Serdes input is 40 bits.
Read this 40bit from ROM and enter it into Serdes
"101010.....1010" It's okay
if you type it like this "00000000000000000000000000000111111111111111111111" If you enter this way, the following waveform appears.
I'm use 2GHz Serdes
How to make 00......000 flat, 111....11 flat
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Are you using Dev kit or own hardware ?
I am asking cause it looks like cold junction between chip and PCB.
So called head-on-the-pillow issue.
In other words , there is no connection between fpga and pcb.
There is samall capacitance between fpga ball and pcb - few pF.
That's why you can see spikes instead of square wave.
Try with other pin on the same chip or another unit.