SLIME's just got a new contrib called slime-macrostep, courtesy of Jon Oddie who also wrote the underlying macrostep package.

And what is slime-macrostep? It's an interactive inline macro-expander. Have a look:

In this quick demo, using a CFFI example, I start by expanding the top-level WITH-FOREIGN-OBJECT form, then I expand the WITH-ALIEN form, but regret it and collapse it back. Then I proceed to expand everything else, including compiler macros!

A nice feature of slime-macrostep is that the expansions are annotated to show which forms are further expandable and macrostep-expand will jump automatically to the next expandable form. That's what makes it a stepper: pressing e repeadly will step through the macroexpansion. Plus, it expands macrolets!

If you'd like to try it out, please grab SLIME's bleeding edge (via MELPA or Git). It's enabled by default if you use the slime-fancy meta contrib. Feedback is most welcome.