Game play involves maneuvering a hovercraft style tank through a futuristic arena and fighting to eliminate an opponent (either another player or the computer). Various power-ups are available throughout the game, which feature improved radar, extra missiles, and shield re-charging. There are walls and other obstacles in the arena, which can be useful for hiding as well as a hindrance, and some of which can be destroyed. Each player can chose from among eight different tanks, which vary from slow but heavily shielded, to quick but vulnerable. Player’s viewpoint can be either from the cockpit, or from behind the vehicle.
Each player has two tank-style analog joysticks, each with a finger and thumb trigger. The finger trigger releases a steady stream of bullets, but if held down will overheat and stop working for a short period of time. The thumb trigger releases a limited number of missiles.
The arcade version of Cyber Sled was only available as a dedicated red and blue sit-down cabinet. It featured a non-adjustable seat for each player, and two side-by-side video screens. On top of the game were a red and a blue strobe beacon.
A Console version of Cyber Sled was released for the Sony PlayStation in 1995. It featured more characters than the arcade version, and a choice between the original arcade graphics, or a more realistic texture mapped mode. The original arcade version was released for the Wii Virtual Console in Japan on May 19, 2009.