System, methods and apparatus are described that reduce the power consumed by a multi-level encoded communications link. In one example, different logic states of a 4-level pulse amplitude modulation encoded transmission consume greater power than other logic states. The fraction of primary bits in a first logic state in multi-bit data symbols may determine whether the primary bits are inverted prior to transmission. The fraction of secondary bits in the first logic state in the multi-bit data symbols may determine whether the secondary bits are inverted prior to transmission. The primary bits may be swapped with the secondary bits is more secondary bits are in the first logic state than primary bits in the first logic state.