Preheat the oven to 350 degrees F (175 degrees C). Line a baking sheet with aluminum foil.

Combine chicken legs, olive oil, thyme, garlic powder, paprika, salt, and pepper in a large bowl. Mix chicken legs until coated and arrange on the baking sheet.

Bake in the preheated oven until an instant-read thermometer inserted near the bone reads 165 degrees F (74 degrees C), 45 to 50 minutes.

Combine honey, butter, sriracha sauce, and soy sauce in a saucepan over medium-low heat; cook and stir until butter is melted and sauce is smooth, about 5 minutes.

Pour sauce into a large bowl. Transfer chicken from the baking sheet to the bowl using tongs; toss until coated with sauce.