A floating tip-up fishing rig is provided having a float body, a flagpole, a spring means mounted atop said body at the rear end thereof and connected to the bottom portion of the flagpole urging it to an upright position. An opening vertically through the float body is disposed near the forward end thereof, and has a flared out widened bottom end. A fishline bobbin is swivel-mounted to the bottom of the body centrally thereof within a conically flared out cavity therein. A fishline is coiled about the bobbin. Extending down from near the free end of the flagpole is a cotter pin connected to the flagpole at the eye end of the pin. The cotter pin extends through the opening when the flagpole is in a horizontal or slightly raised position, and the fishline may be pulled from its coiled up portion on the bobbin and set in the closed portion of the cotter pin between its eye end and flared open end. The swivel-mounting of the bobbin within the cavity permits the bobbin to move freely in a curving or circular motion with little resistance as a fish takes out fishline from the bobbin and moves in such curving or circular motion.