If you are using calculus in your physics class, then the instantaneous velocity is the derivative of the displacement function.
If you're not using calculus, then, I suppose, the answer is "it all depends."
For example, if an object starts at 3 m/s, and accelerates at 5 m/s^2 for 8 seconds, and you're wondering what the instantaneous velocity is after 7 seconds, then just treat the 7 second time as when a final velocity occurs. i.e. 3m/s + 5 m/s^2 * 7s = 38m/s
If you throw a ball horizontally at 10 m/s off a cliff, then the horizontal component of velocity will always be 10m/s (til it hits the ground, and as usual, ignoring air resistance.) The vertical component of velocity will be increasing at 9.81 m/s^2. So, after 3 seconds, it's vertical component of velocity will be 3 * 9.81 m/s = 29.43 m/s. You can find the instantaneous velocity at the 3 second point by applying the pythagorean theorem.
If you have a car traveling at a constant velocity of 4 m/s East, then at the 1 second point, 2 second point, and any other point in time while it's moving, the instantaneous velocity is 4m/s East.
Perhaps if you put your question into context, I could help you better.