I've read various papers about graphene and graphene-CNTs in nanofluid. They calculate the specific volume fraction and then test the heat tranfer properties.
For example, in their works, the samples are 0.02%, 0.05% and 0.0007% volume fraction of aquaous graphene-MWNT nanofluids. I don't know what is the meaning of those digits (in mass per volume or volume per volume).