Preheat your air fryer to 400°F (200°C) for a few minutes.
Carefully slice open the hot dog buns lengthwise, making sure not to cut them all the way through.
Place the buns in the preheated air fryer basket and cook for about 2 minutes, or until they are lightly toasted. Remove the buns from the air fryer and set them aside.
Spread about 2 tablespoons of tomato sauce on the inside of each toasted bun.
Sprinkle a generous amount of shredded mozzarella cheese on top of the tomato sauce in each bun.
Cook buns for about 3 additional minutes until mozzarella is golden. Put hot dogs inside the buns, sprinkle some additional shredded mozzarella cheese on top of the hot dogs, followed by the sliced olives.
Cook for another 3 minutes, or until the cheese is bubbly and slightly golden.
Once cooked, carefully remove the hot dogs from the air fryer.
Drizzle the hot dogs with ketchup and mustard, and add any other desired toppings such as diced onions, diced tomatoes, or pickles.
Serve immediately and enjoy!