That depends on if you're looking for a fixed or folder. Insofar as a folder recommendation, the first that comes to mind is very close to your parameters - a Benchmade 710. They can be found for about $140 new, and have a 3.9" blade.
More details of your parameters would help in further suggestions, also.
If I had $150 right now and had to buy a benchmade to add to the collection, I'd try the rift. Very nice looking blade. I'd probably go back to the mini grip tho after giving it a try as I normally do with the others.
710 for sure, I believe its the only current production model that matches your criteria. If you want to spend a little more it opens up to the 810 Contego and the 275 Adamas. Both are tanks and near about indestructible, there are plenty of videos on youtube of people stress testing them. I own all three and carry the 710 the most out of all of them.
I second the contego. I have the 810-1401 knife works exclusive which is 195$ but a friend of mine got one on the exchange cheaper than 150$. Also the barrage is pretty awesome its pretty much an automatic. Barely have to flip the stud and its out.
If it HAS to be under $150 and around 4" you have a pretty limited selection. 710 and Onslaught are about it. The Adamas, Contego and Bedlam fit length but not price requirements. At, or around 3.5" is really the sweet spot, size wise for Benchmades. Dropping your length requirement by arbout .5" opens up some really cool options for you.
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