The Palace was built to host Universiade-2013, but today it is part of the Povolzhsky Academy of Physical Culture, Sports and Tourism. Currently swimming, synchronized swimming, diving and water polo tournaments are held at the venue. Thanks to an adjustable bottom, the depth in the racing and diving pool (50 metres x 25 metres (164 feet x 82 feet)) can be altered, and it can even be entirely raised, allowing it to be turned into an arena for martial arts, say. Ozonation rather than chlorine is used to clean the water, and there are additional two pools for training and for parents and toddlers.
As well as water sports, the venue hosts boxing, sports and ballroom dancing, Ushu, chess and yoga practitioners. Apart from the Universiade and the World Water Sports Championships, the Palace has hosted scuba diving, short course swimming and synchronized swimming tournaments, as well as many other events. The Republic's Aquatica children's and youth sports school is based at the Palace, as well as an adaptive school for disabled children.