Add Chex cereals to a very large, microwave-safe bowl then set aside. Add Ranch Dressing Mix ingredients to a small bowl then stir to combine and set aside.
Microwave butter for 35 seconds or until melted then stir in buffalo wing sauce and ranch dressing mix. Pour over Chex cereals then stir until well coated.
Microwave for 4 minutes, stirring halfway through, then add pretzels, cheese crackers, and peanuts, and then stir to combine. Spread mixture on waxed paper to cool then store in an airtight container.