adprime/zeroOpen account
GlossaryArticleOperator-judged

Exchange

A marketplace that runs auctions between publishers (or SSPs) and buyers. Inventory source is how we name which exchange a campaign may buy.

Published 2026-09-09 · Search job: ad exchange meaning

An ad exchange is a marketplace that auctions impressions. Publishers and SSPs offer slots. Buyers bid. Winning ads serve. Open exchange is the unsold remainder of that system. A deal is a narrower path through it.

On reports you will see exchange or SSP names (OPENX, SMARTADSERVER, and others). The same creative can show a wide CTR spread across those names. Our August 2026 Supply Bench pull ran from OPENX at 0.111 percent CTR to SMARTADSERVER at 3.074 percent on one format. That is supply behavior, not proof the banner suddenly got better.

In product language the buyer's allowlist of exchanges is inventory source. Unset means unrestricted remnant, not a curated marketplace.

Read waste at exchange grain in open exchange waste when that Lab piece is the next click, or start from the Supply Bench scorecard.

Related

Glossary
Inventory source

The exchange or SSP name a campaign may buy. In this product it is an allowlist. Empty is unrestricted, not curated.

Glossary
Open exchange

Unreserved remnant auctions across SSPs. The default path our public display tests have actually flown.

Supply
Open exchange waste, mapped by grain

There is no Beeswax object named supply route. Waste shows up in reports by placement, site, domain, and exchange, and only some of those grains can be excluded today.

Run the next test from chat

Open an account, add prepaid budget, and let an agent create the campaign, rotate creatives, and read the report. No DSP setup, no insertion order, no sales call.

Open accountCursor guide