A Software-Defined Radio (SDR) system, is a radio communication system where components that have been typically implemented in hardware are now implemented using software. In this paper we describe and compare two approaches to map this software onto a hardware platform. One runs the software on an ASIP, the other one uses High-Level Synthesis to design a (fixed-functionality) ASIC. We compare the two implementations for speed, power, area, design effort and flexibility. The ASIP has more flexibility, which also comes at a surprisingly low cost.