01 - Place the softened butter in a medium mixing bowl and allow it to come to a workable room temperature if still too firm.
02 - Add the honey, red pepper flakes, smoked paprika, cayenne pepper, and a pinch of kosher salt to the butter.
03 - Using a spatula or hand mixer, blend all ingredients together until the mixture is smooth, creamy, and evenly combined with no visible streaks.
04 - Transfer the compound butter to a small serving bowl, or roll it into a log shape using parchment paper for slicing. Refrigerate for at least 30 minutes for a firmer texture, or serve immediately at room temperature for a softer, spreadable consistency.