Floating tip-up fishing rigs for fishing in open water are known. One such rig is that shown in the Jan. 9, 1883 U.S. Pat. No. 270,358 of R. W. E. Aldrich. Another is that shown in my U.S. patent application Ser. No. 517,024 filed May 1, 1990. The fishline of such rigs is coiled upon either a float mounted drum spool reel, as in said patent, or a rigid submerged tube, as in said application, and accordingly the spool or tube is incapable of movement to match the movement of a fish that takes the line out and moves about, e.g. in circular movement, as fish often do.