diff --git a/cmd/oapi-codegen/oapi-codegen.go b/cmd/oapi-codegen/oapi-codegen.go
index ad9f78c0df..0e9ea89261 100644
--- a/cmd/oapi-codegen/oapi-codegen.go
+++ b/cmd/oapi-codegen/oapi-codegen.go
@@ -258,7 +258,7 @@ func main() {
 		return
 	}
 
-	swagger, err := util.LoadSwagger(flag.Arg(0))
+	swagger, err := util.LoadSwaggerWithCircularReferenceCount(flag.Arg(0), opts.Compatibility.CircularReferenceLimit)
 	if err != nil {
 		errExit("error loading swagger spec in %s\n: %s", flag.Arg(0), err)
 	}
diff --git a/internal/test/issues/issue-936/api.gen.go b/internal/test/issues/issue-936/api.gen.go
new file mode 100644
index 0000000000..15af391c65
--- /dev/null
+++ b/internal/test/issues/issue-936/api.gen.go
@@ -0,0 +1,432 @@
+// Package issue936 provides primitives to interact with the openapi HTTP API.
+//
+// Code generated by github.com/deepmap/oapi-codegen version (devel) DO NOT EDIT.
+package issue936
+
+import (
+	"encoding/json"
+
+	"github.com/deepmap/oapi-codegen/pkg/runtime"
+)
+
+// FilterPredicate defines model for FilterPredicate.
+type FilterPredicate struct {
+	union json.RawMessage
+}
+
+// FilterPredicate1 defines model for .
+type FilterPredicate1 = []FilterPredicate
+
+// FilterPredicateOp defines model for FilterPredicateOp.
+type FilterPredicateOp struct {
+	Any  *FilterPredicateOp_Any  `json:"$any,omitempty"`
+	None *FilterPredicateOp_None `json:"$none,omitempty"`
+}
+
+// FilterPredicateOpAny0 defines model for .
+type FilterPredicateOpAny0 = []FilterPredicate
+
+// FilterPredicateOp_Any defines model for FilterPredicateOp.Any.
+type FilterPredicateOp_Any struct {
+	union json.RawMessage
+}
+
+// FilterPredicateOpNone1 defines model for .
+type FilterPredicateOpNone1 = []FilterPredicate
+
+// FilterPredicateOp_None defines model for FilterPredicateOp.None.
+type FilterPredicateOp_None struct {
+	union json.RawMessage
+}
+
+// FilterPredicateRangeOp defines model for FilterPredicateRangeOp.
+type FilterPredicateRangeOp struct {
+	Lt *FilterRangeValue `json:"$lt,omitempty"`
+}
+
+// FilterRangeValue defines model for FilterRangeValue.
+type FilterRangeValue struct {
+	union json.RawMessage
+}
+
+// FilterRangeValue0 defines model for .
+type FilterRangeValue0 = float32
+
+// FilterRangeValue1 defines model for .
+type FilterRangeValue1 = string
+
+// FilterValue defines model for FilterValue.
+type FilterValue struct {
+	union json.RawMessage
+}
+
+// FilterValue0 defines model for .
+type FilterValue0 = float32
+
+// FilterValue1 defines model for .
+type FilterValue1 = string
+
+// FilterValue2 defines model for .
+type FilterValue2 = bool
+
+// AsFilterValue returns the union data inside the FilterPredicate as a FilterValue
+func (t FilterPredicate) AsFilterValue() (FilterValue, error) {
+	var body FilterValue
+	err := json.Unmarshal(t.union, &body)
+	return body, err
+}
+
+// FromFilterValue overwrites any union data inside the FilterPredicate as the provided FilterValue
+func (t *FilterPredicate) FromFilterValue(v FilterValue) error {
+	b, err := json.Marshal(v)
+	t.union = b
+	return err
+}
+
+// MergeFilterValue performs a merge with any union data inside the FilterPredicate, using the provided FilterValue
+func (t *FilterPredicate) MergeFilterValue(v FilterValue) error {
+	b, err := json.Marshal(v)
+	if err != nil {
+		return err
+	}
+
+	merged, err := runtime.JsonMerge(t.union, b)
+	t.union = merged
+	return err
+}
+
+// AsFilterPredicate1 returns the union data inside the FilterPredicate as a FilterPredicate1
+func (t FilterPredicate) AsFilterPredicate1() (FilterPredicate1, error) {
+	var body FilterPredicate1
+	err := json.Unmarshal(t.union, &body)
+	return body, err
+}
+
+// FromFilterPredicate1 overwrites any union data inside the FilterPredicate as the provided FilterPredicate1
+func (t *FilterPredicate) FromFilterPredicate1(v FilterPredicate1) error {
+	b, err := json.Marshal(v)
+	t.union = b
+	return err
+}
+
+// MergeFilterPredicate1 performs a merge with any union data inside the FilterPredicate, using the provided FilterPredicate1
+func (t *FilterPredicate) MergeFilterPredicate1(v FilterPredicate1) error {
+	b, err := json.Marshal(v)
+	if err != nil {
+		return err
+	}
+
+	merged, err := runtime.JsonMerge(t.union, b)
+	t.union = merged
+	return err
+}
+
+// AsFilterPredicateOp returns the union data inside the FilterPredicate as a FilterPredicateOp
+func (t FilterPredicate) AsFilterPredicateOp() (FilterPredicateOp, error) {
+	var body FilterPredicateOp
+	err := json.Unmarshal(t.union, &body)
+	return body, err
+}
+
+// FromFilterPredicateOp overwrites any union data inside the FilterPredicate as the provided FilterPredicateOp
+func (t *FilterPredicate) FromFilterPredicateOp(v FilterPredicateOp) error {
+	b, err := json.Marshal(v)
+	t.union = b
+	return err
+}
+
+// MergeFilterPredicateOp performs a merge with any union data inside the FilterPredicate, using the provided FilterPredicateOp
+func (t *FilterPredicate) MergeFilterPredicateOp(v FilterPredicateOp) error {
+	b, err := json.Marshal(v)
+	if err != nil {
+		return err
+	}
+
+	merged, err := runtime.JsonMerge(t.union, b)
+	t.union = merged
+	return err
+}
+
+// AsFilterPredicateRangeOp returns the union data inside the FilterPredicate as a FilterPredicateRangeOp
+func (t FilterPredicate) AsFilterPredicateRangeOp() (FilterPredicateRangeOp, error) {
+	var body FilterPredicateRangeOp
+	err := json.Unmarshal(t.union, &body)
+	return body, err
+}
+
+// FromFilterPredicateRangeOp overwrites any union data inside the FilterPredicate as the provided FilterPredicateRangeOp
+func (t *FilterPredicate) FromFilterPredicateRangeOp(v FilterPredicateRangeOp) error {
+	b, err := json.Marshal(v)
+	t.union = b
+	return err
+}
+
+// MergeFilterPredicateRangeOp performs a merge with any union data inside the FilterPredicate, using the provided FilterPredicateRangeOp
+func (t *FilterPredicate) MergeFilterPredicateRangeOp(v FilterPredicateRangeOp) error {
+	b, err := json.Marshal(v)
+	if err != nil {
+		return err
+	}
+
+	merged, err := runtime.JsonMerge(t.union, b)
+	t.union = merged
+	return err
+}
+
+func (t FilterPredicate) MarshalJSON() ([]byte, error) {
+	b, err := t.union.MarshalJSON()
+	return b, err
+}
+
+func (t *FilterPredicate) UnmarshalJSON(b []byte) error {
+	err := t.union.UnmarshalJSON(b)
+	return err
+}
+
+// AsFilterPredicateOpAny0 returns the union data inside the FilterPredicateOp_Any as a FilterPredicateOpAny0
+func (t FilterPredicateOp_Any) AsFilterPredicateOpAny0() (FilterPredicateOpAny0, error) {
+	var body FilterPredicateOpAny0
+	err := json.Unmarshal(t.union, &body)
+	return body, err
+}
+
+// FromFilterPredicateOpAny0 overwrites any union data inside the FilterPredicateOp_Any as the provided FilterPredicateOpAny0
+func (t *FilterPredicateOp_Any) FromFilterPredicateOpAny0(v FilterPredicateOpAny0) error {
+	b, err := json.Marshal(v)
+	t.union = b
+	return err
+}
+
+// MergeFilterPredicateOpAny0 performs a merge with any union data inside the FilterPredicateOp_Any, using the provided FilterPredicateOpAny0
+func (t *FilterPredicateOp_Any) MergeFilterPredicateOpAny0(v FilterPredicateOpAny0) error {
+	b, err := json.Marshal(v)
+	if err != nil {
+		return err
+	}
+
+	merged, err := runtime.JsonMerge(t.union, b)
+	t.union = merged
+	return err
+}
+
+func (t FilterPredicateOp_Any) MarshalJSON() ([]byte, error) {
+	b, err := t.union.MarshalJSON()
+	return b, err
+}
+
+func (t *FilterPredicateOp_Any) UnmarshalJSON(b []byte) error {
+	err := t.union.UnmarshalJSON(b)
+	return err
+}
+
+// AsFilterPredicate returns the union data inside the FilterPredicateOp_None as a FilterPredicate
+func (t FilterPredicateOp_None) AsFilterPredicate() (FilterPredicate, error) {
+	var body FilterPredicate
+	err := json.Unmarshal(t.union, &body)
+	return body, err
+}
+
+// FromFilterPredicate overwrites any union data inside the FilterPredicateOp_None as the provided FilterPredicate
+func (t *FilterPredicateOp_None) FromFilterPredicate(v FilterPredicate) error {
+	b, err := json.Marshal(v)
+	t.union = b
+	return err
+}
+
+// MergeFilterPredicate performs a merge with any union data inside the FilterPredicateOp_None, using the provided FilterPredicate
+func (t *FilterPredicateOp_None) MergeFilterPredicate(v FilterPredicate) error {
+	b, err := json.Marshal(v)
+	if err != nil {
+		return err
+	}
+
+	merged, err := runtime.JsonMerge(t.union, b)
+	t.union = merged
+	return err
+}
+
+// AsFilterPredicateOpNone1 returns the union data inside the FilterPredicateOp_None as a FilterPredicateOpNone1
+func (t FilterPredicateOp_None) AsFilterPredicateOpNone1() (FilterPredicateOpNone1, error) {
+	var body FilterPredicateOpNone1
+	err := json.Unmarshal(t.union, &body)
+	return body, err
+}
+
+// FromFilterPredicateOpNone1 overwrites any union data inside the FilterPredicateOp_None as the provided FilterPredicateOpNone1
+func (t *FilterPredicateOp_None) FromFilterPredicateOpNone1(v FilterPredicateOpNone1) error {
+	b, err := json.Marshal(v)
+	t.union = b
+	return err
+}
+
+// MergeFilterPredicateOpNone1 performs a merge with any union data inside the FilterPredicateOp_None, using the provided FilterPredicateOpNone1
+func (t *FilterPredicateOp_None) MergeFilterPredicateOpNone1(v FilterPredicateOpNone1) error {
+	b, err := json.Marshal(v)
+	if err != nil {
+		return err
+	}
+
+	merged, err := runtime.JsonMerge(t.union, b)
+	t.union = merged
+	return err
+}
+
+func (t FilterPredicateOp_None) MarshalJSON() ([]byte, error) {
+	b, err := t.union.MarshalJSON()
+	return b, err
+}
+
+func (t *FilterPredicateOp_None) UnmarshalJSON(b []byte) error {
+	err := t.union.UnmarshalJSON(b)
+	return err
+}
+
+// AsFilterRangeValue0 returns the union data inside the FilterRangeValue as a FilterRangeValue0
+func (t FilterRangeValue) AsFilterRangeValue0() (FilterRangeValue0, error) {
+	var body FilterRangeValue0
+	err := json.Unmarshal(t.union, &body)
+	return body, err
+}
+
+// FromFilterRangeValue0 overwrites any union data inside the FilterRangeValue as the provided FilterRangeValue0
+func (t *FilterRangeValue) FromFilterRangeValue0(v FilterRangeValue0) error {
+	b, err := json.Marshal(v)
+	t.union = b
+	return err
+}
+
+// MergeFilterRangeValue0 performs a merge with any union data inside the FilterRangeValue, using the provided FilterRangeValue0
+func (t *FilterRangeValue) MergeFilterRangeValue0(v FilterRangeValue0) error {
+	b, err := json.Marshal(v)
+	if err != nil {
+		return err
+	}
+
+	merged, err := runtime.JsonMerge(t.union, b)
+	t.union = merged
+	return err
+}
+
+// AsFilterRangeValue1 returns the union data inside the FilterRangeValue as a FilterRangeValue1
+func (t FilterRangeValue) AsFilterRangeValue1() (FilterRangeValue1, error) {
+	var body FilterRangeValue1
+	err := json.Unmarshal(t.union, &body)
+	return body, err
+}
+
+// FromFilterRangeValue1 overwrites any union data inside the FilterRangeValue as the provided FilterRangeValue1
+func (t *FilterRangeValue) FromFilterRangeValue1(v FilterRangeValue1) error {
+	b, err := json.Marshal(v)
+	t.union = b
+	return err
+}
+
+// MergeFilterRangeValue1 performs a merge with any union data inside the FilterRangeValue, using the provided FilterRangeValue1
+func (t *FilterRangeValue) MergeFilterRangeValue1(v FilterRangeValue1) error {
+	b, err := json.Marshal(v)
+	if err != nil {
+		return err
+	}
+
+	merged, err := runtime.JsonMerge(t.union, b)
+	t.union = merged
+	return err
+}
+
+func (t FilterRangeValue) MarshalJSON() ([]byte, error) {
+	b, err := t.union.MarshalJSON()
+	return b, err
+}
+
+func (t *FilterRangeValue) UnmarshalJSON(b []byte) error {
+	err := t.union.UnmarshalJSON(b)
+	return err
+}
+
+// AsFilterValue0 returns the union data inside the FilterValue as a FilterValue0
+func (t FilterValue) AsFilterValue0() (FilterValue0, error) {
+	var body FilterValue0
+	err := json.Unmarshal(t.union, &body)
+	return body, err
+}
+
+// FromFilterValue0 overwrites any union data inside the FilterValue as the provided FilterValue0
+func (t *FilterValue) FromFilterValue0(v FilterValue0) error {
+	b, err := json.Marshal(v)
+	t.union = b
+	return err
+}
+
+// MergeFilterValue0 performs a merge with any union data inside the FilterValue, using the provided FilterValue0
+func (t *FilterValue) MergeFilterValue0(v FilterValue0) error {
+	b, err := json.Marshal(v)
+	if err != nil {
+		return err
+	}
+
+	merged, err := runtime.JsonMerge(t.union, b)
+	t.union = merged
+	return err
+}
+
+// AsFilterValue1 returns the union data inside the FilterValue as a FilterValue1
+func (t FilterValue) AsFilterValue1() (FilterValue1, error) {
+	var body FilterValue1
+	err := json.Unmarshal(t.union, &body)
+	return body, err
+}
+
+// FromFilterValue1 overwrites any union data inside the FilterValue as the provided FilterValue1
+func (t *FilterValue) FromFilterValue1(v FilterValue1) error {
+	b, err := json.Marshal(v)
+	t.union = b
+	return err
+}
+
+// MergeFilterValue1 performs a merge with any union data inside the FilterValue, using the provided FilterValue1
+func (t *FilterValue) MergeFilterValue1(v FilterValue1) error {
+	b, err := json.Marshal(v)
+	if err != nil {
+		return err
+	}
+
+	merged, err := runtime.JsonMerge(t.union, b)
+	t.union = merged
+	return err
+}
+
+// AsFilterValue2 returns the union data inside the FilterValue as a FilterValue2
+func (t FilterValue) AsFilterValue2() (FilterValue2, error) {
+	var body FilterValue2
+	err := json.Unmarshal(t.union, &body)
+	return body, err
+}
+
+// FromFilterValue2 overwrites any union data inside the FilterValue as the provided FilterValue2
+func (t *FilterValue) FromFilterValue2(v FilterValue2) error {
+	b, err := json.Marshal(v)
+	t.union = b
+	return err
+}
+
+// MergeFilterValue2 performs a merge with any union data inside the FilterValue, using the provided FilterValue2
+func (t *FilterValue) MergeFilterValue2(v FilterValue2) error {
+	b, err := json.Marshal(v)
+	if err != nil {
+		return err
+	}
+
+	merged, err := runtime.JsonMerge(t.union, b)
+	t.union = merged
+	return err
+}
+
+func (t FilterValue) MarshalJSON() ([]byte, error) {
+	b, err := t.union.MarshalJSON()
+	return b, err
+}
+
+func (t *FilterValue) UnmarshalJSON(b []byte) error {
+	err := t.union.UnmarshalJSON(b)
+	return err
+}
diff --git a/internal/test/issues/issue-936/gen.go b/internal/test/issues/issue-936/gen.go
new file mode 100644
index 0000000000..e21b0500de
--- /dev/null
+++ b/internal/test/issues/issue-936/gen.go
@@ -0,0 +1,3 @@
+package issue936
+
+//go:generate go run github.com/deepmap/oapi-codegen/cmd/oapi-codegen --config=server.config.yaml spec.yaml
diff --git a/internal/test/issues/issue-936/server.config.yaml b/internal/test/issues/issue-936/server.config.yaml
new file mode 100644
index 0000000000..aa459d00dd
--- /dev/null
+++ b/internal/test/issues/issue-936/server.config.yaml
@@ -0,0 +1,6 @@
+package: issue936
+output: api.gen.go
+generate:
+  models: true
+compatibility:
+  circular-reference-limit: 4
diff --git a/internal/test/issues/issue-936/spec.yaml b/internal/test/issues/issue-936/spec.yaml
new file mode 100644
index 0000000000..8d9a7cf1d8
--- /dev/null
+++ b/internal/test/issues/issue-936/spec.yaml
@@ -0,0 +1,60 @@
+# Via https://github.com/getkin/kin-openapi/blob/b31a4bb2dcd523b1477da8854f0f75859cd314b3/openapi3/testdata/recursiveRef/issue615.yml
+openapi: "3.0.3"
+info:
+  title: Deep recursive cyclic refs example
+  version: "1.0"
+paths:
+  /foo: {}
+components:
+  schemas:
+    FilterColumnIncludes:
+      type: object
+      properties:
+        $includes:
+          $ref: '#/components/schemas/FilterPredicate'
+      additionalProperties: false
+      maxProperties: 1
+      minProperties: 1
+    FilterPredicate:
+      oneOf:
+        - $ref: '#/components/schemas/FilterValue'
+        - type: array
+          items:
+            $ref: '#/components/schemas/FilterPredicate'
+          minLength: 1
+        - $ref: '#/components/schemas/FilterPredicateOp'
+        - $ref: '#/components/schemas/FilterPredicateRangeOp'
+    FilterPredicateOp:
+      type: object
+      properties:
+        $any:
+          oneOf:
+            - type: array
+              items:
+                $ref: '#/components/schemas/FilterPredicate'
+        $none:
+          oneOf:
+            - $ref: '#/components/schemas/FilterPredicate'
+            - type: array
+              items:
+                $ref: '#/components/schemas/FilterPredicate'
+      additionalProperties: false
+      maxProperties: 1
+      minProperties: 1
+    FilterPredicateRangeOp:
+      type: object
+      properties:
+        $lt:
+          $ref: '#/components/schemas/FilterRangeValue'
+      additionalProperties: false
+      maxProperties: 2
+      minProperties: 2
+    FilterRangeValue:
+      oneOf:
+        - type: number
+        - type: string
+    FilterValue:
+      oneOf:
+        - type: number
+        - type: string
+        - type: boolean
diff --git a/pkg/codegen/configuration.go b/pkg/codegen/configuration.go
index 9b64bfe25f..d26661762b 100644
--- a/pkg/codegen/configuration.go
+++ b/pkg/codegen/configuration.go
@@ -75,6 +75,11 @@ type CompatibilityOptions struct {
 	// This resolves the behavior such that middlewares are chained in the order they are invoked.
 	// Please see https://github.com/deepmap/oapi-codegen/issues/841
 	ApplyGorillaMiddlewareFirstToLast bool `yaml:"apply-gorilla-middleware-first-to-last,omitempty"`
+	// CircularReferenceLimit allows controlling the limit for circular reference checking.
+	// In some OpenAPI specifications, we have a higher number of circular
+	// references than is allowed out-of-the-box, but can be tuned to allow
+	// traversing them.
+	CircularReferenceLimit int `yaml:"circular-reference-limit"`
 }
 
 // OutputOptions are used to modify the output code in some way.
diff --git a/pkg/util/loader.go b/pkg/util/loader.go
index 9efbb8f38e..c3ab6d2865 100644
--- a/pkg/util/loader.go
+++ b/pkg/util/loader.go
@@ -18,3 +18,20 @@ func LoadSwagger(filePath string) (swagger *openapi3.T, err error) {
 		return loader.LoadFromFile(filePath)
 	}
 }
+
+func LoadSwaggerWithCircularReferenceCount(filePath string, circularReferenceCount int) (swagger *openapi3.T, err error) {
+	// get a copy of the existing count
+	existingCircularReferenceCount := openapi3.CircularReferenceCounter
+	if circularReferenceCount > 0 {
+		openapi3.CircularReferenceCounter = circularReferenceCount
+	}
+
+	swagger, err = LoadSwagger(filePath)
+
+	if circularReferenceCount > 0 {
+		// and make sure to reset it
+		openapi3.CircularReferenceCounter = existingCircularReferenceCount
+	}
+
+	return swagger, err
+}