Cube World currently has 8 difference races which include: Humans, Elves, Dwarves, Undeads, Goblins, Orcs, Lizardmen and Frogmen.
Races have no different benefits and are purely for looks so far. Each race has a variety of hairstyles and other features that you can change during character creation. Interestingly, for frogmen it has been confirmed that instead of hairstyles they will have different "kinds" of eyes, Wollay has mentioned that he might add another feature to frogmen so that the Barber has something to change on them. Also Wollay has said that he might add certain aspects to them.