New trace element abundances and isotope compositions for more than 100 mid‐ocean ridge basalts from 5.5°N to 19°N on the East Pacific Rise show step function variations in isotopic composition along the ridge axis that coincide with ridge discontinuities. Transform faults, overlapping spreading centers, and devals (deviation from axial linearity) mark the separation of individual clusters of distinct isotopic composition and trace element ratios that indicate source variations. This correlated chemical clustering and morphological segmentation indicates that source composition and segmentation can be closely related even on a fine scale. Substantial chemical variations within a segment are related to source composition. This suggests that even within segments the magma transport is mainly vertical, and there is limited along‐ridge transport, and there is little evidence for magma chambers that are well mixed along strike. Trace element concentrations show good correlations with isotopic compositions on a segment scale but less so on a regional scale. The trace element and isotopic variability along the northern East Pacific Rise can be explained by three mantle components: a depleted peridotite endmember, an enriched peridotite endmember, and a recycled gabbro‐like component. The gabbroic component has an isotopic signature indicating an ancient origin. The high‐resolution sampling indicates that within a segment the chemical variability is largely binary but that the endmembers of the binary mixing change from segment to segment. The endmembers of the binary variation within a segment are a combination of three of the endmembers.