Remove the giblets from the cavity. Pat the chicken thoroughly dry inside and out with paper towels.
In a small bowl, mix the olive oil, smoked paprika, kosher salt, garlic powder, onion powder, thyme, black pepper, and cayenne into a paste.
Rub the paste all over the chicken — skin, cavity, and underneath the breast skin if possible.
Tuck the wing tips under and tie the legs together with kitchen twine (optional).
Preheat the air fryer to 350°F (175°C) for 3 minutes.
Place the chicken breast-side down in the air fryer basket. Cook for 30 minutes.
Carefully flip the chicken breast-side up. Cook for another 20 to 30 minutes, until an instant-read thermometer registers 165°F in the breast and 175°F in the thigh.
Transfer to a cutting board. Rest, uncovered, for 10 minutes before carving.