Much like the Swingshot, the Hypershot latches onto green floating orbs known as versa-targets with a green energy cable. These exist in the form of swinging targets and versa-targets. Ratchet holds down to either swing from a target or pull himself towards it, which is used to traverse platforms.
Similarly, the Hypershot can activate green Dynamo triggers, much like the Dynamo could. These creates temporary, green, holographic platforms to stand on and jump between.
The Hypershot is automatically equipped when Ratchet presses while aiming at a versa-target or a Dynamo trigger.