Option to hide/show controls in video player ?

There are no option to hide. You can hide it by not hovering your cursor (mouse) on the video screen, so it will be disappear. Hope this help.

No! It doesn't disappear even.

It happens to me as well, that the controls stay on the screen even if I don’t hover on it. I’ve come to notice that refreshing my browser helps.

I use Safari I don’t know if that is the case. Perhaps I should move to Chrome for good.

What browser you use?

I am using Google chrome.

Ideally controls should be hidden and should come up on hover, but it does't act like this.

I solved it in Chrome using an extension called Stylebot, to activate the User Applied to pages then I made a rule like this,

.mejs-container .mejs-controls {
    background: rgba(56,64,71,0.98);
    bottom: 0px;
    right: 30px;
    width: auto;
    height: 40px;
    -moz-border-radius: 5px;
    -ms-border-radius: 5px;
    -o-border-radius: 5px;
    border-radius: 5px;
    -webkit-box-shadow: rgba(0,0,0,0.1) 0 0 0 1px inset,rgba(0,0,0,0.1) 0 0 5px 5px;
    -moz-box-shadow: rgba(0,0,0,0.1) 0 0 0 1px inset,rgba(0,0,0,0.1) 0 0 5px 5px;
    box-shadow: rgba(0,0,0,0.1) 0 0 0 1px inset,rgba(0,0,0,0.1) 0 0 5px 5px;
    opacity: 0.4;
}