Abstract The objective of this study is to examine physical properties of experimentally formulated diets containing black soldier fly (Hermetia illucens) maggots as a protein source replacement. It is fermented by Rhizopus sp. to increase buoyancy in water. Maggots at 60% of total ingredients are incorporated into six prepared diets which received two types of agriculture wastes at three different ratios (3:7, 1:4, 3:17) and tapioca at two different levels (10% and 12%). The protein content is analyzed using proximate method and the physical properties (measured in stability and buoyancy) are evaluated by testing floatation ability under aeration and non-aeration conditions. The six formulated diets have protein content up to 28% (w/w), while the buoyancy and stability characteristics range from 70-93% and 80-95%, respectively. The diet with 3:7 ratio of agriculture wastes and 10% tapioca gives the best results in stability and protein content at 95% and 28.04% (w/w), respectively. Due to its high value properties, the maggot-based floating feed could be used as an alternative nutrition source for fish feed.