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The origin of depth in Panum's limiting case is unclear at present, so we investigated the depth perception mechanism using a triangle type of Panum's stimulus with a slant effect and clear criterion. Experiment 1 explored whether participants can correctly perceive fixation and nonfixation features using the fixation point and quick representation of stimuli, then examined whether participants’ depth judgments supported double fusion or single fusion. The results of Experiment 1 showed that participants could correctly perceive the depth of fixation and nonfixation features. That is, it supported double fusion. In Experiment 2, we examined whether the depth perceived by observers comes from depth contrast. The results of Experiment 2 showed that the depth of the two features perceived after binocular fusion did not originate from the depth contrast. The findings suggest that the depth perception mechanism of Panum's limiting case is more likely to be double fusion.