-  if (m_dc)
-    ReleaseDC(GetHWND(), m_dc);
+  if (m_pbuffer)
+  {
+    if (m_dc)
+      wglReleasePbufferDCARB(m_pbuffer, m_dc);
+    wglDestroyPbufferARB(m_pbuffer);
+  }
+  else
+  {
+    if (m_dc)
+      ReleaseDC(GetHWND(), m_dc);
+  }
 }
 
 std::unique_ptr<Context> ContextWGL::Create(const WindowInfo& wi, const Version* versions_to_try,
@@ -153,7 +163,8 @@ std::unique_ptr<Context> ContextWGL::CreateSharedContext(const WindowInfo& wi)
   }
   else
   {
-    Panic("Create pbuffer");
+    if (!context->InitializePBuffer(m_dc, wi.surface_width, wi.surface_height))
+      return nullptr;
   }
 
   if (m_version.profile == Profile::NoProfile)
@@ -232,6 +243,47 @@ bool ContextWGL::InitializeDC()
   return true;
 }
 
+bool ContextWGL::InitializePBuffer(HDC onscreen_dc, u32 width, u32 height)
+{
+  if (!GLAD_WGL_ARB_pbuffer)
+  {
+    Log_ErrorPrintf("WGL_EXT_pbuffer not supported");
+    return false;
+  }
+
+  static constexpr auto attribs =
+    make_array(WGL_DRAW_TO_PBUFFER_ARB, 1, WGL_RED_BITS_ARB, 0, WGL_GREEN_BITS_ARB, 0, WGL_BLUE_BITS_ARB, 0,
+               WGL_DEPTH_BITS_ARB, 0, WGL_STENCIL_BITS_ARB, 0, 0, 0);
+
+  static constexpr auto fattribs = make_array(0.0f, 0.0f);
+
+  int pixel_format;
+  UINT num_pixel_formats;
+  if (!wglChoosePixelFormatARB(onscreen_dc, attribs.data(), fattribs.data(), 1, &pixel_format, &num_pixel_formats))
+  {
+    Log_ErrorPrintf("wglChoosePixelFormatARB() failed: %08X", GetLastError());
+    return false;
+  }
+
+  static constexpr auto pbattribs = make_array(0, 0);
+  m_pbuffer =
+    wglCreatePbufferARB(onscreen_dc, pixel_format, std::max<u32>(width, 1), std::max<u32>(height, 1), pbattribs.data());
+  if (!m_pbuffer)
+  {
+    Log_ErrorPrintf("wglCreatePbufferARB() failed: %08X", GetLastError());
+    return false;
+  }
+
+  m_dc = wglGetPbufferDCARB(m_pbuffer);
+  if (!m_dc)
+  {
+    Log_ErrorPrintf("wglGetPbufferDCARB() failed: %08X", GetLastError());
+    return false;
+  }
+
+  return true;
+}
+
 bool ContextWGL::CreateAnyContext(HGLRC share_context, bool make_current)
 {
   m_rc = wglCreateContext(m_dc);
@@ -294,7 +346,7 @@ bool ContextWGL::CreateVersionContext(const Version& version, HGLRC share_contex
                            0,
                            0};
 
-    new_rc = wglCreateContextAttribsARB(m_dc, share_context, attribs);
+    new_rc = wglCreateContextAttribsARB(m_dc, nullptr, attribs);
   }
   else if (version.profile == Profile::ES)
   {
@@ -308,7 +360,7 @@ bool ContextWGL::CreateVersionContext(const Version& version, HGLRC share_contex
       0,
       0};
 
-    new_rc = wglCreateContextAttribsARB(m_dc, share_context, attribs);
+    new_rc = wglCreateContextAttribsARB(m_dc, nullptr, attribs);
   }
   else
   {
@@ -316,6 +368,12 @@ bool ContextWGL::CreateVersionContext(const Version& version, HGLRC share_contex
     return false;
   }
 
+  if (share_context && !wglShareLists(share_context, new_rc))
+  {
+    Log_ErrorPrintf("wglShareLists() failed: %08X", GetLastError());
+    return false;
+  }
+
   if (!new_rc)
     return false;
 
diff --git a/src/common/gl/context_wgl.h b/src/common/gl/context_wgl.h
index 6303235e2..f5e218737 100644
--- a/src/common/gl/context_wgl.h
+++ b/src/common/gl/context_wgl.h
@@ -2,6 +2,7 @@
 #include "../windows_headers.h"
 #include "context.h"
 #include <glad.h>
+#include <glad_wgl.h>
 
 namespace GL {
 
@@ -28,11 +29,13 @@ private:
 
   bool Initialize(const Version* versions_to_try, size_t num_versions_to_try);
   bool InitializeDC();
+  bool InitializePBuffer(HDC onscreen_dc, u32 width, u32 height);
   bool CreateAnyContext(HGLRC share_context, bool make_current);
   bool CreateVersionContext(const Version& version, HGLRC share_context, bool make_current);
 
   HDC m_dc = {};
   HGLRC m_rc = {};
+  HPBUFFERARB m_pbuffer = {};
 };
 
 } // namespace GL
\ No newline at end of file
diff --git a/src/common/gl/stream_buffer.cpp b/src/common/gl/stream_buffer.cpp
index 6de7702fe..ec7323b57 100644
--- a/src/common/gl/stream_buffer.cpp
+++ b/src/common/gl/stream_buffer.cpp
@@ -279,12 +279,14 @@ private:
 std::unique_ptr<StreamBuffer> StreamBuffer::Create(GLenum target, u32 size)
 {
   std::unique_ptr<StreamBuffer> buf;
+#if 0
   if (GLAD_GL_VERSION_4_4 || GLAD_GL_ARB_buffer_storage || GLAD_GL_EXT_buffer_storage)
   {
     buf = detail::BufferStorageStreamBuffer::Create(target, size);
     if (buf)
       return buf;
   }
+#endif
 
   // BufferSubData is slower on all drivers except NVIDIA...
 #if 0
diff --git a/src/common/gl/texture.cpp b/src/common/gl/texture.cpp
index 819223c0a..880ef9516 100644
--- a/src/common/gl/texture.cpp
+++ b/src/common/gl/texture.cpp
@@ -61,10 +61,10 @@ void Texture::SetLinearFilter(bool enabled)
   glTexParameteri(GL_TEXTURE_2D, GL_TEXTURE_MAG_FILTER, enabled ? GL_LINEAR : GL_NEAREST);
 }
 
-bool Texture::CreateFramebuffer()
+u32 Texture::CreateAndReturnFramebuffer()
 {
   if (!IsValid())
-    return false;
+    return 0;
 
   glGetError();
 
@@ -75,9 +75,18 @@ bool Texture::CreateFramebuffer()
   if (glGetError() != GL_NO_ERROR || glCheckFramebufferStatus(GL_DRAW_FRAMEBUFFER) != GL_FRAMEBUFFER_COMPLETE)
   {
     glDeleteFramebuffers(1, &fbo_id);
-    return false;
+    return 0;
   }
 
+  return fbo_id;
+}
+
+bool Texture::CreateFramebuffer()
+{
+  GLuint fbo_id = CreateAndReturnFramebuffer();
+  if (fbo_id == 0)
+    return false;
+
   if (m_fbo_id != 0)
     glDeleteFramebuffers(1, &m_fbo_id);
 
diff --git a/src/common/gl/texture.h b/src/common/gl/texture.h
index 531974c05..42a6645a3 100644
--- a/src/common/gl/texture.h
+++ b/src/common/gl/texture.h
@@ -13,6 +13,7 @@ public:
   bool Create(u32 width, u32 height, GLenum internal_format, GLenum format, GLenum type, const void* data = nullptr,
               bool linear_filter = false, bool wrap = false);
   bool CreateFramebuffer();
+  GLuint CreateAndReturnFramebuffer();
 
   void Destroy();
 
diff --git a/src/frontend-common/opengl_host_display.cpp b/src/frontend-common/opengl_host_display.cpp
index 69f385fb1..d0f4a0637 100644
--- a/src/frontend-common/opengl_host_display.cpp
+++ b/src/frontend-common/opengl_host_display.cpp
@@ -124,12 +124,17 @@ bool OpenGLHostDisplay::DownloadTexture(const void* texture_handle, u32 x, u32 y
 
 void OpenGLHostDisplay::SetVSync(bool enabled)
 {
-  // Window framebuffer has to be bound to call SetSwapInterval.
-  GLint current_fbo = 0;
-  glGetIntegerv(GL_DRAW_FRAMEBUFFER_BINDING, &current_fbo);
-  glBindFramebuffer(GL_DRAW_FRAMEBUFFER, 0);
-  m_gl_context->SetSwapInterval(enabled ? 1 : 0);
-  glBindFramebuffer(GL_DRAW_FRAMEBUFFER, current_fbo);
+  if (!m_present_context)
+  {
+    // Window framebuffer has to be bound to call SetSwapInterval.
+    GLint current_fbo = 0;
+    glGetIntegerv(GL_DRAW_FRAMEBUFFER_BINDING, &current_fbo);
+    glBindFramebuffer(GL_DRAW_FRAMEBUFFER, 0);
+    m_gl_context->SetSwapInterval(enabled ? 1 : 0);
+    glBindFramebuffer(GL_DRAW_FRAMEBUFFER, current_fbo);
+  }
+
+  m_vsync = enabled;
 }
 
 const char* OpenGLHostDisplay::GetGLSLVersionString() const
@@ -205,6 +210,11 @@ bool OpenGLHostDisplay::CreateRenderDevice(const WindowInfo& wi, std::string_vie
   m_window_info = wi;
   m_window_info.surface_width = m_gl_context->GetSurfaceWidth();
   m_window_info.surface_height = m_gl_context->GetSurfaceHeight();
+
+#ifndef LIBRETRO
+  InitializeAsyncPresentation();
+#endif
+
   return true;
 }
 
@@ -255,6 +265,11 @@ void OpenGLHostDisplay::DestroyRenderDevice()
   if (!m_gl_context)
     return;
 
+#ifndef LIBRETRO
+  if (m_present_context)
+    StopPresentThread();
+#endif
+
 #ifdef WITH_IMGUI
   if (ImGui::GetCurrentContext())
     DestroyImGuiContext();
@@ -443,8 +458,20 @@ void OpenGLHostDisplay::DestroyResources()
 
 bool OpenGLHostDisplay::Render()
 {
+#ifndef LIBRETRO
+  if (m_present_context)
+  {
+    if (!CheckPresentDrawFramebuffer())
+      return false;
+
+    glBindFramebuffer(GL_DRAW_FRAMEBUFFER, m_present_draw_framebuffer->draw_fbo);
+  }
+  else
+  {
+    glBindFramebuffer(GL_DRAW_FRAMEBUFFER, 0);
+  }
+
   glDisable(GL_SCISSOR_TEST);
-  glBindFramebuffer(GL_DRAW_FRAMEBUFFER, 0);
   glClearColor(0.0f, 0.0f, 0.0f, 1.0f);
   glClear(GL_COLOR_BUFFER_BIT);
 
@@ -457,13 +484,17 @@ bool OpenGLHostDisplay::Render()
 
   RenderSoftwareCursor();
 
-  m_gl_context->SwapBuffers();
+  if (m_present_context)
+    PresentDrawFramebuffer();
+  else
+    m_gl_context->SwapBuffers();
 
 #ifdef WITH_IMGUI
   if (ImGui::GetCurrentContext())
     ImGui_ImplOpenGL3_NewFrame();
 #endif
 
+#endif
   return true;
 }
 
@@ -486,16 +517,17 @@ void OpenGLHostDisplay::RenderDisplay()
 #ifndef LIBRETRO
   if (!m_post_processing_chain.IsEmpty())
   {
-    ApplyPostProcessingChain(0, left, GetWindowHeight() - top - height, width, height, m_display_texture_handle,
+    ApplyPostProcessingChain(m_present_context ? m_present_draw_framebuffer->draw_fbo : 0, left,
+                             GetWindowHeight() - top - height, width, height, m_display_texture_handle,
                              m_display_texture_width, m_display_texture_height, m_display_texture_view_x,
                              m_display_texture_view_y, m_display_texture_view_width, m_display_texture_view_height);
     return;
   }
 #endif
 
-  RenderDisplay(left, GetWindowHeight() - top - height, width, height, m_display_texture_handle, m_display_texture_width, m_display_texture_height,
-                m_display_texture_view_x, m_display_texture_view_y, m_display_texture_view_width,
-                m_display_texture_view_height, m_display_linear_filtering);
+  RenderDisplay(left, GetWindowHeight() - top - height, width, height, m_display_texture_handle,
+                m_display_texture_width, m_display_texture_height, m_display_texture_view_x, m_display_texture_view_y,
+                m_display_texture_view_width, m_display_texture_view_height, m_display_linear_filtering);
 }
 
 void OpenGLHostDisplay::RenderDisplay(s32 left, s32 bottom, s32 width, s32 height, void* texture_handle,
@@ -719,6 +751,197 @@ void OpenGLHostDisplay::ApplyPostProcessingChain(GLuint final_target, s32 final_
   m_post_processing_ubo->Unbind();
 }
 
+bool OpenGLHostDisplay::InitializeAsyncPresentation()
+{
+  WindowInfo shared_wi;
+  std::unique_ptr<GL::Context> shared_context = m_gl_context->CreateSharedContext(shared_wi);
+  if (!shared_context)
+    return false;
+
+  m_gl_context->MakeCurrent();
+
+  for (u32 i = 0; i < static_cast<u32>(m_present_framebuffers.size()); i++)
+  {
+    PresentFramebuffer& fb = m_present_framebuffers[i];
+
+    if (!fb.texture.Create(m_window_info.surface_width, m_window_info.surface_height, GL_RGBA8, GL_RGBA,
+                           GL_UNSIGNED_BYTE) ||
+        (fb.present_fbo = fb.texture.CreateAndReturnFramebuffer()) == 0)
+    {
+      // TODO: Leak fbo here
+      m_present_framebuffers = {};
+      m_gl_context->DoneCurrent();
+      return false;
+    }
+
+    glBindFramebuffer(GL_DRAW_FRAMEBUFFER, fb.present_fbo);
+    glClearColor(0.0f, 0.0f, 0.0f, 1.0f);
+    glClear(GL_COLOR_BUFFER_BIT);
+  }
+
+  glFinish();
+
+  m_gl_context->DoneCurrent();
+
+  shared_context->MakeCurrent();
+
+  for (u32 i = 0; i < static_cast<u32>(m_present_framebuffers.size()); i++)
+  {
+    PresentFramebuffer& fb = m_present_framebuffers[i];
+    if ((fb.draw_fbo = fb.texture.CreateAndReturnFramebuffer()) == 0)
+    {
+      // TODO: Leak fbo here
+      m_present_framebuffers = {};
+      shared_context->DoneCurrent();
+      return false;
+    }
+  }
+
+  glFinish();
+  shared_context->DoneCurrent();
+
+  Log_InfoPrintf("Using shared context for async presentation");
+  m_present_context = std::move(m_gl_context);
+  m_gl_context = std::move(shared_context);
+  m_present_thread_stop.store(false);
+  m_present_thread = std::thread(&OpenGLHostDisplay::PresentThread, this);
+  return true;
+}
+
+bool OpenGLHostDisplay::CheckPresentDrawFramebuffer()
+{
+  PresentFramebuffer* fb = m_present_draw_framebuffer;
+  if (fb->texture.GetWidth() == m_window_info.surface_width && fb->texture.GetHeight() == m_window_info.surface_height)
+    return true;
+
+  fb->texture.Destroy();
+  if (fb->draw_fbo)
+  {
+    glDeleteFramebuffers(1, &fb->draw_fbo);
+    fb->draw_fbo = 0;
+  }
+
+  if (!fb->texture.Create(m_window_info.surface_width, m_window_info.surface_height, GL_RGBA8, GL_RGBA,
+                          GL_UNSIGNED_BYTE) ||
+      (fb->draw_fbo = fb->texture.CreateAndReturnFramebuffer()) == 0)
+  {
+    fb->texture.Destroy();
+    return false;
+  }
+
+  fb->changed = true;
+  return true;
+}
+
+void OpenGLHostDisplay::PresentDrawFramebuffer()
+{
+  m_present_draw_framebuffer->draw_sync_id = glFenceSync(GL_SYNC_GPU_COMMANDS_COMPLETE, 0);
+  glFlush();
+
+  {
+    std::unique_lock guard(m_present_lock);
+    m_present_draw_framebuffer->ready = true;
+    std::swap(m_present_draw_framebuffer, m_present_next_present_framebuffer);
+
+    if (m_vsync && !m_frame_presented.load())
+    {
+      // last frame not presented yet, we can wait
+      m_present_complete_cv.wait(guard, [this]() { return m_frame_presented.load(); });
+    }
+
+    m_frame_presented.store(false);
+  }
+
+  // block until the presenter thread is done with it
+  if (m_present_draw_framebuffer->present_sync_id)
+  {
+    glWaitSync(m_present_draw_framebuffer->present_sync_id, 0, GL_TIMEOUT_IGNORED);
+    m_present_draw_framebuffer->present_sync_id = {};
+  }
+
+  // if the last frame wasn't rendered, don't leak the sync
+  if (m_present_draw_framebuffer->draw_sync_id)
+  {
+    glDeleteSync(m_present_draw_framebuffer->draw_sync_id);
+    m_present_draw_framebuffer->draw_sync_id = {};
+  }
+}
+
+void OpenGLHostDisplay::PresentThread()
+{
+  if (!m_present_context->MakeCurrent())
+    Panic("Failed to make present context current");
+
+  if (!m_present_context->SetSwapInterval(1))
+    Log_ErrorPrint("Failed to set swap interval to 1");
+
+
+  glBindFramebuffer(GL_DRAW_FRAMEBUFFER, 0);
+
+  while (!m_present_thread_stop.load())
+  {
+    {
+      std::unique_lock guard(m_present_lock);
+      if (m_present_next_present_framebuffer->ready)
+      {
+        std::swap(m_present_next_present_framebuffer, m_present_current_present_framebuffer);
+        m_present_current_present_framebuffer->ready = false;
+      }
+
+      PresentFramebuffer* fb = m_present_current_present_framebuffer;
+      if (fb->draw_sync_id)
+      {
+        glWaitSync(fb->draw_sync_id, 0, GL_TIMEOUT_IGNORED);
+        fb->draw_sync_id = {};
+      }
+
+      if (fb->changed)
+      {
+        glDeleteFramebuffers(1, &fb->present_fbo);
+        fb->present_fbo = fb->texture.CreateAndReturnFramebuffer();
+      }
+
+      if (fb->present_fbo != 0)
+      {
+        glBindFramebuffer(GL_READ_FRAMEBUFFER, fb->present_fbo);
+        glBlitFramebuffer(0, 0, fb->texture.GetWidth(), fb->texture.GetHeight(), 0, 0, m_window_info.surface_width,
+                          m_window_info.surface_height, GL_COLOR_BUFFER_BIT, GL_NEAREST);
+        glBindFramebuffer(GL_READ_FRAMEBUFFER, 0);
+      }
+
+      // this will be non-null if we're duplicating frames
+      if (fb->present_sync_id)
+        glDeleteSync(fb->present_sync_id);
+      fb->present_sync_id = glFenceSync(GL_SYNC_GPU_COMMANDS_COMPLETE, 0);
+      glFlush();
+
+      m_frame_presented.store(true);
+      m_present_complete_cv.notify_one();
+    }
+
+    m_present_context->SwapBuffers();
+  }
+
+  m_present_context->DoneCurrent();
+}
+
+void OpenGLHostDisplay::StopPresentThread()
+{
+  m_present_thread_stop.store(true);
+  m_present_thread.join();
+
+  for (PresentFramebuffer& fb : m_present_framebuffers)
+  {
+    if (fb.draw_sync_id)
+    {
+      glClientWaitSync(fb.draw_sync_id, GL_SYNC_FLUSH_COMMANDS_BIT, GL_TIMEOUT_IGNORED);
+      fb.draw_sync_id = {};
+    }
+
+    fb.texture.Destroy();
+  }
+}
+
 #else
 
 bool OpenGLHostDisplay::SetPostProcessingChain(const std::string_view& config)
diff --git a/src/frontend-common/opengl_host_display.h b/src/frontend-common/opengl_host_display.h
index 7f01307bc..ac7c0d082 100644
--- a/src/frontend-common/opengl_host_display.h
+++ b/src/frontend-common/opengl_host_display.h
@@ -14,7 +14,10 @@
 #include "common/gl/texture.h"
 #include "common/window_info.h"
 #include "core/host_display.h"
+#include <atomic>
+#include <condition_variable>
 #include <memory>
+#include <mutex>
 
 #ifndef LIBRETRO
 #include "postprocessing_chain.h"
@@ -106,6 +109,35 @@ protected:
   GL::Texture m_post_processing_input_texture;
   std::unique_ptr<GL::StreamBuffer> m_post_processing_ubo;
   std::vector<PostProcessingStage> m_post_processing_stages;
+
+  struct PresentFramebuffer
+  {
+    GL::Texture texture;
+    GLuint draw_fbo;
+    GLuint present_fbo;
+    GLsync draw_sync_id;
+    GLsync present_sync_id;
+    bool changed = false;
+    bool ready = false;
+  };
+
+  bool InitializeAsyncPresentation();
+  bool CheckPresentDrawFramebuffer();
+  void PresentDrawFramebuffer();
+  void PresentThread();
+  void StopPresentThread();
+
+  std::unique_ptr<GL::Context> m_present_context;
+  std::array<PresentFramebuffer, 3> m_present_framebuffers{};
+  PresentFramebuffer* m_present_draw_framebuffer = &m_present_framebuffers[0];
+  PresentFramebuffer* m_present_next_present_framebuffer = &m_present_framebuffers[1];
+  PresentFramebuffer* m_present_current_present_framebuffer = &m_present_framebuffers[2];
+  std::thread m_present_thread;
+  std::mutex m_present_lock;
+  std::condition_variable m_present_complete_cv;
+  std::atomic_bool m_frame_presented{false};
+  std::atomic_bool m_present_thread_stop{false};
+  bool m_vsync = true;
 #endif
 };