Abstract. Gene set enrichment analysis is a widely used tool for analyzing gene expression data. However, current implementations are slow due to a large number of required samples for the analysis to have a good statistical power. In this paper we present a novel algorithm, that efficiently reuses one sample multiple times and thus speeds up the analysis. We show that it is possible to make hundreds of thousands permutations in a few minutes, which leads to very accurate p-values. This, in turn, allows applying standard FDR correction procedures, which are more accurate than the ones currently used. The method is implemented in a form of an R package and is freely available at https://github.com/ctlab/fgsea.