This paper deals with dense optical flow estimation from the perspective of the trade-off between quality of the estimated flow and computational cost which is required by real-world applications. We propose a fast and robust local method, denoted by eFOLKI, and describe its implementation on GPU. It leads to very high performance even on large image formats such as 4 K (3,840 × 2,160) resolution. In order to assess the interest of eFOLKI, we first present a comparative study with currently available GPU codes, including local and global methods, on a large set of data with ground truth. eFOLKI appears significantly faster while providing quite accurate and highly robust estimated flows. We then show, on four real-time video processing applications based on optical flow, that eFOLKI reaches the requirements both in terms of estimated flows quality and of processing rate.