Spot Rate
The price to move a single load booked on the open market right now, as opposed to a contract rate negotiated in advance for a lane over a bid cycle.
How it works — and why it matters
Spot rates float with immediate supply and demand — capacity in the market, freight volume, season, weather, even the day of the week — and are quoted per load through brokers, load boards, and digital freight platforms. Contract rates, set during annual or quarterly bids, are the baseline; the spot market is where freight goes when routing guides fail or surges hit.
The spot/contract spread is the freight market's weather report: spot rates climbing above contract signals tightening capacity (and cascading routing guides), while spot sitting far below contract signals a soft market where shippers re-bid aggressively. Carriers and brokers watch the spread to time bids, position equipment, and decide which freight to commit versus chase.