An asset swaption in which the buyer receives fixed and pays floating, while the seller, of course, receives floating and pays fixed. This asset swaption involves the exchange of an agreed reference rate and the rate on an asset underlying the swap. For example, a bank holding fixed-income securities or fixed-rate mortgages and expecting higher medium-term interest rates can take a long position in a receiver asset swaption (i.e., buys a receiver asset swaption).

The opposite of a receiver asset swaption is a payer asset swaption.

This swaption is also called a receive-fixed asset swaption.