A system for exchanging click-through traffic between web sites of interested exchange partners on the Internet employs an intermediary web site for registering interested exchange partners and conducting a trial process for click-through traffic between exchange partners' web sites during a trial period prior to opening a bidding process of the interested exchange partners for an exchange partner's click-through traffic. Each exchange partner's web site is linked to the intermediary web site by embedding a links code which points to an addressable file stored with the intermediary web site containing the link content of each interested exchange partner's web site to be displayed in the links area on an exchange partner's web site during the trial process. The results of the exchange trials are compared with metrics for the exchange parameters that inform the exchange participants of the success of their interaction. The intermediary web site can then conduct a bidding process where the exchange participants can bid for click-through traffic from the exchange partner's web site. Based on the bidding process, the best matched exchange partners can establish an exchange relationship in which mutual click-through traffic is exchanged between the exchange partners' web sites.