Flying squid caught on camera. Photo: Hokkaido University

While swimming, the squid open up their mantle and draw in water.  Then these squid launch themselves into the air with a high-powered blast of the water from their bodies.  Once launched by this jet propulsion, these squid spread out both their fins and their tentacles to form wings.  The squid have a membrane between their tentacles similar to the webbed toes of a frog.  This helps them use their tentacles as a wing and create aerodynamic lift so they can glide – similar to a well-made paper airplane

Scientists Unravel Mystery of Flying Squid
http://newswatch.nationalgeographic.com/2013/02/20/scientists-unravel-mystery-of-flying-squid/