The ‘waves and ebbs’ model proposed by Huntington in his 1991's The Third Wave has profoundly shaped how scholars interpret global trends of democratization and autocratization, but has also received criticisms, especially concerning its ability to explain regime change in the three decades following the end of the Cold War. I contend that, rather than an alternation between democratization waves and authoritarian ebbs, the post-Cold War period could be more fruitfully described as a phase of ‘regime convergence’ characterized by a tendency of both democracies and autocracies to shift towards hybrid forms of political regime. By showing that between 1990 and 2023 transitions to hybrid regimes significantly exceeded transitions in other directions, I demonstrate the empirical relevance of hybridization as a process affecting both democracies and autocracies, and I encourage renewed attention to this phenomenon distinct from both democratization and autocratization.