Heat honey, thyme, paprika, and salt in a small saucepan over medium heat just until bubbling around the edges (do not boil).
Remove from heat; let stand, covered, 30 minutes to allow flavors to meld.
Strain through a fine-mesh sieve; discard solids.
Stir in vinegar and hot sauce. Store in and airtight container at room temperature up to 3 months.
