We develop a statistical mechanical theory for the mechanism of hydrog
en exchange in globular proteins. Using the HP lattice model, we explo
re how the solvent accessibilities of chain monomers vary as proteins
fluctuate from their stable native conformations. The model explains w
hy hydrogen exchange appears to involve two mechanisms under different
conditions of protein stability: (1) a ''global unfolding'' mechanism
by which all protons exchange at a similar rate, approaching that of
the denatured protein, and (2) a ''stable-state'' mechanism by which,
protons exchange at rates that can differ by many orders of magnitude.
There has been some controversy about the stable-state mechanism: doe
s exchange take place inside the protein by solvent penetration, or ou
tside the protein by the local unfolding of a subregion? The present m
odel indicates that the stable-state mechanism of exchange occurs thro
ugh an ensemble of conformations, some of which may bear very little r
esemblance to the native structure. Although most fluctuations are sma
ll-amplitude motions involving solvent penetration or local unfolding,
other fluctuations (the conformational distant relatives) can involve
much larger transient excursions to completely different chain folds.