D&D 5E - Giant Slayer Extra Damage

Since it doesn't specify otherwise, it's on every single hit.

As to whether it's overpowered, the relevant question should be "is it overshadowing?"

That is, will it make other players feel relatively useless, perhaps because they too built a damage-dealing character that now can't compete? Or are other players more or less relieved the Giants will be taken care of the player with the item?

It all depends.

The item is very strong (against giants), let there be no doubt about that. But too strong? Only you know your group.

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