Place melted butter in a bowl. Combine white sugar, brown sugar, cinnamon and nutmeg in a second bowl.
Separate biscuit dough into individual biscuits and cut out the centers using a biscuit cutter (or the bottom of a piping tip) to create a doughnut shape. Place doughnuts in the air fryer basket.
Air fry at 350 degrees F (175 degrees C) until golden brown, 4 to 6 minutes. Flip doughnuts and cook an additional 1 to 3 minutes.
Remove doughnuts from air fryer. Dip each doughnut into melted butter (making sure to coat top, bottom, and sides), followed by sugar-cinnamon mixture until completed coated. Serve immediately.
To reheat, cook doughnuts in the microwave for 8 to 10 seconds, just enough to soften them up again.
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