We assembled data from a global network of automated lake observatories to test hypotheses regarding the drivers of ecosystem metabolism. We estimated daily rates of respiration and gross primary production (GPP) for up to a full year in each lake, via maximum likelihood fits of a free-water metabolism model to continuous high-frequency measurements of dissolved oxygen concentrations. Uncertainties were determined by a bootstrap analysis, allowing lake-days with poorly constrained rate estimates to be down-weighted in subsequent analyses. GPP and respiration varied considerably among lakes and at seasonal and daily timescales. Mean annual GPP and respiration ranged from 0.1 to 5.0 mg O2 L−1 d−1 and were positively related to total phosphorus but not dissolved organic carbon concentration. Within lakes, significant day-to-day differences in respiration were common despite large uncertainties in estimated rates on some lake-days. Daily variation in GPP explained 5% to 85% of the daily variation in respiration after temperature correction. Respiration was tightly coupled to GPP at a daily scale in oligotrophic and dystrophic lakes, and more weakly coupled in mesotrophic and eutrophic lakes. Background respiration ranged from 0.017 to 2.1 mg O2 L−1 d−1 and was positively related to indicators of recalcitrant allochthonous and autochthonous organic matter loads, but was not clearly related to an indicator of the quality of allochthonous organic matter inputs.