In a medium bowl, combine the softened butter, Dijon mustard, chives, parsley, thyme, garlic, lemon juice, paprika, kosher salt, black pepper, cayenne pepper, and crushed red pepper flakes. Stir together until everything is well incorporated. You can also use a food processor for this step if preferred. The mixture should yield about ⅔ cup of flavored butter.

For compound butter, scoop the mixture onto a piece of plastic wrap. Roll it into a log shape, pressing and shaping as you go until it is fully wrapped. Twist the ends of the plastic wrap tightly to secure the butter. Refrigerate until firm, at least 2 hours or up to overnight.

For butter dip, melt the mixture in the microwave in 20-second increments, stirring between each round, until fully melted.

Store any leftovers in an airtight container in the refrigerator for up to 5 days.