Add the paprika, turmeric, cumin, fish sauce, red curry paste, and coconut milk to a bowl. Whisk until the marinade is well combined and smooth.
Add the chicken thighs and toss until they are evenly coated in the marinade. Cover and refrigerate for at least 30 minutes.
Thread the marinated chicken onto skewers.
Lightly spray the air fryer basket with oil and arrange the chicken skewers in a single layer. Air fry at 400°F for about 10 minutes, flipping halfway through, or until the chicken reaches an internal temperature of 165°F.
While the chicken cooks, add the peanut butter, coconut milk, red curry paste, brown sugar, and chopped peanuts to a saucepan. Warm over low heat, whisking until the sauce is smooth and creamy. Do not let it boil.
Transfer the chicken satay to a plate and drizzle with the warm peanut sauce. Garnish with fresh cilantro and additional chopped peanuts.
Enjoy!