Line a baking sheet with parchment paper. In a medium skillet, melt the butter over medium heat. Stir in the sesame seeds and crushed red pepper and cook, stirring, until golden, about 3 minutes. Stir in the sugar and, when just dissolved, stir in the soy sauce, then the chow mein noodles. Quickly spread evenly on the prepared baking sheet; let cool.
Crumble the sesame mixture into a bowl and toss with the peanuts and wasabi peas.