The Floater is designed as a compact but relative low-powered speed boat. The boat is the smallest boat in the GTA IV series of games, being even shorter in length than the Dinghy and Tropic.
Among the speed boat class, the Floater is one of the slowest, possessing an average top speed (42 mph/68 km/h) and suffers from inefficiency due its frequency bouncing over water. However, the boat's small size and very light speed gives it excellent handling, short stopping distances and good acceleration.
The name Floater is probably a reference to the term "Floater", which means a floating piece of fecal matter, or a dead body floating in water.