I'm working on a data visualisation application where I need to draw about 20 different time series overlayed in 2D, each consisting of a few million data points. I need to be able to zoom and pan the data left and right to look at it and need to be able to place cursors on the data for measuring time intervals and to inspect data points. It's very important that when zoomed out all the way, I can easily spot outliers in the data and zoom in to look at them. So averaging the data can be problematic.
I have a naive implementation using a standard GUI framework on linux which is way too slow to be practical. I'm thinking of using OpenGL instead (testing on a Radeon RX480 GPU), with orthogonal projection. I searched around and it seems VBOs to draw line strips might work, but I have no idea if this is the best solution (would give me the best frame rate).
What is the best way to send data sets consisting of millions of vertices to the GPU, assuming the data does not change, and will be redrawn each time the user interacts with it (pan/zoom/click on it)?
In modern OpenGL (versions 3/4 core profile) VBOs are the standard way to transfer geometric / non-image data to the GPU, so yes you will almost certainly end up using VBOs.
Alternatives would be uniform buffers, or texture buffer objects, but for the application you're describing I can't see any performance advantage in using them - might even be worse - and it would complicate the code.
The single biggest speedup will come from having all the data points stored on the GPU instead of being copied over each frame as a 2D GUI might be doing. So do the simplest thing that works and then worry about speed.
If you are new to OpenGL, I recommend the book "OpenGL SuperBible" 6th or 7th edition. There are many good online OpenGL guides and references, just make sure you avoid the older ones written for OpenGL 1/2.
Hope this helps.