With superspeed armed, Link will spend one extra frame in the air before falling into a pit after using the hookshot, also known as a "spacewalk". The fastest way to do so is to press A and Y on the same frame to execute a hookdash (simultaneously arming superspeed while using the hookshot), but arming superspeed before using the hookshot by using a spin slash setup (or even a medalliondash) will also work.

With proper spacing, you can use the extra frame from a spacewalk to float indefinitely by pushing cardinally against an obstacle out of the hookshot. For the float to work, you need to be positioned such that the hookshot will reach far enough into the obstacle that you are attempting to slide around, otherwise Link will fall immediately.

For rightward and downward hookshots, you must be grid-aligned -- 1 out of every 4 pixel distances will work. For upward and leftward hookshots, the first frame of Link's movement is 2 pixels instead of 1, so you can afford to be one pixel further than grid-aligned and the float will still work.

The quickest way to ensure proper alignment is generally to do a dashturn after pushing flush against another object, but this can also be done by holding your sword out and strafing perpendicular to your facing direction.

If you fully charge a spin slash, the charge will be retained after using the hookshot. It can be released safely without affecting the float.

While floating, most actions -- including attempting to move in a different direction -- will either be useless and/or cause Link to fall immediately. However, you can use the lamp to light a torch that you're pressing against. This will not affect Link's movement, so you can continue to float even after using the lamp.

Note: As always, using the lamp will cause Link to drop his sword if he is holding it out.

Using the fire rod while floating will cause Link to fall immediately afterward. Due to the minimum range of the fire rod, this will not light a torch that you are directly pressing against, but can be used to light another torch further in the distance.

If Link is offset from the object being hookshotted to, buffering a cardinal input will not cause a float, but will instead result in him sliding around the obstacle and safely out of the pit. This can allow for traversing pits that are otherwise difficult or impossible to cross, as well as being faster to setup than a bomb jump.

Like with the spacewalk float, you must be grid-aligned for this to work, (or 1 pixel further, if doing a leftward or upward hookshot).

By holding A out of the hookshot, you can buffer a dash, which effectively buffers the first input of a hover. Unlike the float/slide techniques described above, this works irrespective of your exact distance to the hookshot target.

As with a normal hover, Link will float in the air for up to 30 frames while the A button is held before falling.

As with a normal hover, you can use an item in mid-air by waiting one frame after releasing A and then pressing Y. This can allow you to chain hookshot usages in locations where you normally wouldn't be able to.

Since this requires frame-perfect timing, it's not recommended when using items such as a lamp or fire rod, which could be easier used via a spacewalk float.

You can utilize the initial buffered dash input to start a sustained hover. It may be difficult to immediately transition from holding A to performing the hover input, so you can optionally elect to press select or start during the initial A press, allowing you to use a menu animation to start the hover more reliably.

You can also utilize the buffered hover to execute a spacewalk float or slide that would otherwise fail due to bad (or unknown) hookshot spacing. Though tricky to execute, this can be applicable if no objects are available to align yourself with the grid and you don't have a visual pixel setup.

If you are one pixel closer than grid-aligned, this will require 2 extra hover inputs beyond the initial buffered one.
Otherwise, it will require 1 extra hover input (i.e. hold A out of hookshot, release A for one frame, press A again)

For a spacewalk float it is vital that you only press A exactly as many times as necessary, as any extra inputs will result in Link grabbing the object and falling immediately. This will also not work if the object you are hookshotting to is a pot, as the final A input will instead lift the pot and again cause Link to fall.

For a spacewalk slide, performing extra hover inputs is ok as Link will not grab the object, so the only disadvantage is slightly slower movement.