In a small bowl, whisk together 1 cup mayonnaise, ¼ cup water, 2 teaspoons ketchup, 1 teaspoon rice vinegar, and ½ teaspoon sriracha.
Stir in 1 ½ teaspoons granulated sugar, ½ teaspoon garlic powder, ½ teaspoon ground ginger, ½ teaspoon dry mustard, ½ teaspoon smoked paprika, ¼ teaspoon salt, and ¼ teaspoon pepper.
Add more sriracha, vinegar, or sugar as needed.
Store in the refrigerator in an airtight container or jar with a lid for up to 1 hour before serving.