Gather your ingredients and ensure they are measured and ready to go.
In a large mixing bowl, add the mayonnaise and ketchup. Whisk together until smooth.
Add the sugar, garlic powder, paprika, onion powder, and salt. Whisk until fully incorporated.
If desired, add cayenne pepper and Sriracha for heat. Whisk to combine.
Gradually mix in water to adjust the consistency to your liking.
Taste and adjust seasoning if necessary. Add more salt, sugar, or hot sauce as desired.
Transfer to a storage container and chill in the refrigerator for at least 30 minutes before serving.