We present a new approach to graph limit theory that unifies and generalizes the two most well-developed directions, namely dense graph limits (even the more general
$L^p$
limits) and Benjamini–Schramm limits (even in the stronger local-global setting). We illustrate by examples that this new framework provides a rich limit theory with natural limit objects for graphs of intermediate density. Moreover, it provides a limit theory for bounded operators (called P-operators) of the form
$L^\infty (\Omega )\to L^1(\Omega )$
for probability spaces
$\Omega $
. We introduce a metric to compare P-operators (for example, finite matrices) even if they act on different spaces. We prove a compactness result, which implies that, in appropriate norms, limits of uniformly bounded P-operators can again be represented by P-operators. We show that limits of operators, representing graphs, are self-adjoint, positivity-preserving P-operators called graphops. Graphons,
$L^p$
graphons, and graphings (known from graph limit theory) are special examples of graphops. We describe a new point of view on random matrix theory using our operator limit framework.