Systems, apparatuses, and methods for implementing stereoscopic interleaved compression techniques are disclosed. A system includes a transmitter sending a video stream over a wireless link to a receiver. For each pair of frames, the transmitter encodes a left-half of a first frame of the pair with an amount of compression less than a first threshold and encodes a right-half of the first frame with an amount of compression greater than a second threshold. For a second frame of the pair, the transmitter encodes a right-half of the second frame with an amount of compression less than the first threshold and encodes a left-half of the second frame with an amount of compression greater than the second threshold. The transmitter conveys encoded half-frames and indications of an amount of compression used for each half-frame to a receiver. The receiver receives, decodes, and drives the encoded half-frames to a display.