This digest presents a design oriented small signal model for peak current mode controlled 2-phase PWM converters with inverse coupling. The effects of slope compensation are also included, and the theory is developed with a 2-phase buck converter. The modeling approach can be extended to boost and buck-boost type converters as well. Simulation results are presented for various small signal transfer functions at 2 different operating conditions. Experimental measurements of the control-to-output transfer function shows good agreement with the analytical model, validating the proposed modeling approach.