Traveling waves of cortical activity are hypothesized to organize cortical information processing and support interregional communication. Yet, it remains unknown whether interacting areas exhibit the matched traveling waves necessary to support this hypothesized form of interaction. Here, we show that the strongly-interacting medial entorhinal cortex (MEC) and hippocampus exhibit matched traveling waves. We demonstrate that both the field potential and spiking in the MEC exhibit prominent 6-12 Hz ‘theta’ traveling waves matching those of the hippocampus. The theta phase shifts observed along the MEC were accounted for largely by variation in waveform asymmetry. From this, we hypothesize that that gradients in local physiology underlie both the generation of MEC traveling waves and the functional variations observed previously across the MEC.