We discuss the role played by the Lyapunov exponents in the dynamics of Zhang's model of Self-Organized Criticality. We show that a large part of the spectrum (slowest modes) is associated with the energy transpor in the lattice. In particular, we give bounds on the first negative Lyapunov exponent in terms of the energy flux dissipated at the boundaries per unit of time. We then establish an explicit formula for the transport modes that appear as diffusion modes in a landscape where the metric is given by the density of active sites. We use a finite size scaling ansatz for the Lyapunov spectrum and relate the scaling exponent to the scaling of quantities like avalanche size, duration, density of active sites, etc ...