Preheat the oven to 350 degrees F (177 degrees C).
In a large bowl, combine the cream cheese, sour cream, mayonnaise, lemon juice, and Old Bay seasoning, stirring until smooth and creamy.
Stir in the cheddar cheese, chives, and hot sauce, adjusting the Old Bay seasoning to taste if necessary.
Gently fold in the crab meat using a spatula, being careful not to over-mix and leaving some lumps of crab throughout.
Transfer the crab dip to a small baking dish (an oval dish is recommended).
Bake for approximately 20 minutes or until the dip is hot.