What is it?
Available liquidity is supplied minus borrowed (floored at zero). It is the cash still sitting in the pool that could be withdrawn or newly borrowed, before caps and pauses.
Why does it matter?
Low available liquidity means exits and new borrows compete for a small remainder. High utilization and low available USD often arrive together.
Example
$1B supplied and $800M borrowed leaves $200M available. That 80% utilization can be fine for a stablecoin if $200M is still a deep buffer. The same 80% on a thin long-tail asset may be only a few million dollars.
Where can I find it?
Overview Available liquidity. Market and asset KPIs named Available. Liquidity chapter explains why you should pair this with utilization and cap headroom.