A hybrid binary executable under both native processes and compatibility (e.g., emulated) processes. When the hybrid binary is loaded by a native process, the process executes a native code stream contained in the binary directly on a processor. When the hybrid binary is loaded by a compatibility process, the process executes an emulation-compatible (EC) code stream directly on a processor. The hybrid binary format supports folding of code between the native code stream and the EC code stream. The hybrid binary comprises a set of memory transformations which are applied to image data obtained from the binary when the hybrid binary executes under the compatibility process.