"The FLOATER lets you fly. The cool thing is that you decide when you want to fly and how long you want to do so. After you have picked up this item you'll get a new display on the right, showing how much "fuel" is still left. Pressing the "USE" key will give you a boost up into the air."
— World of Padman Manual
The Floater is a holdable powerup which propels the player up high for a limited time when use item button is held down, similar to Flight powerup in Quake Live.