Combine the base: In a medium saucepan, add ketchup, apple cider vinegar, brown sugar, honey, Worcestershire, mustard, and soy sauce. Whisk until smooth.
Layer in the spices: Stir in smoked paprika, chili powder, black pepper, garlic powder, onion powder, and cayenne.
Add hot sauce if using.
Simmer gently: Set the pan over medium heat. When small bubbles appear, reduce to low and simmer for 12–15 minutes, stirring occasionally. The sauce should thicken slightly and look glossy.
Adjust and finish: Taste and add a pinch of salt if needed.
For a richer texture, whisk in the butter off the heat until melted and incorporated.
Cool and store: Let the sauce cool to room temperature. It will thicken a bit more as it cools. Transfer to a clean jar or bottle.