Most algorithms for real-time tracking of deformable shapes provide sub-optimal solutions for a suitable energy minimization task: The search space is typically considered too large to allow for globally optimal solutions. In this paper we show that ? under reasonable constraints on the object motion ? one can guarantee global optimality while maintaining real-time requirements. The problem is cast as finding the optimal cycle in a graph spanned by the prior template and the image. The underlying combinatorial algorithm is implemented on state-ofthe-art graphics hardware. Solutions on FPGAs are conceivable. Experimental results demonstrate long-term tracking of cars in real-time, while coping with challenging weather conditions. In particular, we show that the proposed tracking algorithm is highly robust to illumination changes and that it outperforms local tracking methods such as the level set method.