Preheat the oven to 300 degrees F. Line 2 baking sheets with parchment paper.
In a large bowl, combine the cereal, pretzels, Cheddar crackers, wasabi peas, peanuts and crushed ramen noodles.
In a saute pan, melt the butter, then stir in the ramen seasoning packet and grated Parmesan. Pour over the cereal mixture and toss to coat. Spread evenly between the 2 baking sheets and bake until the mixture is fragrant and the cheese is melted, about 12 minutes. Let cool and serve.