Viterbi decoder is a common module in communication system, which has the requirement of low power and low decoding latency. The conventional register exchange (RE) algorithm and memory-based trace-back (TB) algorithm cannot meet both constraints of power and decoding latency. In this paper, we propose a new Survivor Memory Unit (SMU) algorithm, named State Exchange (SE) algorithm. The SE algorithm uses the trace-forward unit (TFU) to run the decoding operation for low decoding latency. Besides, we enhance the SE algorithm by the concept of the trace-back (TB). Based on this enhancement, we propose two types of SE-SMU. Proposed type-I SE-SMU has lower register requirement with a long critical path. Proposed type-II SE-SMU can support the high speed requirement with the cost of additional TFUs and latency. Both two proposed SE-SMUs have the decoding latency slightly higher than the decoding latency of RE-SMU. We synthesized the proposed architecture in TSMC 0.13 um technology. Both two approaches have fewer active registers as decoding. From the power analysis, proposed SE-SMUs can give a 70% power reduction comparing with RE-SMU at 100 MHz with the decoding length = 96. The power saving ration will increase further with the longer decoding length.