Slip Stream is a third-person chase shooter like Space Harrier. The player takes control of an aircraft called the Emerald Fighter and flies through nine levels (called streams in this case) that have been invaded by alien forces. Each stream has several defensive structures and ships powered by crystals at the edge of the stream. The player's job is to destroy these crystals and free the stream.
As in other chase-view shooters, the player's ship automatically moves forward, and the player can maneuver left or right to climb, dive, and shoot. However, movement is limited to the stream in the center of the screen. Various obstacles and enemies appear in the player's path that must be avoided or shot down. If the player is hit by a bullet or crashes into a structure, he will lose a life and will have to restart the level.
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