A note against bond spread (NOB) is a spread within futures contracts created by offsetting positions in 30 - year treasury bond futures with positions in 10 - year treasury note contracts. (investopedia.com)
With hedging, the dealer offsets this position by shorting 20 gold futures contracts for 100 oz gold each, for a total short of 2,000 oz. (visualcapitalist.com)
One famous example involved a trader who studied the Japanese Nikkei stock market and took offsetting positions whenever there was a price difference between two different country's futures markets on the Nikkei. (sportsinsights.com)