Add water to the pot of a multi-functional pressure cooker (such as an Instant Pot(R)) and place ham on top of water. Whisk honey and sriracha together in a bowl and pour over ham. Close and lock the lid.
Select high pressure according to manufacturer's instructions; set timer for 10 minutes. Allow 10 to 15 minutes for pressure to build.
Release pressure using the natural-release method according to manufacturer's instructions, about 10 to 40 minutes. Transfer ham to a plate and let rest 5 minutes before serving.
