We show the feasibility of a real‐time estimation of waveforms and coseismic displacements, within a few centimeters in accuracy, with a stand‐alone dual‐frequency Global Positioning System (GPS) receiver using a so‐called “variometric” approach. The approach is based on time single‐differences of carrier phase observations collected at a high‐rate (1 Hz or more) using a stand‐alone receiver, and on standard GPS broadcast products (orbits and clocks), which are ancillary information routinely available in real time. In the approach, first, the time series of epoch‐by‐epoch displacements are estimated. Then, provided that the collected observations are continuous, they can be summed over the interval (limited to a few minutes) over which an earthquake occurs. Since epoch‐by‐epoch displacements divided by the interval between consecutive epochs are essentially equal to the epoch‐by‐epoch velocities, this is equivalent to saying that we are using the GPS receiver as a velocimeter. Estimation biases, due to the possible mismodeling of various intervening effects (such as multipath, residual clock errors, orbit errors, and atmospheric errors), accumulate over time and display their signature as a trend in coseismic displacements. The trend can be considered linear and easily removed, at least for short intervals. Since the proposed approach (named VADASE (Variometric Approach for Displacements Analysis Stand‐alone Engine)) does not require either additional technological complexity or a centralized data analysis, in principle it can be embedded into GPS receiver firmware, thereby providing a significant contribution to tsunami warning and other hazard assessment systems. After a preliminary test using a simulated example, the effectiveness of this approach was proven using real data. We analyzed the 1 Hz GPS data recorded by the International Global Navigation Satellite Systems Service station BREW during the Denali Fault, Alaska, earthquake (Mw 7.9, 3 November, 2002, 22:12:41 UTC), as well as the 5 Hz data collected by some of the stations of the University NAVSTAR Consortium‐Plate Boundary Observatory network and the California Real Time Network during the Baja California, Mexico, earthquake (Mw 7.2, 4 April, 2010, 22:40:42 UTC). Comparisons of the results obtained using VADASE, as well as other already well‐established approaches, displayed agreement to within a few centimeters. Key Points RT GPS‐based coseismic displacements estimation at few cm accuracy is shown The proposed strategy can be embedded in the GPS receiver firmware It is useful for RT earthquakes source modeling and tsunami early‐warning system