Melt the unsalted butter gently in a small saucepan over medium-low heat. Incorporate the honey, whisking thoroughly until the blend is smooth and uniform. Withdraw the saucepan from the heat and pour in the hot sauce, whisking persistently until the sauce reaches a cohesive, velvety texture that clings well. Take care not to overheat; excessive heat will cause the sauce to separate and lose its desirable consistency. Reserve until needed for wings or other dishes.