Several embodiment of an exercycle which is suspended by floatation devices just below the surface of the water, requires the user to exercise both upper and lower body portions to work the cycle while maintaining balance in the water. The aquatic equilibrium cycle can be used for muscle toning, physical therapy or competition. Some embodiments employ a foot pedal having hinged wings which produce an octopus-type propulsion to move the cycle in a forward direction. Some embodiments allow the adjustment of the magnitude of floatation force to accommodate the body size of the particular end user.