Hawthorn gained Gold Coast's first and second-round picks of 2028 as well as the Suns' second-round pick of 2027 in exchange for Butler, Schubert, the Hawks' 2028 first-round pick and a 2027 third-round selection.
That 2027 third-round selection originally belonged to the Suns, who offloaded it as part of the deal that brought Christian Petracca to the club last year.
Butler, pick No.23 in the 2021 national draft, played 33 games across five seasons at Hawthorn, but made only one appearance after round nine this year.
Key forward Schubert, the No.23 pick in the 2025 national draft, played only one senior game for Hawthorn in his debut season.
"Our recruiting team scouted Aidan closely in his talent pathway years and continued monitoring his development in 2026 as a listed player," Suns list manager Kall Burns said in a statement.
"Sam has earned opportunities to play senior football, including several finals, at Hawthorn and we believe he has a big future ahead of him at our football club.
"We are excited about what both players will add to our squad."
With the trade period ending on Wednesday, a flurry of deals are expected to go through over the coming days.
The big trade move on everyone's lips is Sydney defender Nick Blakey's desired wish to move to North Melbourne.
Blakey still has five more years to run on his Sydney deal, but wants out of the Swans after being part of the Pullman Five who were suspended for the tail-end of the 2026 season.
The 26-year-old's father John Blakey notched 224 games across 10 seasons at North Melbourne, and it remains to be seen whether the Kangaroos can put together a deal to satisfy Sydney.
Carlton are keen to trade in GWS veteran Lachie Whitfield, with the Giants asking for a first-round pick in exchange for the 32-year-old.
Melbourne are trying to lure former No.4 pick Zane Duursma from North Melbourne, while the Kangaroos are still in talks to snare Adelaide defender Nick Murray.
Essendon are weighing up a move on contracted Geelong forward Gryan Miers, while West Coast are hopeful of convincing former Demons captain Jack Viney to make the move west after the veteran was told by Melbourne to explore his options.
The Eagles are also eager to lure Melbourne defender Trent Rivers, who doesn't become a free agent until the end of 2027.
Luke Pedlar's trade from Adelaide to arch rivals Port Adelaide is still on track, while Brisbane are demanding a first-round pick for any suitors for contracted defender Keidean Coleman, with Essendon now considered among the race.
Collingwood appear to be the only suitor for two-time Richmond premiership defender Jayden Short, while Brisbane forward Will McLachlan is keen to land at Melbourne after notching just seven AFL games over the past two years.
The futures of Magpies duo Jordan De Goey and Dan Houston are also up in the air, with Collingwood expected to weigh up potential offers on the duo.
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