Hi Matt
Our ‘honeycomb’ structured pleated blinds, such as Hive & Stanton, have the hidden cords as the cords run through the honeycomb structure.
Our ‘single cell’ pleated blinds, such as Shadow, have the cords exposed as the fabric is just a single cell so they cannot be hidden inside of the fabric’s structure.
I hope that makes sense but if you’d like to see the difference, just order a sample of each or let me know which address to send to for you and it should make sense 

Hope that helps!