Cerebral blood arrival and tissue transit times are sensitive measures of the efficiency of tissue perfusion and can provide clinically meaningful information on collateral blood flow status. We exploit the arterial blood oxygen level dependent (BOLD) signal contrast established by precisely modulating arterial hemoglobin saturation using hypoxic respiratory challenges (dOHb-BOLD) to quantify arterial blood arrival times throughout the brain. A combination of hemodynamic lag with a modified carpet plot analysis yielded lag, onset (blood arrival), mean transit time (MTT) and hypoxic response information, which is indicative of relative total blood volume. Onset times averaged across 12 healthy subjects were 1.1 ± 0.4 and 1.9 ± 0.6 for cortical gray and deep white matter, respectively. The average whole brain MTT was 4.5 ± 0.9 seconds. The dOHb-BOLD response was 1.7 fold higher in grey versus white; in line with known differences in regional blood volume fraction. Our method was also applied in unilateral carotid artery occlusion patient, which revealed prolonged signal onset with normal perfusion in the affected hemisphere. In cases with exhausted reserve capacity or confounding flow effects such as vascular steal, dOHb-BOLD can potentially inform on collateral flow pathways to provide a valuable compliment to clinical vascular reactivity measures.