Heat the oven to 300 degrees. In a large bowl, toss together the cereal, chips, nuts, pretzels, crackers and corn nuts. To the melted butter, stir in the Old Bay, garlic powder and cayenne until combined. Pour the butter over the cereal mixture and toss until well coated.
Transfer to a parchment-lined sheet pan and spread into an even layer. Bake, stirring halfway through, until golden and toasted, 40 to 45 minutes. Let cool completely on the sheet pan. Store in an airtight container for up to 2 weeks.
