As an entry for the 2009 Gordon Bell price/performance prize, we present the results of two different hierarchical N-body simulations on a cluster of 256 graphics processing units (GPUs). Unlike many previous N-body simulations on GPUs that scale as O(N2), the present method calculates the O(N log N) treecode and O(N) fast multipole method (FMM) on the GPUs with unprecedented efficiency. We demonstrate the performance of our method by choosing one standard application - a gravitational N-body simulation - and one non-standard application - simulation of turbulence using vortex particles. The gravitational simulation using the treecode with 1,608,044,129 particles showed a sustained performance of 42.15 TFlops. The vortex particle simulation of homogeneous isotropic turbulence using the periodic FMM with 16,777,216 particles showed a sustained performance of 20.2 TFlops. The overall cost of the hardware was 228,912 dollars. The maximum corrected performance is 28.1TFlops for the gravitational simulation, which results in a cost performance of 124 MFlops/$. This correction is performed by counting the Flops based on the most efficient CPU algorithm. Any extra Flops that arise from the GPU implementation and parameter differences are not included in the 124 MFlops/$.