In a mixing bowl, blend cream cheese and cheddar cheese soup until there are no lumps. Fold in the shrimp.
Arrange the asparagus in a 9x13 inch casserole dish. They should be arranged so that the head to tail end of the asparagus are alternated. Pour the cheese and shrimp mixture over the asparagus. Use a spatula to spread the soup around evenly. Be careful not to tear asparagus. Make sure there is at least 1/2 an inch of space between the top of the ingredients and the top of casserole dish because the casserole will boil while cooking.
Bake covered in a preheated 400 degrees F (200 degrees C) oven for 35 minutes. After 35 minutes, uncover and crush fried onions on top of casserole and cook for the remaining 10 minutes uncovered.