The most common and most likely answer to this crossword clue is the 8 letter word PENKNIFE
I've seen this crossword clue in The Daily Telegraph
P
E
N
K
N
I
F
E
More clues leading to the result PENKNIFE
- Writer represented Nike protecting fellow in small cutter
- One writing grand, fine novel — one with cutting edge
- Writer, King, with terribly fine whittling tool
- Writer, King, presented with fine folding blade
- Trap king with fine forged blade
- Exercise provided in new joint largely? It has folded elements
- Confine, stab and get a multi-function gadget
- This might cut swan with broken neck if not caught
Buddy explains!

The straight part
We know that "blade" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case blade = penknife.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 PENKNIFE mean?
PENKNIFE noun- Originally a small utility knife for cutting the points of quill feathers or reeds into nibs to provide or repair writing implements in times before pens with artificial nibs, generally metal, became commercially available in the 19th century. Early versions of penknives commonly were small sheath knives.
- A small knife designed for safe and convenient storage, typically in the form of a miniature clasp knife, or with blade retractable into the handle. For the most part, such more convenient designs eventually replaced rigid pen knives in cutting quill pens or sharpening pencils.
- As the need to cut nibs for pens fell away, but small utility pocket-knives remained popular, "penknife" became synonymous with "pocket-knife". Modern penknives often incorporate other tools such as corkscrews, but as a rule are smaller than general-purpose pocketknives.