As I recall speed of respiration is stimulated by C02 levels in the arterial blood. Hyperventilation is not caused by lack of Oxygen. If you push yourself hard, you cross your anaerobic threshold.
If you are burning carbohydrate, you go from C6H12O6 + 6O2 to 6CO2 + 6H2O + 36 ATP. You generate some C02 but it is manageable and you might breathe deeply and quickly but most of the CO2 gets wisked out as the venous blood goes through the alveoli of the lungs. But when you go anaerobic things change. You go from C6H12O6 and to 2 pyruvate and 2C02 and only 2 ATP. Now this is just about only 1/20 as productive in energy (ATP) as respiration and it generates 66% as much CO2. Now by using anaerobic processes, you can generate up to 100 times the energy as you can by respiration but only for a really short time. So if you go anaerobic you can see that you will be consuming lots of carbohydrate (C6H12O6) and generating energy very inefficiently and producing piles of C02. When your sensors in your blood see all that C02, they go YIKES and really crank up your rate of respiration.

Now you can do some additional reading. But it is my guess that you are going anaerobic and the resultant C02 generation is just making you pant until you blow the C02 out of your blood.