Heart failure (HF) is intrinsically associated with impaired functional exercise capacity, leading to substantial morbidity and mortality. 1 Understanding the aetiology and pathophysiology of exercise intolerance (EI) in HF remains essential for the advent of novel therapies, particularly concerning $50% of patients presenting with HF with preserved ejection fraction (HFpEF), for whom no effective treatment has been found thus far. 2 Peak oxygen (O 2 ) consumption (VO 2peak ), as elicited by incremental dynamic exercise involving >50% of total muscle mass (treadmill, cycle ergometer), is considered a hallmark of exercise tolerance with high prognostic value. 3 Theoretically, the impairment of any step of the O 2 transport and utilisation chain could explain the limitation of VO 2peak in HFpEF. An exhaustive scrutiny of the determinants of VO 2peak is necessary to ascertain which mechanisms should be primarily targeted for therapy. VO 2peak in healthy humans is mainly determined by convective O 2 delivery, which is a function of peak cardiac output (Q peak ) and arterial O 2 content, conforming to the Fick principle. 4Regarding HFpEF patients, markedly low VO 2peak levels are consistently associated with diminished Q peak and subsequent inability to deliver sufficient O 2 to cope with increased metabolic demands. 5-9 Moreover, anaemia, as diagnosed by haemoglobin (Hb) concentration affects !43% of HFpEF patients. 10 Decreased total circulating red blood cell volume (RBCV) is observed in nine out of 10 HFpEF patients with Hb-based anaemia, 11 hence presenting with a deficit in total blood O 2 carrying capacity. Along with cardiac and haematological factors, a peripheral limitation in the form of reduced peak a-vO 2diff is also apparent in a fraction of HFpEF studies. 7-9 Importantly, reduced peak a-vO 2diff has been portrayed as the dominant feature underlying EI in HFpEF 8,9 with anomalies in skeletal muscle (SM) morphology and function as primary culprits. 12 Furthermore, in recent exercise training (ET) guidelines for HF, it has been posited that local (knee extensor) exercise primarily targeting SM adaptations might be more effective to improve VO 2peak than wellestablished aerobic ET involving large SM mass (e.g. walking, cycling). 13 Given the relevance of the 'peripheral' paradigm for future ET prescription in HFpEF patients, we would like to ponder current evidence on the basis of sound integrative physiology with the attempt to facilitate a forthcoming robust understanding of EI in HFpEF.Peak a-vO 2diff is commonly seen as a proxy of the capacity of SM to extract (and metabolise) O 2 from the circulation. Variables facilitating O 2 diffusion from capillary into SM fibres and O 2 utilisation such as capillarisation and mitochondrial volume density (Mito VD ) are frequently deemed to determine peak a-vO 2diff . 7,8 Support or refutation of this construct can be derived from classic experimental models delving into muscle physiology. 14 For instance, substantial decreases in SM capillarisation, Mito VD and ox...