On the level, it's even (4)

I believe the answer is:
keel
'even' is the definition.
Although both the answer and definition are verbs in their base form, I cannot understand how one could define the other.
'on the level it's' is the wordplay.
I cannot really understand how this works, but
'it' could be 'e' ('e' can mean 'electronic' which is similar to 'IT') and 'e' is located in the answer.
The remaining letters 'kel' is a valid word which might be clued in a way I don't see.
This explanation may well be incorrect...
Can you help me to learn more?
(Other definitions for keel that I've seen before include "Earth (Latin)" , "Long part on a boat's bottom" , "Ship's bottom" , "Long base of a ship" , "Structure along base of ship" .)
