Dig out any loose material between the asphalt and concrete using a hand shovel and clear any loose debris. Undercut the edges of the asphalt slightly by digging in at an angle to provide a better grip for the cold patch sealant.
Fill the gap with gravel, leaving 4 inches from the hole surface for the cold patch sealant. If the hole is less than 4 inches deep, skip this step.
Prime the gap by painting it with emulsified asphalt liquid. This will help the new material cling to the old material. The paintbrush will likely be unusable after this step, so discard when finished priming.
Apply the cold patch sealant to fill 2 inches of the hole, then roll it with a garden roller to even it out across the hole. Apply another 2 inches of cold patch and roll it out again. Add a little more material to create a slight mound of material above the hole. Tamp the top of the hole when finished and optionally roll over it with car tire to further seal it in.
Cure the repaired area for 12 to 36 hours before driving on it, and give it two to five days to cure before repeating the process to cover any missed areas.