The main scope of this research is to assess the ultimate accuracy that can be achieved for the slant total electron content (sTEC) estimated from dual-frequency global positioning system (GPS) observations which depends, primarily, on the calibration of the inter-frequency biases (IFB). Two different calibration approaches are analyzed: the so-called satellite-by-satellite one, which involves levelling the carrier-phase to the code-delay GPS observations and then the IFB estimation; and the so-called arc-by-arc one, which avoids the use of code-delay observations but requires the estimation of arc-dependent biases. Two strategies are used for the analysis: the first one compares calibrated sTEC from two co-located GPS receivers that serve to assess the levelling errors; and the second one, assesses the model error using synthetic data free of calibration error, produced with a specially developed technique. The results show that the arc-by-arc calibration technique performs better than the satellite-by-satellite one for mid-latitudes, while the opposite happens for low-latitudes.Facultad de Ciencias Astronómicas y Geofísicas