© 1991-2012 IEEE. Recently, there has been a significant progress in the research and development of the high dynamic range (HDR) video technology and the state-of-the-art video pipelines are able to offer a higher bit depth support to capture, store, encode, and display HDR video content. In this paper, we introduce a novel HDR video compression algorithm, which uses a perceptually uniform color opponent space, a novel perceptual transfer function to encode the dynamic range of the scene, and a novel error minimization scheme for accurate chroma reproduction. The proposed algorithm was objectively and subjectively evaluated against four state-of-the-art algorithms. The objective evaluation was conducted across a set of 39 HDR video sequenc...