diff --git a/Makefile b/Makefile
index 6538175..f190fef 100644
--- a/Makefile
+++ b/Makefile
@@ -113,6 +113,7 @@ endef
 
 MODULES += axis_replay_buffer
 MODULES += descramble
+MODULES += led_blinker
 MODULES += mdio
 MODULES += mdio_io
 MODULES += mdio_regs
diff --git a/rtl/led_blinker.v b/rtl/led_blinker.v
new file mode 100644
index 0000000..59e07e5
--- /dev/null
+++ b/rtl/led_blinker.v
@@ -0,0 +1,64 @@
+// SPDX-License-Identifier: AGPL-3.0-Only
+/*
+ * Copyright (C) 2023 Sean Anderson <seanga2@gmail.com>
+ *
+ * This is an LED blinker designed to make it easier to monitor internal
+ * signals with LEDs. The blinker is active for ~16 and inactive for ~16 ms.
+ * When triggered, the corresponding output will go high the next time
+ * the blinker becomes active. This results in blinking at 30 Hz if
+ * continuously triggered. All outputs blink at the same time.
+ */
+
+`include "common.vh"
+
+module led_blinker (
+	input clk,
+	input [LEDS - 1:0] triggers,
+	output reg [LEDS - 1:0] out,
+
+	input test_mode
+);
+
+	parameter LEDS		= 2;
+
+	localparam TIMER_RESET		= 21'h1ffffe;
+	/* 16 cycles before the end */
+	localparam TEST_TIMER_RESET	= 21'h0ccccf;
+
+	reg active, active_next;
+	reg [LEDS - 1:0] out_next, triggered, triggered_next;
+	reg [20:0] lfsr, lfsr_next;
+
+	initial begin
+		active = 0;
+		triggered = {LEDS{1'b0}};
+		out = {LEDS{1'b0}};
+		lfsr = TEST_TIMER_RESET;
+	end
+
+	always @(*) begin
+		active_next = active;
+		triggered_next = triggered | triggers;
+		out_next = out;
+		lfsr_next = { lfsr[19:0], lfsr[20] ^ lfsr[18] };
+		if (&lfsr) begin
+			if (active) begin
+				active_next = 0;
+				triggered_next = triggered_next & ~out;
+				out_next = {LEDS{1'b0}};
+			end else begin
+				active_next = 1;
+				out_next = triggered;
+			end
+			lfsr_next = test_mode ? 21'hCCCCF : 21'h1FFFFE;
+		end
+	end
+
+	always @(posedge clk) begin
+		active <= active_next;
+		triggered <= triggered_next;
+		out <= out_next;
+		lfsr <= lfsr_next;
+	end
+
+endmodule
diff --git a/tb/led_blinker.py b/tb/led_blinker.py
new file mode 100644
index 0000000..60e21bd
--- /dev/null
+++ b/tb/led_blinker.py
@@ -0,0 +1,43 @@
+# SPDX-License-Identifier: AGPL-3.0-Only
+# Copyright (C) 2023 Sean Anderson <seanga2@gmail.com>
+
+import cocotb
+from cocotb.binary import BinaryValue
+from cocotb.clock import Clock
+from cocotb.triggers import ClockCycles, FallingEdge, Timer
+
+from .util import BIT
+
+@cocotb.test(timeout_time=1, timeout_unit='us')
+async def test_elastic(led):
+    led.clk.value = BinaryValue('Z')
+    led.triggers.value = 0
+    led.test_mode.value = 1
+
+    await Timer(1)
+    await cocotb.start(Clock(led.clk, 2, units='ns').start())
+
+    await FallingEdge(led.clk)
+    assert not led.out.value
+
+    led.triggers.value = 1
+    await FallingEdge(led.clk)
+    assert not led.out.value
+
+    led.triggers.value = 0
+    while not led.out.value:
+        await FallingEdge(led.clk)
+    assert led.out.value == 1
+
+    led.triggers.value = 1
+    await FallingEdge(led.clk)
+
+    led.triggers.value = 0
+    await ClockCycles(led.clk, 16, False)
+    led.triggers.value = 2
+
+    await FallingEdge(led.clk)
+    assert not led.out.value
+    while not led.out.value:
+        await FallingEdge(led.clk)
+    assert led.out.value == 2