<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0708</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001457617</cik>
        <entityName>Astignes Asia Rates Fund Ltd.</entityName>
        <issuerAddress>
            <street1>MAPLES CORPORATE SERVICES LIMITED</street1>
            <street2>UGLAND HOUSE, BOX 309</street2>
            <city>GRAND CAYMAN</city>
            <stateOrCountry>E9</stateOrCountry>
            <stateOrCountryDescription>CAYMAN ISLANDS</stateOrCountryDescription>
            <zipCode>KY1-1104</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>65 6622 8233</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <edgarPreviousNameList>
            <previousName>Alphadyne Investment Strategies Fund, Ltd.</previousName>
            <previousName>ALPHADYNE INVESTMENT STRATEGIES FUND LTD - CLASS A &amp; CLASS B COMMON STOCK (SEGREGATED PORTFOLIO A)</previousName>
        </edgarPreviousNameList>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>Cayman Islands Exempted Company</entityTypeOtherDesc>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <lastName>Astignes Capital Asia Pte. Ltd.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>One George Street</street1>
                <street2>#22-01</street2>
                <city>Singapore</city>
                <stateOrCountry>U0</stateOrCountry>
                <stateOrCountryDescription>SINGAPORE</stateOrCountryDescription>
                <zipCode>049145</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>The Investment Manager of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Alistair</firstName>
                <lastName>Boyd</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>One George Street</street1>
                <street2>#22-01</street2>
                <city>Singapore</city>
                <stateOrCountry>U0</stateOrCountry>
                <stateOrCountryDescription>SINGAPORE</stateOrCountryDescription>
                <zipCode>049145</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Abali</firstName>
                <lastName>Hoilett</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Maples Corporate Services Limited</street1>
                <street2>Box 309, Ugland House</street2>
                <city>Grand Cayman</city>
                <stateOrCountry>E9</stateOrCountry>
                <stateOrCountryDescription>CAYMAN ISLANDS</stateOrCountryDescription>
                <zipCode>KY1-1104</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Benoit</firstName>
                <lastName>Sansoucy</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Maples Corporate Services Limited</street1>
                <street2>Box 309, Ugland House</street2>
                <city>Grand Cayman</city>
                <stateOrCountry>E9</stateOrCountry>
                <stateOrCountryDescription>CAYMAN ISLANDS</stateOrCountryDescription>
                <zipCode>KY1-1104</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Hedge Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06b</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001457617-24-000001</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2008-11-03</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>100000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Debra Pipines</recipientName>
                <recipientCRDNumber>1503019</recipientCRDNumber>
                <associatedBDName>ERG SECURITIES (US) LLC</associatedBDName>
                <associatedBDCRDNumber>121057</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>50 Washington Street</street1>
                    <street2>Suite 921</street2>
                    <city>Norwalk</city>
                    <stateOrCountry>CT</stateOrCountry>
                    <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
                    <zipCode>06854</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>CT</state>
                    <description>CONNECTICUT</description>
                    <state>FL</state>
                    <description>FLORIDA</description>
                    <state>IL</state>
                    <description>ILLINOIS</description>
                    <state>MD</state>
                    <description>MARYLAND</description>
                    <state>MA</state>
                    <description>MASSACHUSETTS</description>
                    <state>MN</state>
                    <description>MINNESOTA</description>
                    <state>NY</state>
                    <description>NEW YORK</description>
                    <state>PA</state>
                    <description>PENNSYLVANIA</description>
                    <state>TX</state>
                    <description>TEXAS</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>228556763</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>16</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>14392</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Astignes Asia Rates Fund Ltd.</issuerName>
                <signatureName>/s/ Alistair Boyd</signatureName>
                <nameOfSigner>Alistair Boyd</nameOfSigner>
                <signatureTitle>Director of the Issuer</signatureTitle>
                <signatureDate>2025-03-19</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
