substitute vs exchange

substitute and exchange both are nouns.

Word	Noun	Adjective	Verb	Adverb
substitute	Yes	Yes	Yes	No
exchange	Yes	No	Yes	No

As verbs, substitute and exchange are synonyms defined as:

substitute and exchange: put in the place of another; switch seemingly equivalent items

Other synonyms of substitute include interchange, replace.

As verbs, exchange is a hypernym of substitute; that is, exchange is a word with a broader meaning than substitute:

Other hypernyms of substitute include change, interchange.

substitute (noun)	exchange (noun)
a person or thing that takes or can take the place of another	reciprocal transfer of equivalent sums of money (especially the currencies of different countries)
someone who takes the place of another (as when things get dangerous or difficult)	the act of putting one thing or person in the place of another:
an athlete who plays only when a starter on the team is replaced	the act of changing one thing for another thing
	the act of giving something in return for something received
	(chess) the capture by both players (usually on consecutive moves) of pieces of equal value
	(chess) gaining (or losing) a rook in return for a knight or bishop
	(sports) an unbroken sequence of several successive strokes
	a workplace for buying and selling; open only to members
	a workplace that serves as a telecommunications facility where lines from telephones can be connected together to permit communication
	a mutual expression of views (especially an unpleasant one)
	chemical process in which one atom or ion or group changes places with another

substitute (adjective)	exchange (adjective)
artificial and inferior
serving or used in place of another
capable of substituting in any of several positions on a team

substitute (verb)	exchange (verb)
put in the place of another; switch seemingly equivalent items	exchange or replace with another, usually of the same kind or category
be a substitute	change over, change around, as to a new order or sequence
act as a substitute	exchange a penalty for a less severe one
	give to, and receive from, one another
	put in the place of another; switch seemingly equivalent items
	hand over one and receive another, approximately equivalent