High dynamic range (HDR) images are usually obtained by capturing several images of the scene at different exposures. Previous HDR video techniques adopted the same principle by stacking HDR frames in time domain. We designed a new multi-camera platform which is able to construct and render HDR panoramic video in real-time, with 1024 × 256 resolution and a frame rate of 25 fps. We exploit the overlapping fields-of-view between the cameras with different exposures to create an HDR radiance map. We propose a method for HDR frame reconstruction which merges the previous HDR imaging techniques with the algorithms for panorama reconstruction. The developed FPGA-based processing system is able to reconstruct the HDR frame using the proposed method and tone map the resulting image using a hardware-adapted global operator. The measured throughput of the system is 245 MB/s, which is, up to our knowledge, among the fastest HDR video processing systems.