Glyceraldehyde phosphate dehydrogenase is one of four glycolytic enzymes in the human erythrocyte that together can catalyse exchange of isotope between the C-2 position of lactate and solvent. Detailed measurements of the exchange can be made by using a non-invasive spin-echo p.m.r. method that has been described previously [Brindle, Brown, Campbell, Foxall & Simpson (1982) Biochem. J. 202, 589-602]. By studying the dependence of the exchange on the activity of an individual enzyme, the specific isotope-exchange equilibrium velocity of the enzyme can be measured. Suggestions that glyceraldehyde phosphate dehydrogenase is bound to the membrane in the intact cell, and that it may, under certain conditions, be rate-limiting for glycolytic flux, were examined in the present study by comparing the exchange properties expressed by the enzyme in situ and in vitro. It is concluded that glyceraldehyde phosphate dehydrogenase is not rate-limiting for glycolytic flux and that it is unlikely that a significant fraction of the enzyme is bound to the erythrocyte membrane in situ.