Preheat your air fryer to 400°F for five minutes. You can also remove the basket and prep with as desired before preheating.
Meanwhile, in a small bowl, use a whisk or fork to combine together the seasonings (salt, black pepper, garlic powder, onion powder, and paprika).
To prepare the steak, use your hands to rub both sides of the steak with the oil, working the oil evenly into the entire steak. Then, gently press the mixed seasonings from the bowl into the steak.
Carefully place the seasoned steak into your preheated air fryer basket.
Air fry your steak at 400°F for 12-15 minutes for medium-rare, flipping the steak halfway through the cooking time.
Once done, remove the steak from the air fryer and let it rest for 5-10 minutes before slicing.