This topic is above my pay grade, but I just finished watching this talk and he mentions a library that might be useful to you.
I don’t know the name of the library though. Maybe it can help you.

Use a debug emulator. Besides that it is just normal C debugging tactics.

I do have a debug emulator, and tested that valgrind and gdb are working. But I’m not sure how I can run something like iex -S mix with the debug emulator.

Is there a way I can run $ERL_TOP/bin/cerl -rvalgrind and load my mix project? Once I have the ebin folder with the BEAM files is it possible to do that?

I don’t know how iex works, so you will have to find someone that does.

I would try to look and see what arguments iex passes to erl when it starts and then pass those to cerl instead.

Last I tried, I had to modify elixir script.

• update erl path here to use your compiled cerl
• pass -valgrind flag here

set -- "$ERTS_BIN$ERL_EXEC" -valgrind -pa "$SCRIPT_PATH"/../lib/*/ebin $ELIXIR_ERL_OPTIONS $ERL "$@"