Congratulations! Item successfully exchanged! Up one sweet Level-70 belt.

The Item Exchange interface is one place where Medals earned in the Arena may be used (the other being Trade by a Merchant). A certain number of Medals may be traded for a randomized piece of Armor or an Accessory of a particular level; a greater number of medals traded can buy Equipment of a higher level.

Because Arena Medals are won fairly easily (even losses can earn a Heroes a couple) with no risk of losing Hero HP or Troops, the Items won in the Arena Item Exchange tend to be lower-quality than those won in Lair Combat. Still, it's nice to have the option , especially when you're commanding a full line of multiple Heroes with limited armor---any Equipment is better than none.