Previously, using simultaneous task-free fMRI and optic-fiber-based neuronal calcium recordings in the anesthetized rat, we identified BOLD responses directly related to slow calcium waves, revealing a cortex-wide and spatially organized BOLD correlate (Schwalm et al. 2017). Here, with these bimodal recordings, we reveal two distinct brain states: persistent state, in which compartmentalized network activity was observed, including defined subsets such as the default mode network; and slow wave state, dominated by a cortex-wide component, suggesting a strong functional coupling of brain activity. In slow wave state we find a correlation between slow wave events and the strength of functional connectivity. These findings suggest that indeed down-up transitions of neuronal excitability drive cortex-wide functional connectivity. This study provides strong evidence that previously reported changes in functional connectivity are highly dependent on the brain's current state and directly linked with cortical excitability and slow waves generation.