The total cost of a commodity transaction. It consists of all bid-ask spreads, exchange fees, the broker’s commission (in a commodity market) and the clearing fee– the fee charged by the clearing house. It also includes market impact costs. This rate covers the costs for opening the position, offsetting or closing transactions. Typically, the number of contracts in a given order will be accounted for in the construction of this rate.

In the so-called commission pricing, this figure is commonly quoted by options and futures brokerage firms to execute orders for their clientele both on the buy-side and the sell-side.

It is also known as a round-turn rate, turn-round rate, R/T rate or all-in rate.