Previous studies have concluded that dehydration of serpentinites in subduction zones produces oxidizing fluids that are the cause of oxidized arc magmas. Here, observations of natural samples and settings are combined with thermodynamic models to explore some of the factors that complicate interpretation of the observations that form the basis of this conclusion. These factors include the variability of serpentinite protoliths, the roles of carbon and sulfur in serpentinite evolution, variability in serpentinization in different tectonic settings, changes in the bulk compositions of ultramafic rocks during serpentinization, fundamental differences between serpentinization and deserpentinization, and the absence of precise geothermobarometers for ultramafic rocks. The capacity of serpentinite-derived fluids to oxidize sub-arc magma is also examined. These fluids can transport redox budget as carbon-, sulfur-, and iron-bearing species. Iron- and carbon-bearing species might be present in sufficient concentrations to transport redox budget deep within subduction zones, but are not viable transporters of redox budget at the temperatures of antigorite breakdown, which produces the largest proportion of fluid released by serpentinite dehydration. Sulfur-bearing species can carry significant redox budget, and calculations using the Deep Earth Water (DEW) model show that these species might be stable during antigorite breakdown. However, oxygen fugacities of ∼ΔFMQ + 3 (where FMQ refers to the fayalite–magnetite–quartz buffer, and ΔFMQ is log fO2 – log fO2, FMQ), which is close to, or above, the hematite–magnetite buffer at the conditions of interest, are required to stabilize oxidized sulfur-bearing species. Pseudosection calculations indicate that these conditions might be attained at the conditions of antigorite breakdown if the starting serpentinites are sufficiently oxidized, but further work is required to assess the variability of serpentinite protoliths, metamorphic pressures and temperatures, and to confirm the ...