Preheat your oven to 350 and line a rimmed baking sheet with parchment paper. Place the pretzels and cereal in a large mixing bowl and give them a quick toss. In a microwave safe bowl, melt the butter in 15 second intervals, stirring between intervals, until melted. Once melted, stir in the honey and then drizzle half of it over the pretzels and cereal, toss, and repeat until the dry ingredients are all covered. Evenly spread this mixture on the prepped baking sheet and bake until golden brown (about 12-15 minutes), stirring as needed.