Hyperspace is a layer of space that ships can access using a Hyperdrive. Once a ship activates it's hyperdrive, an electric-looking circular window opens infront of the ship. The ship then speeds into it and a great flash occurs. Once the ship is in, it is declared as in hyperspace. However, some hyperdrives do not create said window, and seem to just speed off, or in some cases, disappear. Note that a ship can alter it's direction once in hyperspace, but not it's speed. It must first exit hyperspace, then enter again at a new speed. Speeds range from light speed to 780,000 light years per second. However, there is a massive power difference. Hyperspace is best used for low-speed flights, as it costs less, whereas speeds like 780,000 require an insane amount of power.
There are sevral types of hyperdrive that different civilizations have made.