Preheat grill to medium-high heat.
Season chicken breasts with salt, pepper, garlic powder, onion powder, dried thyme, and dried basil; set aside.
In a mixing bowl whisk together honey, melted butter, mustards, hot sauce, vinegar, and paprika; whisk until combined and smooth. Remove ¼-cup of the honey mustard and put it in a bowl - we will use this for basting. Reserve the rest for later for dipping.
Brush the grill grates with vegetable oil.
Place chicken breasts on the grill and brown for 2 minutes; turn it over and brown for 2 more minutes.
Brush the chicken breasts all over with half of the honey mustard basting sauce. Close the grill and cook the chicken for 7 minutes.
Uncover, flip and brush the chicken with more basting sauce; continue to cook for 5 to 6 more minutes, or until cooked through. Chicken is cooked when internal temperature registers at 165˚F. The thicker the chicken breasts, the longer it will take to cook through.
Remove cooked chicken from the grill and transfer to a cutting board; let stand 8 minutes.
Slice the chicken and serve with reserved honey mustard sauce.