A test and measurement instrument including a digital-to-analog converter having an output sample rate configured to receive a digital sample waveform and a reference clock and output an analog waveform at the sample rate, a waveform synthesizer configured to receive an input waveform having a baud rate and output a digital sample waveform having a baud rate less than the sample rate of the digital-to-analog converter, and a port configured to output the analog waveform.