The most common and most likely answer to this crossword clue is the 4 letter word COOL
I've seen this crossword clue in Financial Times
C
O
O
L
More clues leading to the result COOL
Buddy explains!
The straight part
We know that "Hot/or not" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case hot/or not = cool.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does COOL mean?
COOL noun- A moderate or refreshing state of cold; moderate temperature of the air between hot and cold; coolness.
- A calm temperament.
- The property of being cool, popular or in fashion.
- Having a slightly low temperature; mildly or pleasantly cold.
- Allowing or suggesting heat relief.
- Of a color, in the range of violet to green.
- Of a person, not showing emotion; calm and in control of oneself.
- Unenthusiastic, lukewarm, skeptical.
- Calmly audacious.
- Applied facetiously to a sum of money, commonly as if to give emphasis to the largeness of the amount.
- Of a person, knowing what to do and how to behave; considered popular by others.
- In fashion, part of or fitting the in crowd; originally hipster slang.
- Of an action, all right; acceptable; that does not present a problem.
- Of a person, not upset by circumstances that might ordinarily be upsetting.
- Quietly impudent, defiant, or selfish; deliberately presuming: said of persons and acts.
- To lose heat, to get colder.
- To make cooler, less warm.
- To become less intense, e.g. less amicable or passionate.
- To make less intense, e.g. less amicable or passionate.
- To kill.