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Butter a jellyroll pan or a slab of marble. Set aside.
Combine SPLENDA® Sugar Blend for Baking, corn syrup, butter, and water in a heavy 2 quart saucepan. Cook over medium-high heat, stirring constantly until SPLENDA® Sugar Blend for Baking dissolves and mixture begins to boil. Reduce temperature to medium-low; cook, stirring occasionally, until candy thermometer reaches 275 degrees F (about 20 minutes). Add peanuts and continue cooking until candy thermometer reaches 295 degrees F. (about 10 minutes). Remove from heat and quickly sprinkle baking soda over mixture, stirring until blended. Pour into prepared pan or marble slab, spreading thinly. Cool and break into bite-size pieces. Store in an air-tight container.