When HypeMiC is plugged in and being used by an application as the microphone, the soft-key above the dial cycles through the 3 different monitoring blends.
When the left-most LED is illuminated white, this indicates full “direct’ monitoring signal. You’ll only hear what the microphone is picking up. No playback will be heard:
Continuing to press the soft-key again will cycle through the other 2 levels of blend.
When the center LED is illuminated, you get a 50/50 equal blend of direct-monitor from the HypeMiC signal, and playback:
The right-most LED illuminated white indicates full playback/software monitoring. No direct signal would be heard:
For a more general overview of your HypeMiC's built in functions, check out this great Quickstart video:
Finally, for some light reading and a better understanding of your HypeMiC, check out the HypeMiC User Guide.