diff --git a/freqtrade/exchange/exchange.py b/freqtrade/exchange/exchange.py
index 94e998429..ffd8cdb6d 100644
--- a/freqtrade/exchange/exchange.py
+++ b/freqtrade/exchange/exchange.py
@@ -637,9 +637,9 @@ class Exchange:
         if self._exchange_ws:
             self._exchange_ws.reset_connections()
 
-    async def _api_reload_markets(self, reload: bool = False) -> dict[str, Any]:
+    async def _api_reload_markets(self, reload: bool = False) -> None:
         try:
-            return await self._api_async.load_markets(reload=reload, params={})
+            await self._api_async.load_markets(reload=reload, params={})
         except ccxt.DDoSProtection as e:
             raise DDosProtection(e) from e
         except (ccxt.OperationFailed, ccxt.ExchangeError) as e:
@@ -649,14 +649,14 @@ class Exchange:
         except ccxt.BaseError as e:
             raise TemporaryError(e) from e
 
-    def _load_async_markets(self, reload: bool = False) -> dict[str, Any]:
+    def _load_async_markets(self, reload: bool = False) -> None:
         try:
             with self._loop_lock:
                 markets = self.loop.run_until_complete(self._api_reload_markets(reload=reload))
 
             if isinstance(markets, Exception):
                 raise markets
-            return markets
+            return None
         except asyncio.TimeoutError as e:
             logger.warning("Could not load markets. Reason: %s", e)
             raise TemporaryError from e
@@ -679,7 +679,8 @@ class Exchange:
             # on initial load, we retry 3 times to ensure we get the markets
             retries: int = 3 if force else 0
             # Reload async markets, then assign them to sync api
-            self._markets = retrier(self._load_async_markets, retries=retries)(reload=True)
+            retrier(self._load_async_markets, retries=retries)(reload=True)
+            self._markets = self._api_async.markets
             self._api.set_markets(self._api_async.markets, self._api_async.currencies)
             # Assign options array, as it contains some temporary information from the exchange.
             self._api.options = self._api_async.options
diff --git a/requirements.txt b/requirements.txt
index 513dda134..33c7eabd5 100644
--- a/requirements.txt
+++ b/requirements.txt
@@ -4,9 +4,9 @@ bottleneck==1.4.2
 numexpr==2.10.2
 pandas-ta==0.3.14b
 
-ccxt==4.4.82
+ccxt==4.4.85
 cryptography==45.0.3
-aiohttp==3.9.5
+aiohttp==3.11.18
 SQLAlchemy==2.0.41
 python-telegram-bot==22.1
 # can't be hard-pinned due to telegram-bot pinning httpx with ~
diff --git a/tests/exchange/test_exchange.py b/tests/exchange/test_exchange.py
index bb0c82b8a..ab4ea8dce 100644
--- a/tests/exchange/test_exchange.py
+++ b/tests/exchange/test_exchange.py
@@ -590,7 +590,8 @@ def test__load_markets(default_conf, mocker, caplog):
 
     expected_return = {"ETH/BTC": "available"}
     api_mock = MagicMock()
-    api_mock.load_markets = get_mock_coro(return_value=expected_return)
+    api_mock.load_markets = get_mock_coro()
+    api_mock.markets = expected_return
     mocker.patch(f"{EXMS}._init_ccxt", MagicMock(return_value=api_mock))
     default_conf["exchange"]["pair_whitelist"] = ["ETH/BTC"]
     ex = Exchange(default_conf)
@@ -606,6 +607,7 @@ def test_reload_markets(default_conf, mocker, caplog, time_machine):
     time_machine.move_to(start_dt, tick=False)
     api_mock = MagicMock()
     api_mock.load_markets = get_mock_coro(return_value=initial_markets)
+    api_mock.markets = initial_markets
     default_conf["exchange"]["markets_refresh_interval"] = 10
     exchange = get_patched_exchange(
         mocker, default_conf, api_mock, exchange="binance", mock_markets=False
@@ -624,6 +626,7 @@ def test_reload_markets(default_conf, mocker, caplog, time_machine):
     api_mock.load_markets = get_mock_coro(return_value=updated_markets)
     # more than 10 minutes have passed, reload is executed
     time_machine.move_to(start_dt + timedelta(minutes=11), tick=False)
+    api_mock.markets = updated_markets
     exchange.reload_markets()
     assert exchange.markets == updated_markets
     assert lam_spy.call_count == 1
@@ -669,34 +672,33 @@ def test_reload_markets_exception(default_conf, mocker, caplog):
 
 
 @pytest.mark.parametrize("stake_currency", ["ETH", "BTC", "USDT"])
-def test_validate_stakecurrency(default_conf, stake_currency, mocker, caplog):
+def test_validate_stakecurrency(default_conf, stake_currency, mocker):
     default_conf["stake_currency"] = stake_currency
     api_mock = MagicMock()
-    type(api_mock).load_markets = get_mock_coro(
-        return_value={
-            "ETH/BTC": {"quote": "BTC"},
-            "LTC/BTC": {"quote": "BTC"},
-            "XRP/ETH": {"quote": "ETH"},
-            "NEO/USDT": {"quote": "USDT"},
-        }
-    )
+    api_mock.load_markets = get_mock_coro()
+    api_mock.markets = {
+        "ETH/BTC": {"quote": "BTC"},
+        "LTC/BTC": {"quote": "BTC"},
+        "XRP/ETH": {"quote": "ETH"},
+        "NEO/USDT": {"quote": "USDT"},
+    }
     mocker.patch(f"{EXMS}._init_ccxt", MagicMock(return_value=api_mock))
     mocker.patch(f"{EXMS}.validate_timeframes")
     mocker.patch(f"{EXMS}.validate_pricing")
     Exchange(default_conf)
 
 
-def test_validate_stakecurrency_error(default_conf, mocker, caplog):
+def test_validate_stakecurrency_error(default_conf, mocker):
     default_conf["stake_currency"] = "XRP"
     api_mock = MagicMock()
-    type(api_mock).load_markets = get_mock_coro(
-        return_value={
-            "ETH/BTC": {"quote": "BTC"},
-            "LTC/BTC": {"quote": "BTC"},
-            "XRP/ETH": {"quote": "ETH"},
-            "NEO/USDT": {"quote": "USDT"},
-        }
-    )
+    api_mock.load_markets = get_mock_coro()
+    api_mock.markets = {
+        "ETH/BTC": {"quote": "BTC"},
+        "LTC/BTC": {"quote": "BTC"},
+        "XRP/ETH": {"quote": "ETH"},
+        "NEO/USDT": {"quote": "USDT"},
+    }
+
     mocker.patch(f"{EXMS}._init_ccxt", MagicMock(return_value=api_mock))
     mocker.patch(f"{EXMS}.validate_timeframes")
     with pytest.raises(
@@ -705,7 +707,7 @@ def test_validate_stakecurrency_error(default_conf, mocker, caplog):
     ):
         Exchange(default_conf)
 
-    type(api_mock).load_markets = get_mock_coro(side_effect=ccxt.NetworkError("No connection."))
+    api_mock.load_markets = get_mock_coro(side_effect=ccxt.NetworkError("No connection."))
     mocker.patch(f"{EXMS}._init_ccxt", MagicMock(return_value=api_mock))
 
     with pytest.raises(
diff --git a/tests/exchange/test_hyperliquid.py b/tests/exchange/test_hyperliquid.py
index 808bef802..a169a9a73 100644
--- a/tests/exchange/test_hyperliquid.py
+++ b/tests/exchange/test_hyperliquid.py
@@ -283,7 +283,8 @@ def test_hyperliquid_dry_run_liquidation_price(default_conf, mocker):
     default_conf["trading_mode"] = "futures"
     default_conf["margin_mode"] = "isolated"
     default_conf["stake_currency"] = "USDC"
-    api_mock.load_markets = get_mock_coro(return_value=markets)
+    api_mock.load_markets = get_mock_coro()
+    api_mock.markets = markets
     exchange = get_patched_exchange(
         mocker, default_conf, api_mock, exchange="hyperliquid", mock_markets=False
     )