Pre-heat your oven to 300 degrees. Line a large baking sheet with foil or parchment.
Let’s start by popping that corn. Add the oil and three popcorn kernels to a large pot over medium heat. Cover with a lid. When you hear the kernels pop, add the rest of the popcorn kernels. Replace the lid and give the pot a few shakes. (Make sure you hold the lid down, peeps.) Cook the popcorn, shaking the pot occasionally, until the popping sound stops, about 3-4 minutes. Immediately pour the popcorn out into the largest bowl you have.
Place the soy sauce, Sriracha and butter in a small bowl. You want to have these prepared and handy when you start the caramel.
Combine the sugar and water in a medium saucepan over medium heat, and bring it to a boil. Cook for 8-10 minutes, swirling the pan periodically, until the caramel turns a deep amber color. Remove the pan from the heat and stir in the soy/Sriracha/butter. The mixture will splutter a little, so watch yourself. Return the caramel to a boil and cook for 3 more minutes. Remove from the heat and stir in the baking soda.
Immediately pour the caramel over the popcorn and stir quickly and vigorously with a spatula to make sure all of the kernels get some of the goodness. (FYI: Spraying your spatula with cooking spray beforehand makes this mixing process significantly easier.)
Spread the popcorn onto the baking sheet and bake for 15 minutes, stirring once halfway through the cooking time.
Let cool to room temperature, and then break up any clumps with your hands. Serve immediately or store in an airtight container for up to 3 days.