Add honey, ketchup, apple cider vinegar, brown sugar, Worcestershire sauce, smoked paprika, garlic powder, and onion powder to a small saucepan.

Place over medium-low heat and stir to combine all ingredients.

Bring to a gentle simmer, stirring occasionally, until the sugar fully dissolves - about 3-5 minutes.

Reduce heat to low and cook for another 5-7 minutes, stirring often, until the glaze thickens and coats the back of a spoon.

Add hot sauce if using. Taste and adjust - more honey for sweetness, more vinegar for tang.

Remove from heat and stir in butter until fully melted and the glaze is smooth and glossy.

Let rest 5 minutes before using as a glaze, dipping sauce, or storing in a jar.