Espada is Madeira's black scabbardfish — a deep-water eel-like species caught at 800–1,600 m off the south coast. The white flesh is mild and boneless. The signature dish is espada com banana: pan-fried fillet topped with fried banana and a passion-fruit sauce. €10–15 in any traditional restaurant; freshest at Câmara de Lobos and Funchal mercado.
Aphanopus carbo (peixe-espada preto) is caught on long lines a kilometre below the surface by the Câmara de Lobos fleet — Madeira and Sesimbra in mainland Portugal are the only two places in the world with commercial scabbardfish fisheries. The fish is jet-black, ribbon-shaped, up to 1.5 m long, and looks alarming on the slab at Funchal's Mercado dos Lavradores.
Despite the looks, the flesh is white, soft, almost free of bones, and very mild. The canonical Madeiran preparation pairs it with fried banana (espada com banana) and a passion-fruit reduction — the sweet-savoury combo sounds touristy but predates mass tourism and works. Other classic preparations: meunière, with shrimp, or grilled on a plancha with garlic.
Best eaten the same day it's landed, which means lunch in Câmara de Lobos (the fishing port itself) or any tasca near the Mercado in Funchal. Frozen scabbardfish is widely served in hotels and is noticeably inferior — ask if it's fresh (fresco) before ordering.