Here we aim to incorporate trait-based information into the modern coexistence framework that comprises a balance between stabilizing (niche-based) and equalizing (fitness) mechanisms among interacting species. Taking the modern coexistence framework as our basis, we experimentally tested the effect of size differences among species on coexistence by using fifteen unique pairs of resident vs. invading cyanobacteria, resulting in thirty unique invasibility tests. The cyanobacteria covered two orders of magnitude differences in size. We found that both niche and fitness differences increased with size differences. Niche differences increased faster with size differences than relative fitness differences and whereas coexisting pairs showed larger size differences than non-coexisting pairs, ultimately species coexistence could not be predicted on basis of size differences only. Our findings suggest that size is more than a key trait controlling physiological and population-level aspects of phytoplankton, it is also relevant for community-level phenomena such as niche and fitness differences which influence coexistence and biodiversity.