Abstract-The averaged small-signal model of the dualinterleaved buck converter is extended to include the phase interaction effects that arise from the interleaved sampling of the phase currents. Sampler decomposition techniques are used to extend the averaged model, revealing a slow-scale instability that can place significant restrictions on the choice of controller parameters. The model is confirmed by simulations and measurements using a 60kW dual-interleaved prototype with Inter-Phase Transformer (IPT), however the analysis is equally applicable to interleaved converters without magnetic coupling.