Prep your pan: Line an 8-inch or 9-inch square pan with parchment, leaving an overhang for easy lifting. Lightly butter the parchment if you want extra insurance against sticking.
Melt the base: In a medium saucepan over medium heat, melt the butter.
Stir frequently so it doesn’t brown unless you like a toasted note.
Add peanut butter: Stir in the peanut butter until completely smooth and combined with the butter. Keep the mixture warm but not boiling.
Flavor it: Remove the pan from heat. Stir in the vanilla and salt.
Sweeten and thicken: Add the powdered sugar 1 cup at a time, whisking or stirring well after each addition.
The mixture will go from glossy to thick and matte. Start tasting and adjusting after 3 1/2 cups; add more sugar if you want a firmer set.
Press into the pan: Scrape the fudge into your prepared pan. Use a spatula to smooth the top.
If it’s sticky, lightly grease the spatula or press with a piece of parchment.
Let it set: Allow the fudge to cool at room temperature for 1–2 hours, or refrigerate for about 45 minutes until firm enough to cut.
Cut and serve: Lift the slab out by the parchment. Use a long, sharp knife to cut into small squares. Wipe the knife between cuts for clean edges.