The exchange splitting J of the interaction energy of the hydrogen atom with a proton is calculated using the conventional surface-integral formula J surf [ϕ], the volume-integral formula of the symmetry-adapted perturbation theory J SAPT [ϕ], and a variational volume-integral formula J var [ϕ]. The calculations are based on the multipole expansion of the wave function ϕ, which is divergent for any internuclear distance R. Nevertheless, the resulting approximations to the leading coefficient j 0 in the large-R asymptotic series J(R) = 2e −R−1 R(j 0 + j 1 R −1 + j 2 R −2 + · · · ) converge, with the rate corresponding to the convergence radii equal to 4, 2, and 1 when the J var [ϕ], J surf [ϕ], and J SAPT [ϕ] formulas are used, respectively. Additionally, we observe that also the higher j k coefficients are predicted correctly when the multipole expansion is used in the J var [ϕ] and J surf [ϕ] formulas. The SAPT formula J SAPT [ϕ] predicts correctly only the first two coefficients, j 0 and j 1 , gives a wrong value of j 2 , and diverges for higher j n . Since the variational volume-integral formula can be easily generalized to many-electron systems and evaluated with standard basis-set techniques of quantum chemistry, it provides an alternative for the determination of the exchange splitting and the exchange contribution of the interaction potential in general.