We have extended previous quantum kinetic results to compute the exchange correction to the electrostatic electron susceptibility for arbitrary frequencies and wavenumbers in the low temperature limit. This has allowed us to make a general comparison with a much used hydrodynamic expression, based on density functional theory, for exchange effects. For low phase velocities, as for ion-acoustic waves, wave-particle interaction leads to a strong enhancement of the exchange correction and the hydrodynamic result is smaller by an order of magnitude. The hydrodynamic expression gives a useful approximation when the phase velocity is 2.5 times the Fermi velocity. If this condition is not fulfilled, the hydrodynamical theory gives misleading results. We discuss the implications of our results for model choice for quantum plasmas, especially regarding particle dispersive effects. arXiv:1809.05423v2 [physics.plasm-ph]