The Bleed is a theoretical space, not between multiverses, but beneath them.
Imagine that there are multiple multiverses. Imagine one of those multiverses as a… city block, with multi-tiered structures. Buildings. Standing on the top of one building, you can see the tops of others, some shorter and some higher. From the top of one building, you can descend into the lower floors quite easily, or with difficulty, you can leap from one roof top to another. Some even have bridges between them, making this less dangerous. The gap between buildings in the multiverse we come from has a name: The Bleed. Those who fall into this area of non-existance do not return.
Imagine now that the flat surface on which those buildings are constructed… is but one face of a three dimensional dodecahedron. Imagine now, not twelve faces, but thousands. At the edge of each distinct plane, one can still attempt to jump to other planes, the trip obviously being much more dangerous.
Alternatively, one can go deeper, into the basement of any given building. Below the surface of each plane of each multiverse, towards the center of the whole. Here, one does not need to jump to adjacent planes.