Provided is a system and method for generating a subset of optimal variations of a software program which allow some statements of the control flow to be exposed to side channels. Furthermore, the subset of optimal variations may be selected based on a security and a performance trade-off analysis. In one example, the method may include identifying a set of statements within a control flow of a software program, generating a plurality of variations of the software program which comprise different subsets of statements which are exposed to side channels, respectively, determining one or more pareto-optimal variations of the software program based on side channel leakage values and performance values of the plurality of variations of the software program, and outputting information about the one or more pareto-optimal variations of the software program to a user device.