A system on a chip (SoC) includes a transceiver comprising a transmitter having a power amplifier and a receiver having a signal buffer. At least one of the transmitter and receiver has a configurable portion that can be configured to produce a range of waveforms (both in waveshape as well as duty cycle). A low cost built in self test (BIST) logic is coupled to the transceiver. The BIST logic is operable to calibrate the configurable portion of the transceiver to produce a waveform that has a selected harmonic component that has an amplitude that is less than a threshold value. Current consumed by the transceiver may be dynamically reduced by selecting an optimized waveform that has low harmonic components.