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many market participants use Eurodollar futures contracts to hedge floating loan rates by using strips of Eurodollar futures these strips are essentially a sequence of individual futures contracts spaced out at varying points along the yield curve the problem with creating a strip of contracts is this process necessitates legging into each futures contract individually which leaves traders open to price slippage or potentially unfilled orders to make managing risk easier Co me group developed euro dollar packs and bundles this simplifies using euro dollar quarterly strips especially for hedging longer-term floating rate loans think of a pack or bundle as the purchase or sale of a series of Eurodollar futures representing a particular segment along the yield curve to create or liquidate positions packs and bundles are offered at a single price or value this eliminates the need to enter multiple orders in each contract it also eliminates the possibility that some orders may go unfilled