The decomposition of large woody material is an important process in forest carbon cycling and nutrient release. Cord-forming saprotrophic basidiomycete fungi create non-resource limited mycelial networks between decomposing branches, logs and tree stumps on the forest floor where colonisation of new resources is often associated with the replacement of incumbent decay communities. To date, antagonism experiments have mostly placed competing fungi in direct contact, while in nature cord-forming saprobes encounter colonised wood as mycelia in a network. Transcriptomic and peptide analyses were conducted on soil-based microcosms were foraging cord-forming Hypholoma fasciculare encountered a wood block colonised by Trametes versicolor. Protein turnover featured strongly for both species and genes putatively involved in secondary metabolite production were identified. H. fasciculare demonstrated an exploitative profile with increased transcription of genes associated with carbohydrate metabolism and RNA and ribosome processing. T. versicolor showed a shift in signalling, energy generation and amino acid metabolism. By identifying genes and proteins putatively involved in this fungal interaction, this work may help guide the discovery of bioactive molecules and mechanisms underpinning community succession.