A test and measurement device includes an input configured to receive an analog signal from a Device Under Test (DUT), an Analog to Digital Converter (ADC) coupled to the input and structured to convert the analog signal to a digital signal, a receiver implemented in a first Field Programmable Gate Array (FPGA) and structured to accept the digital signal and perform signal analysis on the digital signal, a transmitter implemented in a second FPGA and structured to generate a digital output signal, and a Digital to Analog Converter (DAC) coupled to the transmitter and structured to convert the digital output signal from the transmitter to an analog signal, and structured to send the analog signal to the DUT. The receiver and the transmitter are coupled together by a high speed data link over which data about the current testing environment may be shared.