A futures trading strategy in which a position is established by buying a series of quarterly delivery contracts falling due consecutively from the near dated to the far dated. Bundles are used to create long-dated treasury/ Eurodollar spreads (TED spreads) and to hedge some types of swaps. Like packs and strips, bundles offer an efficient and cost-effective tool of setting up a combination of outright delivery months in a single transaction without legging risk.

With bundles, investors can buy or sell in one trade consecutive futures covering two or more years. There exist four maturities for bundles: two years (whites and reds), three years (whites, reds and greens), four years (whites, reds, greens and blues) and five years (whites, reds, greens, blues and golds). For example, a three year bundle constitutes a white pack, a red pack and a green pack, all of which have equal numbers of lots.