This application discloses a computing system implementing a power estimator can read in waveform data generated during functional verification of a circuit design describing an electronic device, detect toggles in the signals of the waveform data, correlate the detected toggles in the signals to arcs associated with logic gates in the circuit design, and track a number of times each of the arcs has been correlated to the detected toggles. After the waveform data has been read, the power estimator can look-up power values for each arc having been correlated to a detected signal toggle, multiple the power values by the tracked number of times each of the arcs been correlated to the detected toggles to compute power estimates, and generate an estimate of power consumption for the circuit design during the functional verification by accumulating the power estimates for the arcs associated with the logic gates.