Another interpretation: "the blood of Isaac's binding." As it is said, "And Abraham called the name of that place 'the LORD will see'" (Genesis 22:14), and elsewhere it says, "And as he was about to destroy, the LORD saw and relented" (1 Chronicles 21:15). What did He see? The blood of Isaac's binding, as it is said, "God will see to the lamb for Himself" (Genesis 22:8). "And I will pass over you." Rabbi Josiah says: Do not read 'and I will pass over' [u-fasachti] but 'and I will stride' [u-fasati], for the Omnipresent leaps over the houses of His children in Egypt, as it is said, "The voice of my beloved! Behold, he comes... behold, he stands behind our wall" (Song of Songs 2:8-9). Rabbi Jonathan says: "And I will pass over you" means: I have pity on you, and I have no pity on the Egyptians. Suppose an Egyptian was in the house of an Israelite. I might think he too would be saved on the Israelite's account; therefore Scripture teaches, "And I will pass over you" - upon you I have pity, and I have no pity on the Egyptians. And suppose an Israelite was in the house of an Egyptian. I might think he too would be struck on the Egyptian's account; therefore Scripture teaches, "and there shall be no plague upon you" - 'upon you' there is none, but in Egypt there is. "When I strike in the land of Egypt" - in the present there is none, but there is at a later time.
The Blood of Isaac's Binding and the Passover Leap Over Israel
Yalkut Shimoni on Torah 200:2
דָּבָר אַחֵר דַּם עֲקֵדָתוֹ שֶׁל יִצְחָק, שֶׁנֶּאֱמַר "וַיִּקְרָא אַבְרָהָם אֶת שֵׁם הַמָּקוֹם הַהוּא ה' יִרְאֶה", וּלְהַלָּן אוֹמֵר (דהי"א כא, טו) "וּכְהַשְׁחִית רָאָה ה' וַיִנָּחֶם", מָה רָאָה, דַּם עֲקֵדָתוֹ שֶׁל יִצְחָק. שֶׁנֶּאֱמַר (בראשית כב, ח) "אֱלֹהִים יִרְאֶה לוֹ הַשֶּׂה". וּפָסַחְתִּי עֲלֵיכֶם, רַבִּי יֹאשִׁיָּה אוֹמֵר, אַל תִּקְרֵי 'וּפָסַחְתִּי' אֶלָּא 'וּפָסַעְתִּי', שֶׁהַמָּקוֹם מְדַלֵּג עַל בָּתֵּי בָּנָיו בְּמִצְרַיִם, שֶׁנֶּאֱמַר (שה"ש ב, ח-ט) "קוֹל דּוֹדִי הִנֵּה זֶה בָּא וְגוֹ' הִנֵּה זֶה עוֹמֵד אַחַר כָּתְלֵנוּ" וְגוֹ'. רַבִּי יוֹנָתָן אוֹמֵר, וּפָסַחְתִּי עֲלֵיכֶם, אֲנִי חָס עֲלֵיכֶם, וְאֵינִי חָס עַל מִצְרָיִם. הֲרֵי שֶׁהָיָה הַמִּצְרִי בְּבֵיתוֹ שֶׁל יִשְׂרָאֵל שׁוֹמֵעַ אֲנִי יִנָּצֵל בְּגִנּוֹ תַּלְמוּד לוֹמַר וּפָסַחְתִּי עֲלֵיכֶם, עֲלֵיכֶם אֲנִי חָס וְאֵינִי חָס עַל מִצְרָיִם. הֲרֵי שֶׁהָיָה יִשְׂרָאֵל בְּבֵיתוֹ שֶׁל מִצְרִי שׁוֹמֵעַ אֲנִי יִלְקֶה בְּגִינוֹ, תַּלְמוּד לוֹמַר וְלֹא יִהְיֶה בָּכֶם נֶגֶף, 'בָּכֶם' אֵינוֹ הוֹוֶה אֲבָל בְּמִצְרַיִם הוֹוֶה. בְּהַכֹּתִי בְּאֶרֶץ מִצְרָיִם אֵינוֹ הוֹוֶה, אֶלָּא הוֹוֶה לְאַחַר זְמַן.