Speculative decoding (SD) is a widely used approach for accelerating decode-heavy LLM inference workloads. While online inference workloads are highly dynamic, existing SD systems are rigid and take a coarse-grained approach to SD management. They typically set the speculative token length for an entire batch and serialize the execution of the draft and verification phases. Consequently, these systems fall short at adapting to volatile online inference traffic. Under low load, they exhibit prolonged latency because the draft phase blocks the verification phase for the entire batch, leaving GPU computing resources underutilized. Conversely, under high load, they waste computation on rejected tokens during the verification phase, overloading GPU resources. We introduce FASER, a novel system that features fine-grained SD phase management. First, FASER minimizes computational waste by dynamically adjusting the speculative length for each request within a continuous batch and by performing early pruning of rejected tokens inside the verification phase. Second, FASER breaks the verification phase into frontiers, or chunks, to overlap them with the draft phase. This overlap is achieved via fine-grained spatial multiplexing with minimal resource interference. Our FASER prototype in vLLM improves throughput by up to 53% and reduces latency by up to 1.92$\times$ compared to state-of-the-art systems.

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