This paper suggests the use of adjustable aperture multiplexing (AAM), a method which is able to introduce multiple tunable carrier frequencies into a three-beam electronic speckle pattern interferometer to measure the out-of-plane displacement and its first-order derivative simultaneously. In the optical arrangement, two single apertures are located in the object and reference light paths, respectively. In cooperation with two adjustable mirrors, virtual images of the single apertures construct three pairs of virtual double apertures with variable aperture opening sizes and aperture distances. By setting the aperture parameter properly, three tunable spatial carrier frequencies are produced within the speckle pattern and completely separate the information of three interferograms in the frequency domain. By applying the inverse Fourier transform to a selected spectrum, its corresponding phase difference distribution can thus be evaluated. Therefore, we can obtain the phase map due to the deformation as well as its slope of the test surface from two speckle patterns which are recorded at different loading events. By this means, simultaneous and dynamic measurements are realized. AAM has greatly simplified the measurement system, which contributes to improving the system stability and increasing the system flexibility and adaptability to various measurement requirements. This paper presents the AAM working principle, the phase retrieval using spatial carrier frequency, and preliminary experimental results.