Preheat an outdoor grill to medium heat and lightly oil the grate.
Pat wings dry with paper towels. Season wings with cayenne, salt, and pepper.
Cook chicken wings on the preheated grill, brushing wings liberally with 1/2 cup honey while cooking, until cooked through and juices run clear, 20 to 30 minutes.
Mix butter, hot sauce, and remaining 1/2 cup honey together in a large bowl.
Remove wings from the grill and immediately toss them in hot honey-butter sauce to coat. Serve wings or return to the grill for 1 minute per side to set sauce.