diff --git a/cmd/hype/cli/vscode.go b/cmd/hype/cli/vscode.go
index 4f511d0..d6cb7d9 100644
--- a/cmd/hype/cli/vscode.go
+++ b/cmd/hype/cli/vscode.go
@@ -49,7 +49,7 @@ func (cmd *VSCode) Flags() (*flag.FlagSet, error) {
 	return cmd.flags, nil
 }
 
-func (cmd *VSCode) Main(ctx context.Context, pwd string, args []string) error {
+func (cmd *VSCode) Main(ctx context.Context, _ string, args []string) error {
 	if err := cmd.validate(); err != nil {
 		return err
 	}
@@ -77,14 +77,14 @@ func (cmd *VSCode) Main(ctx context.Context, pwd string, args []string) error {
 
 	path := args[0]
 
-	pwd = filepath.Dir(path)
+	dir := filepath.Dir(path)
 	name := filepath.Base(path)
 
-	cmd.FS = os.DirFS(pwd)
+	cmd.FS = os.DirFS(dir)
 
 	err = WithTimeout(ctx, cmd.Timeout, func(ctx context.Context) error {
-		return WithinDir(pwd, func() error {
-			return cmd.execute(ctx, pwd, name)
+		return WithinDir(dir, func() error {
+			return cmd.execute(ctx, dir, name)
 		})
 	})
 
diff --git a/mdx/parser.go b/mdx/parser.go
index 22d96b0..9d9c6d7 100644
--- a/mdx/parser.go
+++ b/mdx/parser.go
@@ -5,6 +5,7 @@ import (
 	"fmt"
 	"io"
 	"regexp"
+	"strconv"
 	"strings"
 	"sync"
 
@@ -46,15 +47,19 @@ func New() *Parser {
 	return p
 }
 
-func (p *Parser) parse(lines []string) ([]byte, error) {
+func (p *Parser) parse(lines []string, fenced []bool) ([]byte, error) {
 	bb := &bytes.Buffer{}
 
 	var chunk []string
 	var after string
 
 	var ind int
-	for _, line := range lines {
+	for i, line := range lines {
 		ind++
+		if fenced[i] {
+			chunk = append(chunk, line)
+			continue
+		}
 		if strings.HasPrefix(line, "<include") {
 			after = line
 			break
@@ -80,7 +85,7 @@ func (p *Parser) parse(lines []string) ([]byte, error) {
 	}
 
 	if ind < len(lines) {
-		b, err := p.parse(lines[ind:])
+		b, err := p.parse(lines[ind:], fenced[ind:])
 		if err != nil {
 			return nil, err
 		}
@@ -105,11 +110,47 @@ func (p *Parser) parse(lines []string) ([]byte, error) {
 	return act, nil
 }
 
+func isBreak(line string) bool {
+	return strings.HasPrefix(line, "<include") || strings.HasPrefix(line, "---")
+}
+
+var breakRx = regexp.MustCompile(`hypemdxbreak(\d+)x`)
+
+func fencedLines(lines []string) []bool {
+	marked := make([]string, len(lines))
+	for i, line := range lines {
+		if isBreak(line) {
+			marked[i] = fmt.Sprintf("hypemdxbreak%dx", i)
+			continue
+		}
+		marked[i] = line
+	}
+
+	fenced := make([]bool, len(lines))
+
+	md := blackfriday.New(blackfriday.WithExtensions(extensions))
+	doc := md.Parse([]byte(strings.Join(marked, "\n")))
+	doc.Walk(func(n *blackfriday.Node, entering bool) blackfriday.WalkStatus {
+		if n.Type != blackfriday.CodeBlock || !n.IsFenced {
+			return blackfriday.GoToNext
+		}
+		for _, m := range breakRx.FindAllSubmatch(n.Literal, -1) {
+			i, err := strconv.Atoi(string(m[1]))
+			if err == nil && i < len(lines) && isBreak(lines[i]) {
+				fenced[i] = true
+			}
+		}
+		return blackfriday.GoToNext
+	})
+
+	return fenced
+}
+
 // Parse parses the Markdown and returns the HTML.
 func (p *Parser) Parse(src []byte) ([]byte, error) {
 	p.Lock()
 	p.lines = strings.Split(string(src), "\n")
 	p.Unlock()
 
-	return p.parse(p.lines)
+	return p.parse(p.lines, fencedLines(p.lines))
 }
diff --git a/mdx/parser_test.go b/mdx/parser_test.go
index 28e0ba0..5cd0235 100644
--- a/mdx/parser_test.go
+++ b/mdx/parser_test.go
@@ -88,3 +88,78 @@ func Test_Parser_Parse(t *testing.T) {
 	// fmt.Println(act)
 	r.Equal(exp, act)
 }
+
+func Test_Parser_Parse_PageBreakInsideFence(t *testing.T) {
+	t.Parallel()
+	r := require.New(t)
+
+	src := "# Title\n\n```shell\n$ go run .\n\nHello World\n\n--------\nGo Version: go1.25.0\n\n```\n\n## Next\n\n~~~\n<include src=\"x.md\"></include>\n~~~\n\n---\n\n# Second"
+
+	p := New()
+	out, err := p.Parse([]byte(src))
+	r.NoError(err)
+
+	act := string(out)
+	r.Equal(2, strings.Count(act, "<page>"))
+	r.Contains(act, "--------\nGo Version: go1.25.0\n\n</code></pre>")
+	r.Contains(act, "<h2>Next</h2>")
+	r.Contains(act, "&lt;include src=&quot;x.md&quot;&gt;&lt;/include&gt;")
+	r.Contains(act, "<h1>Second</h1>")
+}
+
+func Test_Parser_Parse_InlineCodeIsNotFence(t *testing.T) {
+	t.Parallel()
+	r := require.New(t)
+
+	src := "# Title\n\n``` use ``code`` ```\n\n---\n\n# Second"
+
+	p := New()
+	out, err := p.Parse([]byte(src))
+	r.NoError(err)
+
+	r.Equal(2, strings.Count(string(out), "<page>"))
+}
+
+func Test_Parser_Parse_FenceInsideHTMLBlock(t *testing.T) {
+	t.Parallel()
+	r := require.New(t)
+
+	src := "# Title\n\n<pre>\n```\n</pre>\n\n---\n\n# Second\n\n```go\nx := 1\n```\n"
+
+	p := New()
+	out, err := p.Parse([]byte(src))
+	r.NoError(err)
+
+	act := string(out)
+	r.Equal(2, strings.Count(act, "<page>"))
+	r.Contains(act, "<h1>Second</h1>")
+}
+
+func Test_Parser_Parse_FenceCloseMustMatchExactly(t *testing.T) {
+	t.Parallel()
+
+	tcs := []struct {
+		name  string
+		close string
+	}{
+		{name: "longer marker", close: "````"},
+		{name: "trailing spaces", close: "```  "},
+	}
+
+	for _, tc := range tcs {
+		t.Run(tc.name, func(t *testing.T) {
+			t.Parallel()
+			r := require.New(t)
+
+			src := "# Title\n\n```\nbefore\n" + tc.close + "\n---\nafter\n```\n"
+
+			p := New()
+			out, err := p.Parse([]byte(src))
+			r.NoError(err)
+
+			act := string(out)
+			r.Equal(1, strings.Count(act, "<page>"))
+			r.Contains(act, "---\nafter\n</code></pre>")
+		})
+	}
+}