The future 5G wireless infrastructure will support any-to-any connectivity between densely deployed smart objects that form the emerging paradigm known as the Internet of Everything (IoE). Compared to traditional wireless networks that enable communication between devices using a single technology, 5G networks will need to support seamless connectivity between heterogeneous wireless objects and IoE networks. To tackle the complexity and versatility of future IoE networks, 5G will need to guarantee optimal usage of both spectrum and energy resources and further support technology-agnostic connectivity between objects. One way to realize this is to combine intelligent network control with adaptive software defined air interfaces. In this paper, a flexible and compact platform is proposed for on-the-fly composition of low-power adaptive air interfaces, based on hardware/software co-processing. Compared to traditional Software Defined Radio (SDR) systems that perform computationally-intensive signal processing algorithms in software, consume significantly power and have a large form factor, the proposed platform uses modern hybrid FPGA technology combined with novel ideas such as RF Network-on-Chip (RFNoC) and partial reconfiguration. The resulting system enables composition of reconfigurable air interfaces based on hardware/software co-processing on a single chip, allowing high processing throughput, at a smaller form factor and reduced power consumption.