Throughout the past few decades, researchers have attempted to understand arousal as it relates to physical or athletic performance with inconsistent results. Currently, little research has examined physiological arousal in experienced athletes in the high-risk sport of skydiving and compared those results to perceived measures. The purposes of the current study were to gain a better understanding of arousal in experienced skydivers through measurement of alpha-amylase concentration and heart rate, examine the relationship between perceived and actual arousal, and begin understanding how experienced skydivers interpret arousal. Eight participants (five males; three females) provided salivary samples, heart rate readings (as measured by a small monitor), perceived arousal (as measured on a scale of 1 to 10) and an interpretation of that arousal as facilitative or debilitative to performance (scale of -5 to +5). These variables were measured during a control and jump trial over six time points: 1 hour before the jump, 20 minutes before the jump, boarding the plane, during final jump preparation, at landing, and 20 minutes after landing. Data indicated heart rate and perceived arousal were significantly higher during the jump trial as compared to the control trial. No significant differences between trials were present for alpha-amylase concentration. Additionally, perceived arousal and interpretation, and heart rate and perceived arousal were positively correlated. These results indicate that experienced skydivers experience increased physiological arousal during and after the skydive, they accurately predict when their arousal changes, and higher arousal levels are interpreted as facilitative to performance.