An instantaneous phase error detector (IPED) and method includes a first gate configured to logically OR output phase error signals as data to a first latch, and a second gate configured to logically combine the output phase error signals to clock the first latch. A delay element delays to the data to the first latch where the output of the first latch provides instantaneous phase error change information. A second latch is coupled to the output phase error signals to output a lead/lag signal to indicate which of the output phase error signals is leading. A phase-locked loop employing the output of the IPED is also disclosed along with static phase measurement and jitter optimization features.