Preheat oven to 300°. Line a rimmed baking sheet with parchment paper. Lightly coat parchment and a large bowl with nonstick spray.
Add popcorn to bowl. Set baking sheet aside.
Bring sugar and 1⁄4 cup water to a boil in a medium saucepan over medium-high heat, stirring to dissolve sugar. Boil, swirling pan occasionally, until caramel is a deep amber color, about 10–12 minutes.
Remove from heat; stir in hot sauce and butter (mixture will bubble vigorously). Return to a boil and cook another 3 minutes.
Remove from heat. Stir in salt, baking soda, and cayenne. Working quickly, pour caramel mixture over popcorn and toss to coat.
Spread out popcorn on prepared baking sheet and bake, tossing once, until dry, 15–20 minutes. Let cool.
Store airtight at room temperature to keep out moisture.
Keyword Buffalo Wing Popcorn, circle kitchen, Recipe, snack