400 million credits:
Press R2, L2, R2, L1, R2, R1, R2, L1 at the main menu.

All tracks and jets:
Press R1, L1, R1, R2, L2, R2, L2, L1 at the main menu to unlock all tracks and jets in arcade mode.

Bonus jets:
Press R1, R2, L1, L2, L2, L1, R2, R1 at the main menu to unlock more jets in N. Gen mode. Alternately, successfully complete both circuits of any type in first place to unlock a secret jet.
One of the bonus jets (the F-1x) has a left engine that is yellow instead of purple like the others in the game.

Glitch: Reversed lights:
The port side light is green when it is supposed to be red, and the starboard side is red when it is supposed to be green.