I'm running the HDMI port to an FPGA, and I was wondering if I can terminate the signals to 2.5V instead of 3.3V.
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The HDMI standard specifies 3.3V termination and the PHY is designed to this spec.
You could try terminating to 2.5V but there is no guarantee it will work reliably.
You could, also try AC coupling rather than DC coupling to your FPGA, thus allowing the HDMI signals to be correctly terminated to 3.3V, but then pass the DP/DM etc... through capacitors which are biased to the FPGA differential input reference voltage.
You would need to do some experimentation and analysis on this type of solution though.
BR,
Steve