Best Folder Under $400?

Your budget is in the ballpark for the best.

Grayman Dua or CR small Sebenza.​

Three Sisters Beast and the mentioned SR 1 both worthy of consideration.
 
If you add 25 USD, you can sign up for the second run of Jake Hoback's Midtech Kawaiback. The books for the second batch are still open (see his website). Now, I'm still waiting on the first run. There have been a lot of delays and yesterday, first batch buyers got an email that there is another eight weeks of delay. So I cannot really comment on them, but I cannot imagine that it is possible to buy a better knife for 425 USD than a Midtech Kawaiback.
 
Check out the Brous folders, as well. Smooth as silk, and highly finished. Division Flipper is now available large or not-so-large.

Lion Steel Ti-Spine is a much more elegant knife than the SR-1. Not that there's anything wrong with the SR-1.:D
 
Chris Reeve seb 21 large would be my pick. You can normally pick them up used in the $350-$380 range. If you qualify for hinderer knives direct purchase I would also look at them.
 
A Three Sisters Forge has a 3" blade with a larger handle. The one I have has M390 and is 300.00. You can email Jim Allen and your email will be answered for the steel he is currently using. He's used Elmax and CPM154.

This FTW. I just bought a Beast in M390 and it kicked my Large Insingo out of my pocket. Very smooth and an extremely solid lock up. Absolutely zero blade play. It's right in between the large and small Sebenza which is the perfect size for me. These are made one at a time by Jim and are a custom knife. Best bang for the buck out there in the mid to upper price range in my opinion.
 
Without knowing specifics of how your going to use your new knife, I believe a CRK Sebenza is the best all around production knife you could own.
 
The Beast is a great knife, but mine was a little rough around the edges. But their action put my Umnum and Seb to shame. If you like LionSteel, go for the aluminum versions, the SR1a or the smaller SR2a can be had for ~170 new. The SR1 has super solid lock up and the blade is quite stout and wicked sharp with a nice convex.
 
If you like tip-up then just save your money and buy a Gerber at Walmart. Actually at your price range you should already have an idea of the brands to look at. You can buy some really nice knives for under $150, such as the Spyderco Paramilitary 2. Another option to consider is the Benchmade 581 which is a very nice knife. I have lots of Spyderco and Benchmade knives that would meet your qualifications, and none of mine have blade play, but there is a possibility that any production knife can have blade play. You might have to buy several and pick the one that you like then sell the rest. I would not recommend picking a $400 knife at random and buying it until you have tried other knives and can provide more recommendations on what you like.

There is actually a big gap between knives that sell in the $100-200 range and knives that sell in the $400 range. If you are truly interested in dropping $400 then just buy a CRK in the size range that you want and don't look at anything else. There is a lot of discussion about whether CRK knives are worth what people pay for them, but that is really up to the buyer. I have not heard of anyone that bought one that didn't like it.

Those of us that are happy with the BM 581 and Spyderco Para2 don't think you need to spend nearly that much money to get a really good knife.
 
An option is a Benchmade Ritter with a custom Wilkins Ti grips.
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I have lots of knives, but my TSF Beast is easily one of my favorites. The blade steel may not be 'snobbish' enough (154CM), but I often think that's over-rated, and the heat/cryo (as or more important) is spot on, with great edgeholding and toughness, and easy sharpening. It went over a year with only cardboard stropping as edge touchup, and I only 'sharpened' it for the 'curiosity/fun' factor. The blade is thick and the bevels are wide, so its not a slicer, but solid technique and a slightly narrower edge bevel turned it into a great utility/all rounder. Jim sent me a double thumbstud for free, and I 'softened' the rather sharp butt end (Jim mentioned that some of his military and 'hairier' customers requested the glass breaker/temple tapper butt end), and now its a great carry. I think I've had it four years now and even though it isn't necessarily carried every day, it rides in my pocket with ease and pride.
 
Go with the Strider - SNG in PD-1, CPM S110v, ZWear if you can find it or CPM S3v, The S110v is proboably the best of them and You can pick up a Lego version for 400.00, if you are planning on using it, then pick up one someone has already used and save a few bucks, I am "down" to about a 100 knives, - had 400 plus for a while, I have a dozen Strider's and will definitely be getting more.
 
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