Same strategy as before plus short HIVE.
Actually if you wanted to hedge your HIVE holdings (without selling them) the strategy is always just to short HIVE 'against the box'. The conversion part doesn't matter except that it grows your HIVE holdings, so you can consider it to be the same.
Yeah, that makes a lot of sense. Hopefully we'll have an effective way to trade hive on derivatives soon with what @klye is doing.
Exchanges have very low limits on hive borrowing.