This article examines 2 types of short-term interest rate risk-hedging with future contracts, a static one and a dynamic one, then proceeds to test empirically the models on the 3 month-Pibor and Eurodollar rates and their associated futures.
AFTALION, F. and PONCET, P. (1994). Hedging Short-term Interest Rate Risk : A More Accurate Approach. Review of Futures Markets, pp. 565-591.