The functional properties of the haemocyanin ofVampyroteuthis infernalis (Cephalopoda: Vampyromorpha), measured at 5 °C, are reported and discussed in relation to hypoxia. The oxygen affinity of this haemocyanin (P50=0.47−0.55 kPa) is higher than any previously measured for a cephalopod. The high cooperativity (n50=2.20−2.23) and Bohr coefficient (−0.22) suggest a true transport function for this haemocyanin. This high-affinity haemocyanin, in conjunction with moderate gill diffusion capacity, provides a sufficient oxygen gradient from the environment to the blood to support the low routine oxygen consumption rate of V. infernalis