A processing device identifies a set of software threads having instructions waiting to issue. For each software thread in the set of the software threads, the processing device binds the software thread to an available hardware context in a set of hardware contexts and stores an identifier of the available hardware context bound to the software thread to a next available entry in an ordered list. The processing device reads an identifier stored in an entry of the ordered list. Responsive to an instruction associated with the identifier having no dependencies with any other instructions among the instructions waiting to issue, the processing device issues the instruction waiting to issue to the hardware context associated with the identifier.