An organism's demand for oxygen is dependent on its metabolic rate. Metabolic rates can be affected by external factors such as the temperature of the water, and internal factors such as the species, life stage, size, and activity level of the organism. The body temperature of ectotherms (such as fishes and invertebrates) fluctuates with the temperature of the water. As the external temperature increases, ectotherm metabolisms increase as well, increasing their demand for oxygen. Different species have different basal metabolic rates and therefore different oxygen demands.
Life stages of organisms also have different metabolic demands. In general, younger stages tend to grow in size and advance in developmental complexity quickly. As the organism reaches maturity, metabolic demands switch from growth and development to maintenance, which requires far fewer resources. Smaller organisms have higher metabolisms per unit of mass, so smaller organisms will require more oxygen per unit mass, while larger organisms generally require more total oxygen. Higher activity levels also require more oxygen.
This is why bioavailability is important in deoxygenated systems: an oxygen quantity which is dangerously low for one species might be more than enough for another species.