It has a normal spatula as a base, but has two other spatulas attached to either sides of it. Therefore, it is like a fork of three spatulas. There is a black stalk or areal on the top with a red L.E.D. light on top of that which flashes.
It has two known abilities: propelling the user skywards and having multiple spatula heads. Said multiple spatula heads enable the user to cook patties quicker and more efficiently.
Role in series
Mr. Krabs, to prevent SpongeBob from being hired, tells SpongeBob to buy a hyrdo-dynamic spatula. SpongeBob runs to the Barg'N-Mart and buys the only one left in stock. He comes back to the Krusty Krab with the spatula and saves Mr. Krabs and Squidward from a swarm of anchovies infesting the Krusty Krab. He impresses Mr. Krabs so much that he hires SpongeBob, giving the spatula great significance in SpongeBob's life.
It is unknown what happened to it in the following episodes, as SpongeBob's normal spatula has none of the abilities of the former.
"Thank Gosh It's Monday"
The spatula appears during this music video while SpongeBob is getting his name tag.