This disclosure concerns transceivers that include CDR bypass functionality. In one example, a 10 G XFP transceiver module includes integrated CDR functionality for reducing jitter. The 10 G XFP transceiver module also implements CDR bypass functionality so that the CDR can be bypassed at rate less than about 10 Gb/s, such as the Fibre Channel 8.5 Gb/s rate for example.