A four-quarter sofr-futures strip is a bet on the average rate over the next year; a calendar-year natural gas strip is a hedge on every month of that year at once. The strip price is the average of the legs, and exchanges support it as a single instrument with one margin calculation.
Strips are how commercial hedgers actually transact. A gas utility does not hedge one month; it hedges a winter. A borrower does not hedge one reset; it hedges the life of the loan.
Example: SR3 contracts at 96.20, 96.05, 95.95 and 95.90 make a one-year strip at an average of 96.025, implying an average rate of 3.975%. Buying the strip locks that average regardless of the shape the path actually takes.
Related: sofr-futures, forward-curve, natural-gas-futures, intramarket-spread, fed-funds-futures