Mix sugar and cinnamon in a bowl.
Remove the biscuits from the can and lay them on a flat surface. Use a rolling pin to flatten the dough. With a donut cutter, press down to cut out the donuts.
Lightly coat the air fryer basket with olive oil spray. Do not use non-stick spray like Pam because it can damage the coating on the basket.
Place donuts into the air fryer, making sure they do not touch. Use an air fryer rack to fit more donuts into the basket.
Bake for 5 minutes at 360° F.
Remove donuts from air fryer, dip in melted butter, then roll in cinnamon sugar to coat. Serve immediately.
* Percent Daily Values are based on a 2,000 calorie diet. Your daily value may be higher or lower depending on your calorie needs.