How do you deal with differing recruitment timelines?

Let’s say you’re targeting a summer 2028 internship at a hedge fund.

However, you’d also much rather land a relevant internship at a bank than have nothing, and you’re pretty risk averse in this scenario.

So to be safe, you recruit for bank positions this winter, and you happen to get an offer. I’m assuming you can’t just wait months and months to accept it or turn it down. But HF applications won’t even be open yet.

What do most people do here? Just skip the bank cycle, just be happy with a bank offer, or take a bank offer and keep recruiting being willing to renege?

(I’m aware landing any good internship in this space let alone two is hard).