Place the Chex, Cheerios, pretzels, peanuts, and oyster crackers in a large bowl, and mix well.
In a small saucepan over medium heat, melt the butter. Then add the paprika, garlic powder, onion powder, chili powder, and Worcestershire sauce, to the melted butter and stir until it starts to boil. Once boiling, remove from heat and let cool for a couple of minutes.
To microwave- Place the butter, spices and Worcestershire sauce in a microwave safe bowl, lightly cover with a paper towel or parchment paper. Microwave in 30 second increments stirring between each until the mixture begins to boil. Remove from the microwave and set aside.
Pour the sauce over the cereal mixture and stir with a wooden spoon or spatula until everything is evenly coated..
Place the mixture in the air fryer basket and cook at 350°f for 4 minutes. Stir or toss the mixture and continue air frying for 4 more minutes.
Allow to cool before serving, store at room temperature in an airtight container.