A performance comparison between airbreathing pulsed detonation engine (PDE) and rotating detonation wave engine (RDWE) concepts is made. The flight speed range used for the analysis is approximately Mach 1-5, which is typically thought to be where these concepts are viable and perhaps competitive with each other and Brayton cycle engines. Since the RDWE is ideally capable of operation with a steady state inlet and nozzle, a PDE model with similar steady state systems was developed. The comparison shows a PDE is more efficient at low supersonic speeds, but the relative RDWE performance gradually increases until it becomes comparable. The thermodynamic cycles of these detonationbased engines have been examined in detail using the Second Law to show the losses associated with mixing and purging. Additionally, the combination of an exergy analysis with First Law performance benchmarks proves to be a useful approach for optimization since sources of losses and component interrelationships are easier to identify.