Abstract Molecular exchange between different physical or chemical environments occurs due to either diffusion or chemical transformation. Nuclear magnetic resonance (NMR) spectroscopy provides a means of understanding the molecular exchange in a noninvasive way and without tracers. Here, we introduce a novel two dimensional, single-scan ultrafast Laplace NMR (UF LNMR) method to monitor molecular exchange using transverse relaxation as a contrast. The UF T₂–T₂ relaxation exchange spectroscopy (REXSY) method shortens the experiment time by one to two orders of magnitude compared to its conventional counterpart. Contrary to the conventional EXSY, the exchanging sites are distinguished based on T₂ relaxation times instead of chemical shifts, making the method especially useful for systems including physical exchange of molecules. Therefore, the UF REXSY method offers an efficient means for quantification of exchange processes in various fields such as cellular metabolism and ion transport in electrolytes. As a proof of principle, we studied a halogen-free orthoborate based ionic liquid system and followed molecular exchange between molecular aggregates and free molecules. The results are in good agreement with the conventional exchange studies. Due to the single-scan nature, the method potentially significantly facilitates the use of modern hyperpolarization techniques to boost the sensitivity by several orders of magnitude.