Something that may cut advantage? (4)

I believe the answer is:

edge

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'advantage?' is the definition.
(I know that edge is a type of favourable position)

I don't understand how the rest of the clue works.

Can you help me to learn more?

(Other definitions for edge that I've seen before include "Move furtively; intense quality" , "Intense quality; limit" , "Steal" , "Rim or sharp side of knife" , "Margin, extremity" .)

I've seen this clue in The Telegraph.

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