It has been argued that panic disorder patients may be more skilled at detecting changes in actual physiology than others. The present study investigated if panic patients are better than controls in perceiving sensations produced by light hyperventilation. Twelve panic patients and 28 control subjects underwent a procedure in which they were exposed 12 times to 1 min of light hyperventilation or 1 min of 'placebo' hyperventilation (isocapnia). Differences in sensations reported during real hyperventilation were compared to sensations reported during 'placebo' hyperventilation. Results demonstrated an absence of superior perception of hyperventilatory sensations in panic patients.