According to CUDA programming guide best practices:

A CUDA context is analogous to a CPU process. All resources and actions performed within the driver API are encapsulated inside a CUDA context, and the system automatically cleans up these resources when the context is destroyed. Besides objects such as modules and texture or surface references, each context has its own distinct address space. As a result, CUdeviceptr values from different contexts reference different memory locations.

And

While multiple contexts (and their associated resources such as global memory allocations) can be allocated concurrently on a given GPU, only one of these contexts can execute work at any given moment on that GPU; contexts sharing the same GPU are time-sliced. Creating additional contexts incurs memory overhead for per-context data and time overhead for context switching. Furthermore, the need for context switching can reduce utilization when work from several contexts could otherwise execute concurrently (see also Concurrent Kernel Execution 6). Therefore, it is best to avoid multiple contexts per GPU within the same CUDA application.