Bring a pot of salted water to a boil. Add asparagus and cook for 3-4 minutes until tender. Drain and set aside.

In a bowl, whisk together egg yolks and lemon juice. Place over a saucepan of simmering water, whisking continuously. Slowly drizzle in melted butter until the sauce thickens. Stir in cayenne pepper.

In a saucepan, bring water to a gentle simmer. Crack each egg into a small bowl, then gently slide into the water. Cook for 3-4 minutes until whites are set but yolks are runny. Use a slotted spoon to remove eggs.

Place asparagus on a plate, top with poached eggs, and drizzle with hollandaise sauce. Serve immediately.