Global Navigation Satellite System (GNSS)-equipped buoys have a fundamental role in the validation of satellite altimetry. Requirements to validate next generation altimeter missions are demanding and call for a greater understanding of the systematic errors associated with the buoy approach. In this paper, we assess the present-day buoy precision using archived data from the Bass Strait validation facility. We explore potential improvements in buoy precision by addressing two previously ignored issues: changes to buoyancy as a function of external forcing, and biases induced by platform dynamics. Our results indicate the precision of our buoy against in situ mooring data is ~15 mm, with a ~8.5 mm systematic noise floor. Investigation into the tether tension effect on buoyancy showed strong correlation between currents, wind stress and buoy-against-mooring residuals. Our initial empirical correction achieved a reduction of 5 mm in the standard deviation of the residuals, with a 51% decrease in variance over low frequency bands. Corrections associated with platform orientation from an Inertial Navigation System (INS) unit showed centimetre-level magnitude and are expected to be higher under rougher sea states. Finally, we conclude with further possible improvements to meet validation requirements for the future Surface Water Ocean Topography (SWOT) mission.

GNSS equipped buoys remain an important tool in altimetry validation. Progressive advances in altimetry missions require associated development in such validation tools. In this paper, we enhanced an existing buoy approach and gained further understanding of the buoy dynamics based on in situ observations. First, we implemented the capability to separate the ambiguity fixing strategy for different constellations in the processing software TRACK. A comparison between GPS and GNSS solutions suggested up to 3 cm reduction in the root mean square of the buoy minus co-located mooring SSH residuals over the selected sidereal periods. Then, comparison between double differencing and precise point positioning solutions suggested a possible common mode error external to GNSS processing. To assess buoy performance in different ocean conditions and sea states, GNSS and INS observations were used during periods where external forcings (waves, current and wind) were not interacting substantially. For the deployments investigated, no significant relationship was found, noting the maximum significant wave height and current velocity was ~2.3 m and ~0.3 m/s, respectively. In the lead up to the validation required for the SWOT mission, these results place important bounds on the performance of the buoy design under real operating conditions.