Including the ADC input and DAC output. Of course closer is better, our philosophy is to place the transformers as close as we can in the PCB layout. What I want to know is, in worst case, how far can the transformers be away from AD9361?
There are no restrictions on how far you can place the transformers.
In the case of Rx the tradeoff is line loss which will increase noise figure.
In the case of Tx the tradeoff is again line loss which will impact Tx output power. Depending on how you bias the Tx output you may encounter additional IR drop due to long output lines. Also highly undesired.
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