Auto-surf and manual-surf traffic exchanges are an increasingly popular way of artificially generating website traffic. Previous research in this area has focused on the makeup, usage, and monetization of underground traffic exchanges. In this paper, we analyze the role of traffic exchanges as a vector for malware propagation. We conduct a measurement study of nine auto-surf and manual-surf traffic exchanges over several months. We present a first of its kind analysis of the different types of malware that are propagated through these traffic exchanges. We find that more than 26% of the URLs surfed on traffic exchanges contain malicious content. We further analyze different categories of malware encountered on traffic exchanges, including blacklisted domains, malicious JavaScript, malicious Flash, and malicious shortened URLs.