The fastest ever 11.25Gb/s real-time FPGA-based optical orthogonal frequency division multiplexing (OOFDM) transceivers utilizing 64-QAM encoding/decoding and significantly improved variable power loading are experimentally demonstrated, for the first time, incorporating advanced functionalities of on-line performance monitoring, live system parameter optimization and channel estimation. Real-time end-to-end transmission of an 11.25Gb/s 64-QAM-encoded OOFDM signal with a high spectral efficiency of 5.625 bit/s/Hz over 25km of standard and MetroCor™ single-mode fibres is successfully achieved with respective power penalties of 0.3dB and −0.2dB at a BER of 1.0×10−3 in a directly modulated DFB laser-based intensity modulation and direct detection system without in-line optical amplification and chromatic dispersion compensation. The impacts of variable power loading as well as electrical and optical components on the transmission performance of the demonstrated transceivers are experimentally explored in detail. In addition, numerical simulations also show that variable power loading is an extremely effective means of escalating system performance to its maximum potential.