Heat oil in a medium saucepan until the temperature reaches 315F to 320F.

Combine flour, cayenne pepper powder, and salt in a large mixing bowl. Whisk until all the ingredients come together.

Pat the squid dry using a paper towel.

Dredge the squid in the flour mixture. Shake the excess flour off the squid. Gently put the squid rings in the saucepan one-by-one.

Cook the squid for 2 minutes or until the breading starts to crisp. Be sure to leave extra space in between the squid rings. Cook the remaining squid in separate batches.

Remove the fried calamari from the pan. Lay a piece of paper towel on a wide dish and then put the calamari on top.

Serve with cocktail sauce.