NADH-ubiquinone oxidoreductase (complex I) is the first enzyme of the respiratory electron transport chain in mitochondria. It conserves the energy from NADH oxidation, coupled to ubiquinone reduction, as a proton motive force across the inner membrane. Complex I catalyzes NADPH oxidation, NAD + reduction, and hydride transfers from reduced to oxidized nicotinamide nucleotides also. Here, we investigate the transhydrogenation reactions of complex I, using four different nucleotide pairs to encompass a range of reaction rates. Our experimental data are described accurately by a ping-pong mechanism with double substrate inhibition. Thus, we contend that complex I contains only one functional nucleotide binding site, in agreement with recent structural information, but in disagreement with previous mechanistic models which have suggested that two different binding sites are employed to catalyze the two half reactions. We apply the Michaelis-Menten equation to describe the productive states formed when the nucleotide and the active-site flavin mononucleotide have complementary oxidation states, and dissociation constants to describe the nonproductive states formed when they have the same oxidation state. Consequently, we derive kinetic and thermodynamic information about nucleotide binding and interconversion in complex I, relevant to understanding the mechanisms of coupled NADH oxidation and NAD + reduction, and to understanding how superoxide formation by the reduced flavin is controlled. Finally, we discuss whether NADPH oxidation and/or transhydrogenation by complex I are physiologically relevant processes.NADH-ubiquinone oxidoreductase (complex I) is the first enzyme of the electron transport chain in mitochondria (1-4). The primary reaction catalyzed by complex I is NADH oxidation, coupled to ubiquinone reduction and to the translocation of protons across the inner mitochondrial membrane (5). Consequently, complex I is crucial for regenerating NAD + in the mitochondrial matrix, producing ubiquinol for the subsequent reactions of the electron transport chain and for contributing to the proton motive force (PMF 1 ) which supports ATP synthesis and the transport of metabolites. When the PMF is high, relative to the potential difference between the NAD + and ubiquinone pools, complex I catalyzes in reverse: NAD + is reduced by ubiquinol, driven by the PMF (6, 7). Complex I is known to catalyze NADPH oxidation also, albeit at a much smaller rate than NADH oxidation (8). Finally, it is an important source of reactive oxygen species in mitochondria (9); superoxide is produced when O 2 reacts with either the reduced flavin mononucleotide (FMN) in the active site where NADH is oxidized (10) or with an ubisemiquinone radical which depends on the PMF (11).As complex I is known to catalyze NADH and NADPH oxidation and NAD + reduction, it may catalyze transhydrogenation reactions between NAD(P)H and NAD(P) + also (eq 1). In mitochondria, transhydrogenation reactions are coupled to the PMF and catalyzed by a speci...