A system and method for correcting the oxygen effect on oxidase-based analyte sensors includes an oxygen sensor with a working electrode, a reagent matrix disposed on at least the working electrode that contains a reduced form of a redox mediator, an oxidase and a peroxidase, an oxidase-based analyte sensor, a means for determining the oxygen concentration in a portion of a fluid sample using the oxygen sensor, means for determining an analyte concentration in another portion of the fluid sample using the oxidase-based analyte sensor, and means for using the oxygen concentration in the fluid sample to determine a corrected analyte concentration in the fluid sample.
