The transcritical CO2 refrigeration cycle is a research hotspot in CO2 refrigeration technology, but it suffers from significant throttling, compression, and gas cooling losses. The recently proposed supergravity CO2 refrigeration cycle, which utilizes centrifugal potential energy-pressure energy conversion in the rotating heat exchanger, provides a new approach to address these issues. However, the flow efficiency of the serpentine rotating channels requires further validation, and the operating characteristics of the system under off-design conditions need exploration. To this end, we first conducted a study on the pressure drop characteristics of a serpentine rotating channel using experimental and numerical simulation methods. We found a strong linear relationship between the friction factor and the rotation number, with the flow efficiency approaching 1.0 beyond a certain threshold, providing critical support for the cycle. Additionally, we established a distributed parameter model for the cycle and theoretically analyzed its operational performance. The results show that the COP of this cycle reaches 6.91 under air conditioning conditions. This is primarily because the local isentropic compression/expansion efficiency of CO2 in the rotating channel exceeds 99 %. Additionally, the temperature slip during the gas cooling process is only 1.2 °C, demonstrating the feasibility of achieving nearly isothermal compression through the rotating heat exchanger. Furthermore, the results showed that changes in boundary conditions resulted in minimal changes in system pressure differential, not exceeding 2 %. However, increases in CO2 charge and rotational speed led to substantial changes in system pressure differential, increasing by 39 % and 51 %, respectively. These trends reflect the effect of the centrifugal potential energy-pressure energy conversion on the operating characteristics of the system. In addition, there exists a maximum charge limit to prevent the cycle from entering the two-phase region. There is also an optimal combination of rotating heat exchanger and compressor speeds that ensures maximum COP while guaranteeing the cooling capacity. The main novelty of this paper lies in elucidating the coupling mechanism between operational parameters and the thermodynamic parameters of the supergravity CO2 refrigeration cycle.