Preheat Your Oven. Preheat your oven to 250°F and line a large baking sheet with parchment paper.
Prepare the Mix. In a large mixing bowl, combine the Chex cereal, pretzels, and nuts.
Make the Spicy Coating. Melt the butter in a small saucepan over low heat. Stir in the hot sauce, Worcestershire sauce, garlic powder, onion powder, cayenne pepper, paprika, and salt. Mix until smooth.
Combine. Pour the spicy butter mixture over the cereal mix. Toss until everything is evenly coated.
Bake. Spread the mixture evenly onto the prepared baking sheet. Bake for 45 minutes, stirring every 15 minutes to ensure even toasting.
Cool and Serve. Allow the mix to cool completely before serving or storing. It will crisp up as it cools.