This is a regular paseala with the diagonal arm raised. It is often called after a regular paseala, like this: paseala > por arriba.
For men the inspiration is from rumba, using the opposite arm to pull the pants (pantalones) a bit.
For the women it is similar but a more feminine touch, holding the lower arm to the side of the body.
Paseala por arriba may also be combined with paseala caminando, as shown in the video of paseala caminando.