The Threshold Is Not a Line
Slow down any audio oscillator far enough and it becomes an LFO. Speed up any LFO past roughly 20 Hz and it enters the audible range. The physics are identical; only the perceptual result changes. This is the key insight behind audio-rate modulation: there is no fundamental difference between a modulator running at 0.3 Hz and one running at 300 Hz. Both are voltages varying over time, both are moving a destination parameter. What changes past the hearing threshold is that the ear stops tracking the variation as movement and starts hearing it as texture.
Patch a slow sine into a VCO's pitch input and you hear vibrato — a recognisable wobble, the carrier's pitch rising and falling periodically. Increase the modulator's frequency through 5, 10, 20 Hz and the wobble tightens, becomes a roughness, then a smear, then — past roughly 20–30 Hz — something categorically different: new frequency components, audible as additional pitches, appearing around and between the carrier. The listener is no longer aware of modulation happening. They hear a timbre.
What FM Actually Does to the Waveform
In frequency modulation, the modulating signal varies the instantaneous frequency of the carrier. At audio rates this happens fast enough that the carrier waveform is being bent and stretched within individual cycles. The mathematics, worked out by John Chowning at Stanford in the late 1960s, shows that a sine carrier modulated by a sine produces sidebands at frequencies equal to the carrier frequency plus and minus integer multiples of the modulator frequency. The ratio of carrier to modulator — the C:M ratio — determines which sidebands appear and therefore what harmonic or inharmonic character the result takes on. A ratio of 1:1 produces sidebands that sit on harmonics of the fundamental; a ratio of 1:1.41 scatters them into inharmonic territory, useful for metallic and bell-like sounds. The modulation depth — how much the modulator actually deflects the carrier's frequency — controls the amplitude of those sidebands. Deeper modulation adds higher-order sidebands and a denser, more complex spectrum.
In analog Eurorack contexts, the modulator goes into the FM input rather than the 1V/oct input, because the modulation depth needs independent control and the 1V/oct tracking needs to stay clean. A dedicated FM attenuator on the oscillator sets the depth; without it, even small audio signals at the FM input can push modulation far beyond useful range.