In a saucepan, combine ketchup, apple cider vinegar, brown sugar, Worcestershire sauce, and honey.

Whisk the ingredients together until smooth.

Add smoked paprika, garlic powder, onion powder, black pepper, salt, and cayenne pepper (if using).

Stir well to combine all ingredients.

Bring the mixture to a simmer over medium heat, stirring occasionally.

Let it simmer for about 10-15 minutes until slightly thickened.

Remove from heat and let cool before using or storing.