An compact instrumented downhole coupling that includes a carrier and a set of sensors and electronics that are installed within the carrier. The carrier is a tubular structure having couplings at each end and a bore extending through the carrier from the first end to the second end, forming a carrier wall between the bore and the exterior surface of the carrier. The bore and couplings are offset from a central axis of the carrier (the axis of the cylindrical outer surface of the carrier), resulting in a thicker portion of the carrier wall on one side of the carrier. Cavities are formed (e.g., by drilling holes) within the thicker portion of the carrier wall. One or more sensors and corresponding electronics are then positioned within the cavities, so that the carrier wall itself forms a housing for the sensors and electronics.