To make the simple syrup put the key lime juice and sugar in a saucepan.
Bring to a boil over medium heat, stirring frequently, until sugar has dissolved.
Remove from heat and cool completely.
When ready to serve rim a glass with sugar or salt. Fill with ice.
Combine 3 ounces of the key lime syrup with the tequila and orange liqueur in a cocktail shaker and shake to combine. Pour over top of the ice in the glass.
Fill the glass with bubbly water.
Place a key lime slice on the rim and serve with a straw.