We investigate odd-in-time—or —pairing of fermions in equilibrium systems within the particle-number-conserving framework of Penrose, Onsager, and Yang, where superfluid order is defined by macroscopic eigenvalues of reduced density matrices. We show that odd-frequency pair correlations are synonymous with even fermion-exchange symmetry in a time-dependent correlation function that generalises the two-body reduced density matrix. Macroscopic even-under-fermion-exchange pairing is found to emerge from conventional Penrose-Onsager-Yang condensation in two-body or higher-order reduced density matrices through the symmetry-mixing properties of the Hamiltonian. We identify and characterize a matrix responsible for producing macroscopic even fermion-exchange correlations that coexist with a conventional Cooper-pair condensate, while a matrix is shown to be responsible for creating macroscopic even fermion-exchange correlations from hidden orders such as a multiparticle condensate. The transformer scenario is illustrated using the spin-balanced s-wave superfluid with Zeeman splitting as an example. The generator scenario is demonstrated by the composite-boson condensate arising for itinerant electrons coupled to magnetic excitations. Structural analysis of the transformer and generator matrices is shown to provide general conditions for odd-frequency pairing order to arise in a given system. Our formalism facilitates a fully general derivation of the Meissner effect for odd-frequency superconductors that holds also beyond the regime of validity for mean-field theory. Published by the American Physical Society 2024