  We survey the possibilities of detecting the $s \rightarrow d \gamma$
transition in kaon and hyperon radiative decays. In the more frequent decays,
like $K^+ \rightarrow \pi^+ \pi^o \gamma$, $K^+ \rightarrow \pi^+ \ell^+
\ell^-$, the short-distance contribution is obscured by various long-distance
transitions. Among the hyperon radiative decays, $\Xi^- \rightarrow \Sigma^-
\gamma$ and $\Omega^- \rightarrow \Xi^- \gamma$ are the leading candidates for
providing a window to the short-distance $s \rightarrow d \gamma$. The
long-distance $s \rightarrow d \gamma$ transitions are also analyzed; their
magnitude depends on the size of the deviation from a sum-rule among couplings
of vector mesons to photons. The measurement of $\Omega^- \rightarrow \Xi^-
\gamma$ could provide information on the relative size of the short and
long-distance contributions to the magnetic component of $s \rightarrow d
\gamma$.
