This paper describes two research projects that develop new low-cost techniques for testing devices with multiple high-speed (2 to 5 Gbps) signals. Each project uses commercially available components to keep costs low, yet achieves performance characteristics comparable to (and in some ways exceeding) more expensive ATE. A common CMOS FPGA-based logic core provides flexibility, adaptability, and communication with controlling computers while customized positive emitter-coupled logic (PECL) achieves multi-gigahertz data rates with about ±25ps timing accuracy.