Neither spiders nor insects actually breathe; therefore they cannot "hold their breaths." They do not take a breath through their mouth like humans do but instead they breathe through their skin on the underside.
Spiders breathe through book lungs or trachea, which are extremely narrow tubes running through their bodies. Compared to man's own respiratory system, they have an what is called an open respiratory system.
Named for their resemblance to the pages of a book, book lungs contain layers of thin, soft, hollow plates open to the air through slits on the spider's abdomen.
Hemolymph, which is the spider equivalent to blood, passes across the inner surface of the plates and exchanges oxygen and carbon dioxide with the atmosphere.
Book lungs provide a large surface area for gas exchange. In large tarantulas the surface area is up to 70 cm (27.6 inches) square. The slit openings of book lungs can expand and contract but never fully close. During periods of intense activity spiders open their book lung slits wide.
Water spiders, on the other hand, according to this Science Daily article, have been observed to come to the surface as often as every 20-40min throughout the day.
Get amazing spider facts from links below:
Owlcation.com
Sciencing.com
Explorit.org