Combine the salsa, chile peppers, and onions in a nonstick pan over medium-low heat. Cook, stirring, until the liquid has evaporated and the mixture is thickened.

Add the cheese to the pot and lower the heat to low; cook until the cheese is melted.

Add hot sauce as desired.

Keep the dip warm in a chafing dish or slow cooker for serving.

Serve the dip with tortilla chips, crackers, or vegetable dippers.