Game recording software with no lag

Open Broadcaster Software (OBS for short) is pretty damn good. Only records in .MP4 and .FLV but it's free and has never slowed down any of my games.

Playclaw FTW, bit its not free.

Elgato and a second much weaker PC/laptop

Mirillis Action! is pretty good but not free

If you have Nvidia 600 series or higher graphics card try nvidia shadowplay

Just use a normal camera and record your display = no performance loss

I think Dxtory is a good one. Ive heard many praise it, but I haven't tried it myself. The best one you could use is Shadowplay, but that requires a newer (600-series and up) Nvidia card.

Maybe try Dxtory, I get about 3-5 fps loss when recording with this video guide on what settings to use.

Things that use the Lagarith lossless codec and/or HuffYUV have relatively low overheads. They get you enormous goddamn files though.

MSI Afterburner is not bad.

Record to a separate drive. Not to a separate partition, to a different drive.

Bandicam is pretty cool, though I'm not familiar with many recorders. It's got a hell of a lot less lag than FRAPS, has a tiny footprint and has customisable compression settings. Will require some tweaking to retain quality while getting smooth performance though.

Bandicam and/or DxTory
Both are good. Test them yourself.

Bandicam is faster than fraps and takes up less space.

shadowplay all the way