Which would be cheaper when rendering 6 bp with 8 instanced static meshes which are either 2 tri and a masked oval gradient or no mask and about 8 tri . Overall each instance is roughly 2000 copies.
This is a similar effect to rocket leagues crowd if not the same effect.
Transparency is expensive, as is masked opacity (alpha test) but for different reasons.
I’d totally go with 8 triangles per instance and making it opaque.
Masked is pretty cheap as long as it is sorted front to back, since then there will be very little overdraw. You want to be careful about triangle order in your mesh.