Peripheral capillary oxygen saturation (S pO 2) exhibits a complex pattern of fluctuations during hypoxia. The physiological interpretation of S pO 2 variability is not well understood. In this study, we tested the hypothesis that S pO 2 fluctuation carries information about integrated cardio-respiratory control in healthy individuals using a network physiology approach. We explored the use of transfer entropy in order to compute the flow of information between cardio-respiratory signals during hypoxia. Twelve healthy males (mean (SD) age 22 (4) years) were exposed to four simulated environments (fraction of inspired oxygen (F IO 2): 0.12, 0.145, 0.17, and 0.2093) for 45 min, in a single blind randomized controlled design. The flow of information between different physiological parameters (S pO 2 , respiratory frequency, tidal volume, minute ventilation, heart rate, end-tidal pressure of O 2 and CO 2) were analysed using transfer entropy. Normobaric hypoxia was associated with a significant increase in entropy of the S pO 2 time series. The transfer entropy analysis showed that, particularly at F IO 2 0.145 and 0.12, the flow of information between S pO 2 and other physiological variables exhibits a bidirectional relationship. While reciprocal interactions were observed between different cardio-respiratory parameters during hypoxia, S pO 2 remained the main hub of this network. S pO 2 fluctuations during graded hypoxia exposure carry information about cardio-respiratory control. Therefore, S pO 2 entropy analysis has the potential for non-invasive assessment of the functional connectivity of respiratory control system in various healthcare settings. K E Y W O R D S altitude, hypoxic, sample entropy, S pO 2 , transfer entropy 1 INTRODUCTION Peripheral capillary oxygen saturation (S pO 2) is measured noninvasively and is extensively used for monitoring patients in clinical This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited.