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The thing with tarps, is there is no right way to rig it.
You can tie out the middle high so it looks like a tent anchor 2 sides. 2 corners to cover your hammock 2 corners anchored, anchor one side tie the middle high and the other side higher to make a lean-to wind break, lay it on the ground and roll up in it for a fast bivy, over a line with the corners on poles for a sunshade/rain fly.
You need to define what you want to do with it before anyone can give you an idea.
Like @GregA said, there are many different ways to rig a tarp that work well for different scenarios. This video also sounds like what you are looking for, and hopefully will have some suggestions that work for you:
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