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 him from being hired, tells SpongeBob to buy a hydro-dynamic spatula in order to get rid of him. SpongeBob goes to the Barg'N-Mart and buys the only one left in stock. He comes back to the Krusty Krab with the spatula to both Mr. Krabs' and Squidward's shock and saves them from a swarm of anchovies infesting the eatery.
SpongeBob impresses Mr. Krabs to the point of hiring him, giving the spatula great significance in SpongeBob's life.
"Thank Gosh It's Monday"
The spatula appears during this music video while SpongeBob is getting his name tag.