Exchange roles with no-hoper (5)
I believe the answer is:
loser
'no-hoper' is the definition.
(I've seen this before)
'exchange roles' is the wordplay.
'exchange' indicates an anagram.
'roles' with letters rearranged gives 'LOSER'.
'with' is the link.
(Other definitions for loser that I've seen before include "one plays without success" , "One who is (always) unsuccessful" , "No-hoper" , "One failing regularly" , "Defeated competitor" .)