There are several tricks that can be done with the hover boots which are all quite similar, but do have their own distinct advantages. The ones that will be listed here are the Megajump, the Hover Boost, and the Recoil Boost. All of them require the hover boots are are typically done to maintain a high speed to clip through something or cover a large gap.
As Adult Link, equip the Kokiri Boots, get next to a ledge and place a Bomb behind you. When the Bomb blows up it should push you off the ledge. On the first frame where Link starts to jump off the ledge, pause and equip the Hover Boots. If timed correctly, you should then do a Megajump. One advantage of the Megajump is that not only does it boost you for a good amount of distance, but because you jump you gain a bit of height as well, to grab a ledge that is far away.
The next two, Hover Boost and Recoil Boost, both use a source of recoil to maintain large speeds. The source of recoil is different in both cases.
For the Hover Boost, the source of recoil comes from damage. In most cases, it is preferably a bomb, but could also come from a chu or even an enemy. When you get hit, pause buffer to the 2nd frame of visible damage, then equip Hover Boots. Unpause and you should be going at a high speed with the Hover Boots, allowing you to cross large gaps. Using this method can net you more horizontal distance than the megajump, and it also has the ability to grab ledges, but you will not gain any height out of it.
A recoil boost uses a crouch stab recoil. The first frame that you actually recoil you have a large amount of speed, if you switch to the hover boots on this frame you will keep a large portion of that momentum for a while.
If you happen to have the hammer, this is the best method to use. On the frame where Link is pulling out his Hammer, back up after hitting the wall (as seen below) pause and equip the Hover Boots. You will travel faster than with the the damage recoil method, but it is restricted to areas that are relatively close to a wall.
This is similar to the Hammer Recoil method, except the Hammer is replaced with a crouch stab using a sword. On the first frame Link has visibly moved backwards, pause and equip the Hover Boots to gain speed. This is the slowest out of the methods but because it requires nothing more than a shield and a sword, it is sometimes the only option.
If you run off a ledge while wearing the hoverboots and perform a quick-spin mid-air, you will fall to the ground very quickly. This can be used on some occasions in the Water Temple to replace cutscene diving, as it is a bit faster.