With hedging, you can open a short position on almost any liquid asset to insure its value.
High-risk assets, such as MATIC, APT, AVAX, can be insured through shorting. However, one must consider their volatility and funding rates.
Therefore, it makes more sense to hedge large assets (BTC, ETH), where the risks of liquidation are minimal and funding rates are low. Hedging for more volatile altcoins is also possible, but it is more complex and expensive.