Foot spy dipped into water? On the contrary (7)
I believe the answer is:
spondee
'foot' is the definition.
(type of metrical foot in poetry)
'spy dipped into water? on the contrary' is the wordplay.
I cannot quite understand how this works, but
'water?' could be 'pond' (pond is a kind of water) and 'pond' is present in the answer.
'spy' could be 'see' (spy can mean to watch or see) and 'see' is found within the leftover letters.
This accounts for all the letters.
This may be the basis of the clue (or it may be nonsense).
Can you help me to learn more?
(Other definitions for spondee that I've seen before include "Metric foot of two long syllables" , "No speed required for poetic metrical foot" , "bit of verse" .)