Perivascular spaces (PVS) are important highways for fluid and solute transport in the brain enabling efficient waste clearance during sleep. Using two-photon imaging of naturally sleeping mice we demonstrate sleep cycle-dependent PVS dynamics – slow, large-amplitude oscillations in NREM, a reduction in REM and an enlargement upon awakening at the end of a sleep cycle. By biomechanical modeling we demonstrate that these sleep cycle-dependent PVS dynamics drive fluid flow and solute transport.