资产掉期（asset swap）是一种柜台交易的金融衍生产品。与普通的利率掉期（plain-vanilla interest rate swap）一样，资产掉期的合同有两个合同主体，分为「支付固定利率／获取浮动利率」方，以及「支付浮动利率／获取固定利率」方。

资产掉期的现金流的结构是与相关联的债券的现金流结构相同的。在债券支付利息之日，资产掉期的两个合同主体互相支付。

资产掉期的浮动利率主要是以伦敦同业拆放利率（LIBOR）为基本利率的，资产掉期率（asset swap rate）则是指高于基本利率的部分。

In financial accounting, an asset swap is an exchange of tangible assets for intangible assets or vice versa. Since it is a swap of assets, the procedure takes place on the active side of the balance sheet and has no impact on the latter in regard to volume. As an example, a company may sell equity and receive the value in cash, thus increasing liquidity.