A multi-strategy macro fund wants conditional exposure to next month's CPI print. Options spreads approximate a range view but basis drift eats the edge; OTC binaries are bespoke and require ISDA paper per counterparty, so the fund usually trades around CPI via rates and vol instead of on it directly.

On Parallax, the fund submits hidden limit orders into the CPI range-strip contract. Each bucket is a fungible event contract; the uniform-price auction gives a single clean entry price and published indicative depth; positions cash-settle the morning BLS releases. Capital is the notional at stake: no path-dependency, no delta-rebal, no bilateral paper.