Accelerated parameter estimation in Bilby with relative binning

We describe an implementation of the relative binning technique to speed up parameter estimation of gravitational-wave signals. We first give a pedagogical overview of relative binning, discussing also the expressions for the likelihood marginalized over phase and distance. Then, we describe the details of the code in \texttt{Bilby}, an open-source software package commonly used for parameter estimation of gravitational-wave sources. Our code is able to reproduce the parameters of GW170817 in 14 hours on a single-core CPU, performs well on simulated signals, and passes the percentile-percentile (p-p) tests. We also illustrate that relative binning is an ideal technique to estimate the parameters of signals in next-generation gravitational wave detectors.