Top Ad Exchanges in 2025 

While programmatic ad exchanges as a concept have been fading into other digital marketing platforms, the best providers that still offer the key functions of an ad exchange are:

*Note: this list includes primarily web ad exchanges, to learn more about what to expect out of a mobile ad exchange, head to this article for more details.

Ad exchanges, which today are incorporated into other tools like Supply Side Platforms (SSPs) or ad servers, are a good idea for publishers who are interested in increasing their ad revenue. That's especially true when you compare them to alternatives like ad networks or simply letting bid requests go unfilled. But which exchanges are the best ad exchanges for publishers? (Hint: you'll want to be using multiple ad exchanges for best results.)

The answer to that question, of course, will depend heavily on your unique needs. However, we can say with relative certainty that the ad exchanges discussed below are among the best in the business for publishers. Read on to learn more.

Sick of keeping up with the ever-changing world of ad tech? Let Playwire take care of it. As the ultimate ad revenue partner, we ensure your ad space, impressions, and ad spend are fully optimized. Contact us.

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Ad Exchange GuideThe Complete Guide to Ad Exchanges

Ad Exchange Basics

 

 

What is an Ad Exchange?

Think of an ad exchange as a massive digital marketplace where publishers can sell their ad inventory to multiple advertisers through real-time auctions, much like a stock exchange but for programmatic advertising. The exchange acts as a technology platform that automates the ad buying and selling process, using programmatic technology to match advertisers' targeting requirements with publishers' available ad space in milliseconds, ultimately aiming to maximize revenue for publishers while helping advertisers reach their desired audience efficiently.

The Most Important Features of the Best Ad Exchanges

Before we get into the list of the best ad exchanges for publishers, let's explore what makes a tool's ad exchange abilities "the best" in the first place. In general, you want to look for the following features in any tool that includes an ad exchange:

  • A large advertiser network that includes the biggest agencies
  • The ability to control price floors and other aspects of programmatic auctions
  • A publisher-friendly user interface
  • Support for a variety of different ad formats and ad placements, including high-value, high-CPM ads, like custom formats and video ad units
  • A demonstrated history of high CPMs for publishers using the network

The 6 Best Ad Exchange Tools

These seven tools do a good job of meeting all of the criteria described above. In our view, they provide the best ad exchanges for publishers in 2025; however, it's important to keep in mind that these tools are not standalone ad exchanges. Most of them are SSPs that offer a programmatic ad exchange. In any case, these are the seven leading the pack:

1. Google Ad Exchange

Google has its hand in everything related to the internet advertising space, and ad exchanges are no exception. Google has built an ad exchange called Google AdX, formerly known as DoubleClick Ad Exchange,  that it offers as part of its Google Ad Manager (GAM) services.

Publisher Benefits:

AdX, also referred to as Google Open Exchange, is a Google product, so it gives publishers access to some of the broadest demand available anywhere. Think about it like this: Everyone, including advertisers and agencies, thinks of Google ads when they think of internet or digital advertising issues, so you're leaving ad revenue on the table if you're not capitalizing on Google's broad reach. AdX powers not only Google Ad Manager but Google AdSense as well.

AdX Reviews:

GAM had garnered 4.1 stars on G2 and 8.7 out of 10 on TrustRadius as of the time of publication. Some of the benefits reviewers highlighted included the broad demand and intuitive features like a copy function that allows you to recreate an ad campaign quickly. On the negative side, reviewers mentioned occasional crashing and latency.

Learn More About Google AdX

2. Xandr

Like many of the best ad exchanges that made it onto this list, Xandr is typically categorized as an SSP and is the result of several mergers and acquisitions over the years - most notably the acquisition of AppNexus. Potential ad tech monopolies notwithstanding, these types of companies tend to amass quite a bit of demand through an enormous ad network, and that is certainly true for Xandr. 

Publisher Benefits:

Xandr offers most of the expected ad exchange features and benefits, such as broad demand, customization options, and solid CPMs, but it also offers a lot more to publishers who are just starting to put their ad tech stack together. Xandr is also an ad server, a demand side platform (DSP), and more.

Xandr Reviews:

As of the time of publication, Xandr had a 7.3 on TrustRadius and 3.7 stars on G2. Many negative reviews cited a confusing and sometimes clunky user interface, while positive reviews enjoyed the tool's ability to integrate with various other tools, including DSPs.

Learn More About Xandr

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Ad Exchange Resource Center

Check out all the available resources in The Complete Ad Exchange Resource Center

3. OpenX

OpenX, another solution typically categorized as an SSP, is a big name in the ad exchange business, and that is a big part of the reason why this exchange has amassed more than 100,000 advertisers and processes more than 200 billion ad requests per day.

Publisher Benefits:

Demand of this magnitude is hard to come by outside of Google's sphere of influence, meaning one of the biggest publisher benefits of working with this ad exchange is access to nearly unparalleled levels of demand for your digital ad inventory. On top of that, OpenX remains fully certified by the Trustworthy Accountability Group (TAG).

OpenX Reviews:

With a 6.8 on TrustRadius and 3.2 stars on G2, OpenX is fairly middle-of-the-road in terms of the best ad exchanges. (Few ad exchanges have consistently high reviews across all popular review sites.) Happy users reported that this tool works with publishers of all sizes and maintains strong reporting functionality. Unhappy reviewers mentioned a lack of scale in the sale of video ads and lower CPMs for some publisher ad inventory types.

Learn More About OpenX

4. Magnite

Once known as the Rubicon Project, Magnite is a giant in most things ad tech, including ad exchanges. Magnite's ad exchange began as a supply-side platform (SSP) and followed the natural evolution of many SSPs: building a huge network of publishers and their ad impressions, realizing the potential to profit by connecting those publishers directly with buyers, and doing so.

Publisher Benefits:

Magnite has invested heavily in connected TV (CTV) and over-the-top (OTT) channels, meaning this is an ideal ad exchange for publishers who operate on these channels. This ad exchange platform also offers a readymade header bidding solution (built off of Prebid), so publishers who are open to multi-channel revenue increases may find Magnite particularly beneficial.

Magnite Reviews:

G2 reviewers gave Magnite 3.2 stars on average, while TrustRadius reviewers rated it 9.8 on average. On the plus side, reviewers liked the global presence Magnite has built, as well as the user-friendly interface. On the negative side, reviewers mentioned low fill rates.

Learn More About Magnite

5. PubMatic

PubMatic is a household name among ad tech professionals, and there's a reason for that. This company has innovated in all kinds of spaces for a long time, and its ad exchange perfectly reflects that. 

Publisher Benefits:

PubMatic goes heavy on ad quality and cutting-edge technologies built around real time bidding (RTB), which is the tech that powers most ad exchanges. But the platform goes a step further with well-developed private marketplaces (PMPs) that facilitate better ad quality and higher CPMs.

PubMatic Reviews:

With 3.2 stars on G2 and a 7 on TrustRadius, you might not be able to immediately tell that this is one of the best ad exchanges for publishers, but you can see the positives in the reviews. Reviewers mentioned a crystal-clear user interface and high CPMs. Some negative reviews did highlight having trouble getting in touch with customer service, though.

Learn More About Pubmatic

6. Index Exchange

Index Exchange is one of the tools that has remained most dedicated to its ad exchange offering over time. That has translated into a focused offering that works really well for publishers who already have their other ad tech bases covered.

Publisher Benefits:

This tool puts exchange quality front and center, meaning you may not have to go with a private ad exchange or preferred marketplace to ensure high quality if you choose Index Exchange. The tool has also put in the work to facilitate the buying and selling of any kind of ad format, including banner ads, video ads, connected TV (CTV) ads, native ads, and similar.

Index Exchange Reviews:

Despite being a relatively well-known ad exchange within the digital advertising space, Index Exchange had not made the rounds in the online reviews circuit as of the time of publication. Anecdotally, however, this exchange is easily among the best ad exchanges for publishers.

Learn More About Index Exchange

Work with the Best Ad Exchanges and Everything Else

If you're going to incorporate ad exchanges into your revenue strategy, you need to work with the best. With this list, you have what you need to start picking your exchanges and rolling them into your ad tech setup.

Of course, you can skip all of that and still get the benefits. How? By working with Playwire. Our team handles every aspect of publishers' revenue strategies so they can focus on their content and growing their target audience network while their revenue skyrockets. We work with the best ad exchanges for publishers because we put publishers first in everything we do.

Ready to get started? Contact Playwire to discuss comprehensive revenue amplification.

Apply Now

More on the Ad Tech Ecosystem

Are you interested in reviewing all your ad tech options but unsure where to begin given the complexity of the industry? Don't fret, Playwire has your back!

Learn more about all the players and tools that are available across the ad tech landscape with our new Ad Tech Ecosystem webpage, which is updated regularly, and includes information on ad networks, native ad solutions, consent management partners, data management platforms, and everything in between!

Frequently Asked Questions About Ad Exchanges for Publishers

Here are some answers to FAQs about ad exchanges.

How many ad exchanges should I work with simultaneously?

Most successful publishers work with multiple ad exchanges simultaneously rather than relying on just one ad exchange. Working with 3-5 ad exchanges typically provides the best balance between demand competition and management complexity. Multiple ad exchanges help ensure you're not leaving ad revenue on the table by creating more bidding competition for your premium inventory.

What's the difference between ad exchanges and ad networks?

While both ad networks and ad exchanges help publishers monetize their ad space, they work differently. Ad networks typically buy inventory from publishers at fixed rates and resell it to advertisers, while ad exchanges facilitate real-time auctions where multiple advertisers bid on your ad inventory. Ad exchanges generally provide more transparency and potentially higher ad revenue through competitive bidding.

Do I need a minimum traffic requirement to join premium ad exchanges?

Most premium ad exchanges do have minimum traffic requirements, though these vary significantly. Google Ad Exchange typically requires publishers to have substantial monthly traffic, while other ad networks for publishers may accept smaller sites. Premium ad exchanges often require anywhere from 5 million to 10 million monthly page views, though some premium ad networks have lower thresholds.

How do private ad exchanges differ from open ad exchanges?

Open ad exchanges allow any qualified advertiser to bid on your inventory, while private ad exchanges operate as invitation-only marketplaces. Private ad exchanges typically offer premium advertisers access to high quality inventory, often resulting in higher CPMs. Many publishers use both types to maximize their digital advertising strategy.

What ad formats perform best on ad exchanges?

Video ads consistently generate the highest CPMs on most ad exchanges, particularly high quality video ads that offer engaging user experiences. However, diverse ad formats including native ads, display units, and various ad formats perform well depending on your audience. The key is to optimize ad placements across multiple ad formats to maximize overall ad revenue.

How does header bidding integrate with ad exchanges?

Header bidding technology allows multiple ad exchanges to bid on your inventory simultaneously before your ad server makes its decision. This advanced header bidding technology increases competition among advertisers, typically resulting in higher ad revenue. Most modern publishers combine header bidding with multiple ad exchanges for optimal monetization.

Should I be concerned about ad fraud when using ad exchanges?

Ad fraud is a legitimate concern in programmatic advertising, but reputable ad exchanges have robust fraud detection systems. Look for exchanges that are TAG (Trustworthy Accountability Group) certified and use advanced filtering to ensure high quality ads. Premium ad exchanges typically have stronger fraud prevention measures than smaller ad networks.

How do I optimize ads across different ad exchanges?

To optimize ads effectively, monitor performance metrics across all your ad exchanges and adjust accordingly. Focus on optimizing ad placements for each exchange's strengths - some excel at video advertising while others perform better with native ads. Use real time bidding data to understand which exchanges deliver the best results for specific ad units and inventory types.

What role does Google AdSense play compared to other ad networks?

Google AdSense operates differently from traditional ad networks by serving as an automated platform that matches ads to your content. While AdSense is excellent for beginners, experienced publishers often graduate to Google Ad Exchange or other ad networks that offer more control over ad inventory pricing. Many publishers use AdSense alongside other ad networks to diversify their online advertising revenue streams.

How do mobile ad exchanges differ from desktop ad exchanges?

Mobile ad exchanges specialize in optimizing ad delivery for mobile sites and apps, often offering mobile-specific ad formats like rewarded video and interstitial ads. These mobile ads typically command different CPMs than desktop inventory, and mobile ad exchanges understand the unique challenges of mobile advertising, including smaller screen sizes and touch interactions that affect ad placements.

What is the Unified Ad Marketplace and how does it compare to other exchanges?

The Unified Ad Marketplace (UAM) is Amazon's programmatic advertising platform that competes with traditional ad exchanges. UAM offers access to Amazon's premium advertisers and unique shopping data, making it particularly valuable for publishers with audiences interested in e-commerce. This represents an alternative to the Transparent Ad Marketplace for smaller publishers seeking Amazon's demand.

How can I increase my monthly ad revenue through better ad network selection?

Maximizing monthly ad revenue requires strategic selection of the right ad network for your content and audience. Focus on ad networks that specialize in your niche, offer competitive revenue shares, and provide robust ad monetization tools. Premium publishers often see 30-50% revenue increases by switching from basic ad networks to premium ad exchanges that offer better fill rates and higher CPMs.

What are horizontal ad networks and when should I consider them?

Horizontal ad networks work across multiple verticals and industries, unlike vertical-specific networks. These advertising networks offer broader reach but may lack the specialized targeting that inventory specific ad networks provide. They're ideal for publishers with diverse content who want to simplify their advertising management while still accessing multiple publishers' collective bargaining power.

How do I know if I'm working with too many ad exchanges?

While multiple publishers benefit from diversification, working with many ad exchanges can create diminishing returns. Signs you're overextended include difficulty managing ad campaigns, conflicting ad placements, and minimal incremental revenue from additional exchanges. Most publishers find their sweet spot with 3-7 exchanges that complement each other rather than compete for the same premium inventory.

What's the difference between video ad networks and general ad exchanges for video content?

Video ad networks specialize exclusively in video advertising and often provide better video ad formats, higher quality video ads, and more sophisticated video advertising tools. General ad exchanges may offer video capabilities but typically don't match the specialized targeting and optimization that dedicated video ad networks provide. Publishers with significant video content often use both approaches.

How does the programmatic advertising landscape affect small publishers?

The programmatic advertising landscape increasingly favors publishers and advertisers with scale, making it challenging for smaller sites to access premium ad exchanges directly. However, many ad networks now aggregate smaller publishers to help them compete, and some premium ad networks have lowered their minimum traffic requirements to include more diverse inventory in their marketplace.