I gave him my old phone in exchange for his new one.

The two items are exchangable.

You can use these two words exchangeably.

The exchangeabilities of the two currencies are constantly fluctuating.

These items are exchangeables.

The exchangability of the two products makes them interchangeable.

He gave up his job in exchange for a higher salary.

I am part exchanging my old car for a new one.

They are exchanging contracts for the new house.

Exchanging contracts is a crucial step in the home buying process.