The code division multiplexing (CDM)-based MIMO channel sounder architecture is efficient at measuring fast fading MIMO channels. This paper examines loosely synchronous (LS), CAZAC, Kasami, and Chaotic sequences as probing signals in the CDM architecture. After comparing the performance of the channel measurement among the sequences, it is concluded that the LS sequences are the most appropriate codes for the probing signals. However, because LS sequences have a significant drawback in that the number of transmit antennas is limited to less than 4, we propose using a hybrid architecture combining CDM with TDM for supporting a greater number of transmit antennas. The simulation results show that the proposed scheme can improve the measurement performance when more than 4 transmit antennas are used.