We performed measurements of carrier-phase-based two-way satellite time and frequency transfer (TWST-FT) with an A/D sampler and conventional TWSTFT system. We found that an instability resulting from a local signal at the satellite transponder was negligible. The short-term stability of 4 × 10(-13) at 1 s was achieved in a short-baseline measurement. The results showed good agreement with the GPS carrier phase.