Microsomal preparations of the (NA{sup+},K{sup+})-ATPase from porcine outer medulla and electroplax catalyzed a rapid Mg{sup2+-} and K{sub+-}dependent exchange of water oxygens with inorganic phosphate in the absence of ATP or ADP. Exchange activity was unaffected by uncouplers and inhibitors of oxidative phosphorylation but was inhibited by Na{sup+}, ouabain, N,N{prime}-dicyclohexylcarbodiimide, or p-mercuribenzoate. No nucleotide requirement for the exchange could be demonstrated. Addition of ATP to a NA{sup+}-inhibited system resulted in an exchange of oxygens of medium P{subi} concomitant with ATP hydrolysis. This ATP-induced exchange amounted 1.5 oxygen atoms per P{subi} released. Neither ADP nor adenylyl methylene diphosphonate would serve to activate the exchange. Treatment of the preparations with deoxycholate apparently uncoupled the medium P{subi} {l_reversible} HOH exchange but was without affect on the ATP-induced exchange. The data suggest that the exchange arises by partial reversal of a late step in ATP hydrolysis by the (Na{sup+},K{sup+})-ATPase.