Step 1

Place 1/4 cup cheddar cheese powder, 1/4 teaspoon dried mustard powder, and 1/4 teaspoon cayenne pepper in a small bowl and stir to combine.

Step 2

Heat 2 tablespoons high-heat cooking oil in a 3-quart heavy-bottomed saucepan over medium-high heat until shimmering. Place 2 or 3 popcorn of the popcorn kernels into the oil, cover, and wait for the kernels to pop, about 4 minutes. When these tester kernels pop, it is an indication that the oil has reached the correct temperature for popping.

Step 3

Remove the popped tester kernels. Add 1/2 cup popcorn kernels in a single layer. Put on oven mitts and cover the pot. Remove from the heat for 30 seconds. This will allow all the kernels to come up to temperature before returning to the heat for popping.

Step 4

With your hands in the oven mitts, arrange the lid so it is ever so slightly ajar from the pan. This will allow some steam to vent, resulting in crispier popcorn. Return the pan to the heat and gently shake the pan continuously over the burner. Continue to move the pan back and forth as the kernels pop. Once the popping slows and there are several seconds between pops (after about 3 minutes), remove the pan from the heat. Pour the popcorn into a large bowl.

Step 5

Return the pan to the stove and add 1/2 stick unsalted butter. The residual heat from the pan should melt the butter; if not, gently warm over low heat until melted.

Step 6

Pour half the butter over the popcorn in the bowl and toss to combine. Add the remaining butter and toss again. Immediately sprinkle the cheese mixture over the popcorn, 1 tablespoon at a time, tossing after each addition to evenly coat each popped kernel.