If J is an n × n exchange matrix, then the elements of J are $${\displaystyle J_{i,j}={\begin{cases}1,&i+j=n+1\\0,&i+j\neq n+1\\\end{cases}}}$$ 

• Premultiplying a matrix by an exchange matrix flips vertically the positions of the former's rows, i.e.,$${\displaystyle {\begin{pmatrix}0&0&1\\0&1&0\\1&0&0\end{pmatrix}}{\begin{pmatrix}1&2&3\\4&5&6\\7&8&9\end{pmatrix}}={\begin{pmatrix}7&8&9\\4&5&6\\1&2&3\end{pmatrix}}.}$$ 
• Postmultiplying a matrix by an exchange matrix flips horizontally the positions of the former's columns, i.e.,$${\displaystyle {\begin{pmatrix}1&2&3\\4&5&6\\7&8&9\end{pmatrix}}{\begin{pmatrix}0&0&1\\0&1&0\\1&0&0\end{pmatrix}}={\begin{pmatrix}3&2&1\\6&5&4\\9&8&7\end{pmatrix}}.}$$ 
• Exchange matrices are symmetric; that is: $${\displaystyle J_{n}^{\mathsf {T}}=J_{n}.}$$ 
• For any integer k: $${\displaystyle J_{n}^{k}={\begin{cases}I&{\text{ if }}k{\text{ is even,}}\\[2pt]J_{n}&{\text{ if }}k{\text{ is odd.}}\end{cases}}}$$ In particular, J_n is an involutory matrix; that is, $${\displaystyle J_{n}^{-1}=J_{n}.}$$ 
• The trace of J_n is 1 if n is odd and 0 if n is even. In other words: $${\displaystyle \operatorname {tr} (J_{n})=n{\bmod {2}}.}$$ 
• The determinant of J_n is: $${\displaystyle \det(J_{n})=(-1)^{\frac {n(n-1)}{2}}}$$  As a function of n, it has period 4, giving 1, 1, −1, −1 when n is congruent modulo 4 to 0, 1, 2, and 3 respectively.
• The characteristic polynomial of J_n is: $${\displaystyle \det(\lambda I-J_{n})={\begin{cases}{\big [}(\lambda +1)(\lambda -1){\big ]}^{\frac {n}{2}}&{\text{ if }}n{\text{ is even,}}\\[4pt](\lambda -1)^{\frac {n+1}{2}}(\lambda +1)^{\frac {n-1}{2}}&{\text{ if }}n{\text{ is odd.}}\end{cases}}}$$ 
• The adjugate matrix of J_n is: $${\displaystyle \operatorname {adj} (J_{n})=\operatorname {sgn}(\pi _{n})J_{n}.}$$  (where sgn is the sign of the permutation π_k of k elements).

• An exchange matrix is the simplest anti-diagonal matrix.
• Any matrix A satisfying the condition AJ = JA is said to be centrosymmetric.
• Any matrix A satisfying the condition AJ = JA^T is said to be persymmetric.
• Symmetric matrices A that satisfy the condition AJ = JA are called bisymmetric matrices. Bisymmetric matrices are both centrosymmetric and persymmetric.

• Pauli matrices (the first Pauli matrix is a 2 × 2 exchange matrix)