We introduce asymptotic analogues of the Rademacher and martingale type and cotype of Banach spaces and operators acting on them. Some classical local theory results related, for example, to the 'automatic-type' phenomenon, the type-cotype duality, or the Maurey-Pisier theorem, are extended to the asymptotic setting. We also investigate operator ideals corresponding to the asymptotic subtype/subcotype. As an application of this theory, we provide a sharp version of a result of Brooker and Lancien by showing that any twisted sum of Banach spaces with Szlenk power types p and q has Szlenk power type max{p, q}.2010 Mathematics Subject Classification. Primary 46B06, 46B20, 46B28; Secondary 46B09. Key words and phrases. Szlenk index, Szlenk power type, three-space property, operator ideals. Research of the second-named author was supported by the GAČR project 16-34860L and RVO: 67985840.