Crossword Genius

Competed with current in red setting (5)

Ross

I believe the answer is:

raced

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'competed' is the definition.
(racing is a kind of competing)

'in red setting' is the wordplay.
'in' means one lot of letters goes inside another.
'setting' becomes 'ac' (I can't justify this - if you can you should believe this answer much more).
'red' enclosing 'ac' is 'RACED'.

'with current' acts as a link.

Can you help me to learn more?

(Other definitions for raced that I've seen before include "Ran fast", "Dashed", "Rushed", "Ran competitively", "Went fast".)

I've seen this clue in Sydney Morning Herald.
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