Spyderco PM3 vs. Benchmade Bugout: The Two Knives That Live in Every Corner of My Life

If you read my Sage 5 vs. PM3 breakdown, you probably saw this one coming. Same answer, different knives. When people ask me PM3 or Bugout, if you can afford it, buy both — because as similar as these two are on paper, what you’re actually holding are two completely different takes on what an ultralight, heavy-duty folder should be.

Both of these are stalwarts from industry giants for a reason. Both are proof that “lightweight” doesn’t mean “less capable.” There are videos all over YouTube of guys strapping a Bugout into a vise and loading it with 400 pounds before the Axis lock finally gives out.

These aren’t toys. They’re serious knives that happen to weigh almost nothing, and that combination is exactly why they’ve both earned permanent spots in my life — just in different corners of it.

The Bugout: My First Choice for Backpacking, and the Knife That Never Leaves the Kitchen

If you asked me “I’m going backpacking, what knife should I bring,” the Benchmade Bugout is my answer without hesitation. It’s got a longer cutting edge than you’d expect out of something this light, and when it’s opened, the blade profile reads almost like a bushcraft knife — that drop point shape gives it a purposeful, woods-knife look despite being small, skinny, and lightweight.

The PM3, by comparison, keeps that traditional Spyderco “bug” look with its leaf-shaped blade — recognizable the second you open it, but a completely different visual and functional character than the Bugout.

I’ve had my Bugout for years — I bought my first one right when it came out. And here’s the real proof of how much I trust it: it lives in my kitchen’s everything drawer. When I need to break down boxes, cut open packaging, whatever random task pops up, that’s the knife I grab. My boys like it too — it’s just become the default blade in our house for anything that isn’t strictly EDC.

The handle is substantial for something so light. Most people are getting all four fingers wrapped around it comfortably. My one gripe is the pocket clip — it does tear up your pocket a little more than I’d like, though mine has broken in enough over the years that it slides easier now than it did brand new.

The steel is S30V, and that’s the real trade-off with the Bugout. You’re paying more for it, but you’re getting an edge that holds significantly longer than the PM3’s CTS BD1N. If you’re the type who doesn’t want to think about resharpening on a trip, that matters.

A Quick Word on the Mini Bugout

I own a Mini Bugout too, and I want to be honest about it: it’s a cool knife, but it’s a slight disappointment. Scaling the Bugout down doesn’t preserve what makes the full-size version work as well as you’d hope.

The proportions that feel purposeful and balanced at regular size start to feel compromised once you shrink them — and this isn’t unique to Benchmade. I think small-format knives across the industry could generally be done better. It’s not that the Mini Bugout is bad, it’s that it’s a reminder the full-size Bugout got the formula right in a way that doesn’t automatically scale down.

The PM3: My Everyday Fidget Knife

The Spyderco PM3 Lightweight — same knife I wrote about against the Sage 5 — is a completely different animal even though it lives in the same weight class. This is a compression lock knife through and through, and it’s about as fidget-friendly as they come.

If you’re the type who just likes to flick your knife open and closed while you’re thinking, this is the one that scratches that itch.

The blade is a little smaller than the Bugout’s, and I’ll be honest — my one real complaint about the PM3, lightweight or regular, is that the blade looks too short for the handle. I like a knife that reads as balanced, and the PM3 could use another half inch of blade to really even things out visually. That said, functionally it doesn’t hold you back.

You still get real estate in your grip, especially if you choke up — forefinger on the choil, thumb on the jimping at the spine — and even with gloves on, your hand doesn’t run off the end of the handle unless you’ve got genuinely oversized hands.

Both of these knives handle the same daily grind without blinking: rope, straps, ties, breaking down cardboard, opening bags of charcoal, slicing at a cookout. For basic EDC tasks, there’s no real gap between them. The real question is form factor — what fits your hand and your pocket better.

What’s Actually Different Under the Hood

Beyond feel, there’s some real engineering separating these two, and it’s worth knowing before you buy.

The Bugout runs on two phosphor bronze washers for a smooth, consistent deployment on both sides of the blade. The PM3, on the other hand, is built differently than you’d expect — instead of two liners and two washers, it runs on just one washer and one liner, with the other side of the blade riding directly against the FRN handle material.

It still deploys fast and smooth off the Spydie hole, but that asymmetric build is also why PM3s sometimes sit slightly off-center at rest. Doesn’t affect performance, but it’s there.

Handle thickness tells the same story as blade stock: the Bugout’s Grivory handle comes in thinner than the PM3’s FRN, which is part of why it disappears into your pocket even without using the clip — I’ll just toss it in loose next to my wallet sometimes.

The PM3’s wire clip, though, is genuinely easier to live with day to day. It’s slimmer, doesn’t dig in, and doesn’t fight your pants the way the Bugout’s folded clip can before it breaks in.

Weight-wise, the Bugout is the lighter of the two, which adds up with its thinner handle and blade stock. The PM3 is a little heavier, but that extra material is also why I’d favor it over the Bugout for tough work over a long stretch — the added thickness and the finger choil give you a more secure, more adaptable grip when you’re really leaning on the knife.

Lock-wise, both the Axis lock and the compression lock let you open and close one-handed without your fingers ever crossing the blade path. If you’re left-handed, the Bugout’s Axis lock has a real edge here — the lock bar runs all the way through both sides of the handle, so it’s just as easy to run in a southpaw grip. The compression lock on the PM3 is a one-sided mechanism, so it’s a little less natural for lefties.

Now let’s talk price, because this is where you have to stop and actually think it through. Right now the PM3 Lightweight is running around $140, and the Bugout is sitting at about $200. That’s a real $60 gap — bigger than a lot of older comparisons out there give you credit for, back when these two were closer to $100 and $132.

Some of that’s steel, some of it’s just where these knives sit in the market today. Either way, $60 buys you a lot of other gear, so it’s worth being honest about what you’re actually paying for before you commit.

Spyderco PM3 vs. Benchmade Bugout at a Glance

	PM3 Lightweight	Benchmade Bugout
Price (today)	~$140	~$200
Steel	CTS BD1N (cheaper, easier to resharpen)	S30V (better edge retention)
Lock	Compression lock	Axis lock
Best for Lefties	Less natural, one-sided lock	Easier, lock bar runs through both sides
Handle Material	FRN	Grivory
Handle Thickness	Slightly thicker	Slimmer
Weight	Heavier of the two	Lighter of the two
Pivot Construction	One washer, one liner (can sit slightly off-center)	Two phosphor bronze washers
Finger Choil	Yes — lets you choke up for detail work	No
Pocket Clip	Wire clip, slimmer and easier on pockets	Folded clip, can dig in until broken in
Best For	Everyday fidget carry, detail work, all-day EDC tasks	Backpacking, kitchen/utility drawer duty, longer cutting edge tasks

So Which One Should You Buy First?

If you’re heading into the backcountry or you just want a knife that lives in the kitchen and takes on whatever random task life throws at it, get the Bugout. It’s been the knife my whole household reaches for without thinking, for years now — and at $200, it’s earned that price through S30V steel and years of proven durability.

If your daily carry is more about detail work, fidget-friendly deployment, and a grip that adapts no matter what you’re doing with your hands all day, the PM3 is the one that earns that spot — and at $140, it’s also just an easier knife to justify if this is your first move into either lineup.

But like I said with the Sage 5 — if you can swing it, don’t force yourself to choose. These aren’t competing for the same job. One lives in my pocket. One lives in my kitchen drawer. Both have earned their place, and neither one has ever made me wish I only owned the other.