Both the duration and severity of deep-water anoxic conditions across the Permian-Triassic mass extinction (PTME) are controversial. Panthalassa Ocean circulation models yield varying results, ranging from a well-ventilated deep ocean to rapidly developing northern-latitude, but not southern-latitude, anoxia in response to Siberian Traps–driven global warming. To address this uncertainty, we examined a southern-paleolatitude pelagic record. Trace metal and pyrite framboid data suggest bottom-water euxinic conditions developed in the southern Panthalassa Ocean at the PTME, coincident with enhanced volcanic activity indicated by Hg geochemistry. While a global ocean euxinic event at the PTME placed extraordinary stress on marine life, southern surface waters appear to have recovered more quickly as radiolarian populations returned several million years before they did in northern Panthalassa.