Set a rack to the lowest position in the oven. Preheat oven to 325°F.

Line a roasting pan with aluminum foil, and position a roasting rack in the pan. Place ham on the middle of roasting rack. Pat the ham dry with paper towels to help the glaze adhere better.

Place the honey in a microwave-safe bowl. Microwave on high until liquefied, 20-25 seconds. Add the melted butter and cayenne to the bowl. Whisk vigorously until smooth and combined.

Brush the ham with a thick layer of the honey butter.

Bake ham on lowest rack of oven until it has reached an internal temperature of about 145°F and the glaze is caramelized, 2-2 1/2 hours, or about 15 minutes per pound of ham. Every 30-45 minutes, open oven door and baste ham with additional honey butter.

Check to see that ham is done. Remove from oven or add time as needed.

Allow ham to cool on roasting rack for 15 minutes. Transfer to cutting board, then carve and serve. Refrigerate leftovers in an airtight container for up to 3 days.