It's 3.900625% to be exact (a 98,75% chance of not getting a Depth Meter multiplied with a 98,75% chance of not getting a Compass (because getting either will prevent the Rally from getting a roll) multiplied by a 4% chance of actually getting the Rally on its roll). That's not an estimate, that's a calculation.While the drop rates in terraria are completely useless, it's still estimated to be 3.9%