We prove criteria for the invertibility of the binomial functional operator
\[
A=aI-bW_\alpha
\]
in the Lebesgue spaces \(L^p(0,1)\), \( 1 < p < \infty\), where \(a\) and \(b\) are continuous functions on \((0,1)\), \(I\) is the identity operator, \(W_\alpha\) is the shift operator, \(W_\alpha f=f\circ\alpha\), generated by a non-Carleman shift \(\alpha:[0,1]\to[0,1]\) which has only two fixed points \(0\) and \(1\). We suppose that \(\log\alpha'\) is bounded and continuous on \((0,1)\) and that \(a,b,\alpha'\) slowly oscillate at \(0\) and \(1\). The main difficulty connected with slow oscillation is overcome by using the method of limit operators.