King has a fine trip on a cutter (5)
I believe the answer is:
knife
'a cutter' is the definition.
(knife is a kind of cutter)
'king has a fine trip' is the wordplay.
'king' becomes 'K' (abbreviation for king in chess).
'has' says to put letters next to each other.
'trip' indicates anagramming the letters.
'fine' is an anagram of 'nife'.
'k'+'nife'='KNIFE'
'on' is the link.
(Other definitions for knife that I've seen before include "Lethal weapon" , "Piece of cutlery" , "Use this to carve" , "Edge tool" , "Dagger" .)