Can the ultrapower construction (used for extending the field of real numbers to get the field of hyperreals) be applied to the field $\mathbb{Q} $ of rational numbers?
In my view it should be possible to start with the set $\mathbb{Q} ^{\mathbb {N}} $ of all sequences of rationals and then use equivalence between these sequences based on a free ultrafilter. And my guess is that it should lead to another non-archimedean ordered field $ {} ^*\mathbb{Q} $. More specifically if ${} ^*\mathbb{R} $ is the field of hyperreals then ${} ^*\mathbb {Q} $ should be isomorphic to the set $$\{x\mid x\in{} ^*\mathbb {R}, \text{ standard part of }x\text{ is rational or }x\text{ is an infinite hyperreal number} \} $$
Do the axioms like Extension Principle, Transfer Principle
and Standard Part Principleapply in analogous manner to ${} ^*\mathbb{Q} $?
Update: Since there are sequences of rationals which converge to an irrational number, most likely the Standard Part Principle will not be valid here. But I don't see if the other two principles have any issues.
One can apply the ultrapower construction to any mathematical object $X$ and get the corresponding object ${}^\ast\!X$ which is then helpful in studying the properties of the original object $X$ itself.
In particular one can apply the ultrapower construction to $\mathbb Q$ producing the ordered field of hyperrational numbers ${}^\ast \mathbb Q$ which can be naturally identified with a subfield of ${}^\ast \mathbb R$.
The transfer principle applies to all ultraproducts; this is essentially a theorem of Jerzy Los from 1955 (i.e., six years before Robinson's first paper on the subject).
Here is an interesting observation developed more fully e.g., in
Consider the subring of $F\subseteq{}^\ast \mathbb Q$ consisting of all finite hyperrationals, and let $I\subseteq F$ be the subring of all infinitesimals (with the usual definitions of "finite" and "infinitesimal"; I can clarify if necessary). Then $I$ is a maximal ideal of $F$ and the quotient $F/I$ is naturally isomorphic to the field $\mathbb R$.
In other words, this approach gives an alternative construction of the real field from the rationals that does not require either Dedekind cuts or equivalence classes of Cauchy sequences.