Functional near infrared spectroscopy (fNIRS) is a modality that can measure shallow cortical brain signals and also contains pulsatile oscillations that originate from heartbeat dynamics. In particular, while fNIRS slow waves (0 Hz to 0.6 Hz) refer to the standard hemodynamic signal, fast-wave (0.8 Hz to 3 Hz) fNIRS signals refer to cardiac oscillations. Using a cognitive stress experiment paradigm with mental arithmetic, the aim of this study was to assess differences in cortical activity when using slow-wave or fast-wave fNIRS signals. Furthermore, we aimed to see whether fNIRS fast and slow waves provide different information to discriminate mental arithmetic tasks from baseline. We used data from 10 healthy subjects from an open dataset performing mental arithmetic tasks and assessed fNIRS signals using mean values in the time domain, as well as complexity estimates including sample, fuzzy, and distribution entropy. A searchlight representational similarity analysis with pairwise t-test group analysis was performed to compare the representational dissimilarity matrices of each searchlight center. We found significant representational differences between fNIRS fast and slow waves for all complexity estimates, at different brain regions. On the other hand, no statistical differences were observed for mean values. We conclude that entropy analysis of fNIRS data may be more sensitive than traditional methods like mean analysis at detecting the additional information provided by fast-wave signals for discriminating mental arithmetic tasks and warrants further research.