Embodiments of the invention relate to methods and systems for simulating a multi-core hardware platform the devices of which are modeled by functional or cycle-based models. In order to improve the simulation speed, a computer implemented method utilizes functional models that include an execution time in the reply to a transaction while maintaining the simulation accuracy relative to a cycle-based simulation of the same hardware platform. The execution time indicates an estimated number of cycles of a main clock which the represented device would have required for executing the operation. The simulation system initiates a transaction by a master model to request the execution of an operation by a slave model. The slave model executes the requested operation, and replies to the transaction returning a result of the executed operation to the master model, and where the slave model is a functional model, the execution time.
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