Cryptic crossword clue
Fades in preliminary race that’s most exciting 8

The most common and most likely answer to this crossword clue is the 8 letter word HEADIEST

I've seen this crossword clue in Financial Times
H
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A
D
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T

Buddy explains!

The straight part
We know that "most exciting" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case most exciting = headiest.
The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.
This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.

What does HEADIEST mean?

HEADIEST adjective
  1. Intoxicating or stupefying.
  2. Tending to upset the mind or senses.
  3. Exhilarating.
  4. Intellectual.
  5. Rash or impetuous.

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