Hypoxia has been implicated as a stimulant of coagulation. As exertion is known to affect haemostasis, we sought to control for this by using a standardized protocol. Subjects were exercised both at room air and at 12% oxygen. Exercise produced an increase in procoagulant factors, which was reduced with hypoxic exercise. Room air exercise increased fibrinolytic markers. Hypoxic exercise did not affect the increase in tissue plasminogen activator, but decreased the increase in plasminogen activator inhibitor-1 expression. Thus, it appears that hypoxia may exert an antithrombotic effect by both damping exercise-induced procoagulant changes and stimulating fibrinolysis.