In a large drink dispenser combine blood orange mix, grapefruit juice, tequila, and lime juice. Stir to combine.
Add fruit slices and ice. Substitute frozen fruit first if desired.
Place agave nectar on a small plate. Mix in desired amount of cayenne pepper.
Place salt and lime zest on a separate small plate. Stir to combine.
To serve, dip glass rim in agave. Then dip rim in lime salt. Fill glass with ice.
Add desired amount of punch base to glass. Top with sparkling water.