For non-invasive deformation metrology using optical interferometry based techniques, reliable phase retrieval is an important problem. This paper proposes a graphics processing unit assisted fast and robust phase retrieval technique based on signal subspace method. The effectiveness and efficiency of the proposed method is shown using numerical simulations. For processing a fringe pattern of size 1024 by 1024 pixels, our proposed implementation provided improvement in computational efficiency by a factor of more than 150 as compared to the conventional sequential method. The practical viability of this approach is demonstrated for high speed deformation testing in an experimental configuration based on diffraction phase microscopy.