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Mobile networks have to cater for diverse services that have distinct requirements in terms of bandwidth, latency, and so on. Network virtualization is a key technology that efficiently utilizes the network resources to meet these service requirements. In this work, we investigate radio virtualization for creating fine‐grained network slices using orthogonal frequency division multiplexing (OFDM) and filter bank multicarrier (FBMC) combinations; the two are individually referred to as virtual radios (VRs). Using universal software radio peripherals (USRPs), we experimentally analyze multiple configurations of VRs including OFDM‐OFDM, OFDM‐FBMC, and FBMC‐FBMC. An extensive performance comparison is done on the basis of error rate, spectral efficiency, interference power, and computational complexity of the VR configurations that are confined within an operational bandwidth. An increase in transmit power of the …