The Cobra is a submachine gun similar to the Mark 10 with an extremely high rate of fire and low base accuracy, but has a lower base damage and the highest SMG ammo pool at 160. However, it has a small base magazine of only 20, meaning frequent reloads are required. It is also has the second highest base concealability of any SMG, at 28.
Upon release, the default reticle of this sight was a chevron instead of the retail version's red dot. After the release of the Gage Mod Courier DLC, it was reverted to the regular sight's red dot.
It is functionally the same as the standard Military Red Dot Sight, but the sight's casing is tan instead of black with the line "A-10" scrawled on near the adjustment knob. The sticker on the lens cap's interior also says "I <3 Payday" instead of having a picture of an American flag.
This sight was based on the Aimpoint CompM2 optic. While it is portrayed as a high-zoom scope in-game, the CompM2 is actually a reflex sight, meaning it offers no magnification in reality.
The Cobra is based on the Škorpion vz. 61, a Czechoslovak-designed SMG. The default synthetic grip indicates that is it either a vz. 61 E or the Yugoslavian-built M84 version, equipping the Wooden Grip turns it into an original vz. 61. Removing the stock and setting it to Single Fire turns it into a CZ-91S, the semi-automatic only civilian version.
There is a small tactical rail mounted below the barrel of the weapon that is not found on any known official Škorpion variants. This is because Overkill model their weapons after airsoft guns and many airsoft Škorpions have a small rail underneath the barrel, however; it is possible that a competent gunsmith could modify a real Škorpion to accommodate an accessory rail.
Despite being an SMG, the Cobra uses pistol-type Gadgets. This is probably due to its small size and the positioning of its equally tiny rail which would seem impractical to accommodate the larger "rifle-sized" gadgets. It is the first SMG to do this, the second being the Micro Uzi.
The Extended Mag is actually two separate Cobra magazines clamped together; doing this in real life would not increase the capacity of the weapon due to only one of the magazines actually feeding into it. Similar to the Shell Rack mod for the Reinfeld 880 and Locomotive 12G, a setup like the one depicted would speed up the reloading process, but this is not reflected in-game.
The other (unused) magazine appears to be full even if the entire "Extended Mag" is emptied.