Whisk together the mayonnaise, sriracha, honey, smoked paprika, garlic powder, and lime juice until smooth and creamy. Adjust the sweetness or heat to taste. The sauce should taste smoky, tangy, and slightly spicy.

Dice the red onions, slice the jalapeños, shred the cheese, and roughly chop the cilantro. Remove jalapeño seeds for milder heat if preferred.

Preheat the grill to medium-high heat, about 400°F. A hot grill helps create a flavorful char without drying out the hot dogs.

Grill the hot dogs for 5–7 minutes, turning occasionally until evenly charred and heated through. The skins should look lightly blistered with a slight snap.

During the last 2 minutes of grilling, place the buns cut-side down on the grill until lightly toasted and warm.

Spread firecracker sauce inside each bun, add a grilled hot dog, then top with cheese, onions, jalapeños, and cilantro. Drizzle extra sauce on top if desired.

Serve immediately while the hot dogs are hot, the cheese is slightly melty, and the toppings stay crisp and fresh.