In deep water the speed (or velocity) of a water wave depends only on its wave length. Specifically, the speed is proportional to the square root of the wavelength. Thus, the longer the wave length, the faster the wave, or vice versa. The speed of a single wave is called the phase speed. Amazingly, the speed of a packet of waves (the group speed) is often not the same.
The horizontal movement of the water when a wave passes is approximately equal to the up and down movement of the water. If you are on flat water and are parallel to waves made by a passing boat, your boat will move side-to-side as much as up-and–down as the wave passes under you. The side-to-side movement actually creates most of the difficulty in balancing the boat in such a situation. However, under typical conditions in the bay there can be such varied wave action that you can’t easily distinguish horizontal and vertical motion.