usercmd.ini

[em_Cmder]
cmd=%COMMANDER_PATH%\..\cmder\cmder.exe
; need %P%N (just %P does not work with paths with spaces) to work with paths with spaces
param=%P%N
path=
menu=Cmder HERE
button=

[em_CmderBat]
cmd=%COMMANDER_PATH%\.wip\run.cmder.here.bat
param=%P
path=
menu=Cmder HERE
button=

run.cmder.here.bat

@echo off

set cmder=d:\tools3\cmder\cmder.exe

start /b %cmder% /start %1

exit

UPDATE: See GitLab Total Commander & Cmder repos for the latest config.

IMSID808011299134F93FDA743A74E5851CC7F4BE6BEA