Tip out special prize (3)
I believe the answer is:
cup
'prize' is the definition.
(cup is a kind of prize)
I cannot understand how the rest of the clue works.
Can you help me to learn more?
(Other definitions for cup that I've seen before include "competition" , "Award; mug" , "Container to drink from - prize" , "Prize; vessel" , "Beaker" .)